New GM CFO’s pay exceeds government limits

www.msnbc.msn.com...

GM says exception worked out; Liddell expected to take company public

AP
updated 4:37 p.m. ET, Wed., Dec . 23, 2009

DETROIT - The new chief financial officer at General Motors Co. will receive a salary of $750,000 next year, but he'll get up to another $5.45 million worth of stock starting in 2012 if GM successfully sells shares to the public.

Chris Liddell's pay package exceeds the limits imposed on companies that have received U.S. government aid, but an exemption was worked out with the government pay czar Kenneth Feinberg, GM said in a government filing Wednesday.

How .. quaint. It has been "worked out". Nothing to see here, move along.

Liddell's compensation package will exceed that at Microsoft Corp. when accounting for his stock awards. His pay package at the software giant was about $2.4 million.

Liddell, 51, will leave his job as Microsoft Corp.'s CFO on Dec. 31 and join GM next year. He is seen as a possible candidate for GM's next CEO.

(Msnbc.com is a joint venture of Microsoft and NBC Universal.)

lol wow. Who knew?

The article goes on to explain how the glaring hypocrisy is ok.

Is it me, or is this like sticking needles in your eyes?

It is ok to regulate some salries, but not the ones they don't want to regulate. For their buddies.

And they are quite open, again, and in your face, as if *daring* the people to do anything about it.

And from MSNBC nonetheless?

The Main Stream National Barack Channel?

Really?

So going from paying someone no salary, to paying more than the "Government Pay Czar" allows... is ok? Who even made it ok for a pay Czar to regulate pay anyway?



[edit on 23-12-2009 by Libertygal]