We made fun of GM Chairman Whitacre's speech yesterday in Seguin, imploring him to make some news. He did. He asked for the Feds to help out (other than by providing billions of taxpayer dollars) by modifying executive pay caps.
Here is what he said, specifically, about the $500K limit on executive pay according to Automotive News:
"To find top-level people where you need them, that's a more difficult thing to do at that salary level. I don't think (the caps) will be lifted, but hopefully they'll be modified."
Whitacre's right. We'd imagine it's going to be tough to find really talented people to work at GM for any price — especially with a randomly-derived ceiling. But we think they're going about it the wrong way. GM really should be advertising working for the automaker as a public service. So, you know, do it for America. [Automotive News]