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Detroit, 12:45 AM
Tue Nov 17
31 posts in the last 24 hours

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    Dsmvwl  Admin  Promote to frontpage Approve user Ban user ×
    Image of Ford Tempo Fanatic Ford Tempo Fanatic
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    For every Bob Lutz, there is an Ed Whitacre. Or two. #edwhitacre
     Reply
    Ford Tempo Fanatic was starred Ford Tempo Fanatic was unstarred
    Image of MechaMunch MechaMunch
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    It's really funny because when I try to negotiate for a salary around 50k, I get frowned on and told that I seem "A little too motivated by compensation."

    I'll take one for the team and settle for 500k any day. #edwhitacre
     Reply
    MechaMunch was starred MechaMunch was unstarred
    Image of snapoversteer 'bout to get told snapoversteer 'bout to get told
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    As a San Antonio kid and having litigated against SBC, let me tell you the only response you ever need for dealing with Ed Whitacre:

    SHUT UP, ED WHITACRE, YOU COCK! #edwhitacre
     Reply
    snapoversteer 'bout to get told was starred snapoversteer 'bout to get told was unstarred
    Image of Elhigh Elhigh
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    The backdrop's lettering is all out of order.

    It should read WTF?!

    You can find top-level people who will work for minimum wage. I've had lunch with homeless doctorate bearers who were literally working for food.

    So then, how much is Whitacre paid? It should be a matter of public record, considering how Uncle Sam is the majority shareholder, FIA and all that. And is he worth it? Could we get some kid fresh out of college with a BA in Business Management who could do, if nothing else, no worse than GM has managed to do over the past five years? If GM's executive offices closed for a year and the lines simply kept doing what they were doing, internal expenses would plummet, there wouldn't be anyone to bitch about pay caps (the UAW might, but that's another, different can), and I strongly suspect everything would get done with no problems.

    It's like a cockroach. Cut off the brain and the body keeps going. #edwhitacre
     Reply
    Elhigh was starred Elhigh was unstarred
    Image of Alfisted Alfisted
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    Hey, Ed... Remember back when we, the taxpayers, didn't own you? Back when you were free to pay execs whatever you felt necessary to get "the best" talent? How'd that work out for you? #edwhitacre
     Reply
    Alfisted was starred Alfisted was unstarred
    Image of Elhigh Elhigh
    11/11/09

    @Alfisted: That was much more eloquent, and to the point, than what I said. I should have read this first. #edwhitacre
     Reply
    Elhigh was starred Elhigh was unstarred
    Image of that ain't the way to have fun, son that ain't the way to have fun, son
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    The top-level people they've been employing SUCK, so paying more isn't going to change anything but cost more and attract more suck. #edwhitacre
     Reply
    that ain't the way to have fun, son was starred that ain't the way to have fun, son was unstarred
    Image of If FromaBuick6 has to watch one more Chevy commercial, he's going to punch Howie Long in the face If FromaBuick6 has to watch one more Chevy commercial, he's going to punch Howie Long in the face
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    He's right. Capping salaries is not a good way to attract and retain talent.

    However, the government, who votes on its own pay raises while being entirely devoid of talent, is probably not going to comprehend this. #edwhitacre
     Reply
    If FromaBuick6 has to watch one more Chevy commercial, he's going to punch Howie Long in the face was starred If FromaBuick6 has to watch one more Chevy commercial, he's going to punch Howie Long in the face was unstarred
    Image of DrLemming DrLemming
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    Executive salaries have risen far too high in the US. The last time I saw the figures, the American auto execs were making considerably more than their European and Asian counterparts. Surely no one can argue that this translated into a better-run Big Three.

    Executives should be paid at a level that accurately corresponds with their value to the corporation. In recent years that often hasn't been happening here in the US -- and not just with the auto industry. Somehow it is considered "normal" and "acceptable" that unbridled greed has trumped basic fairness and good business practices. No wonder our economy is in the tank. #edwhitacre
     Reply
    DrLemming was starred DrLemming was unstarred
    Image of Steve_in_NC Steve_in_NC
    11/11/09

    @DrLemming: If a company is run by the inept it should go out of business, not be propped up by my wages. If they choose to hire the likes of an idiot with a bad track record like bob nardelli and overpay him they should get what they deserve, not the food from my child's plate.

    It is these idiots being propped up by my wages that is the problem. #edwhitacre
     Reply
    Steve_in_NC was starred Steve_in_NC was unstarred
    Image of pmalik pmalik
    11/11/09

    @DrLemming: That might be the case, but unless you roll *all* American exec salaries back, the cap will only put GM out of business. So what if Japanese exec makes 19x average worker salary when I can find non-tarp position that will pay me the 300x.

    It's the flip side of the UAW/competitive wage argument : If other companies are willing to pay more than 500K for execs, GM is SOL.
     Reply
    DrLemming promoted this comment Edited by pmalik at 11/11/09 1:03 PM pmalik was starred pmalik was unstarred
    Image of DrLemming DrLemming
    11/11/09

    @pmalik: You aren't making an apples-to-apples comparison. Competitive wage arguments matter more at the line-worker level, where salaries can make a big difference in a family's economic solvency. Executive pay is so high that goes well beyond covering basic needs -- it's all about conspicuous consumption.

    At any rate, I don't buy the argument that money is always going to be the key motivator to attracting the talent that GM needs. Essentially they need another Lee Iaccocca. When he became head of Chrysler his salary demands were quite affordable.

    Think about it: Any exec with the talent to turn around GM will be more than amply compensated both in reputation and, down the road, financially. Given the stakes involved, inspired leadership will inevitably get on the cover of Time magazine and into the history books. That's career making. The money will surely follow. #edwhitacre
     Reply
    DrLemming was starred DrLemming was unstarred
    Image of pmalik pmalik
    11/12/09

    @DrLemming: This has nothing to do with basic human needs, it's a standard of living issue anyway. If I'm a top level exec making 10M a year, my lifestyle and expenses commensurate my previous income.

    GM is not looking for the next Jesus to try their luck on, they need seasoned professionals that know what they're doing. Those people know how much they're worth, so capping their salaries amounts to shooting yourself in a foot.

    All your arguments are applicable to non-Tarp companies also, which will pay their desired comp. If i turn around HP or eBay, I will get the same reputation and don't have to work for 1/10th of my market salary.
     Reply
    Edited by pmalik at 11/12/09 11:08 AM pmalik was starred pmalik was unstarred
    Image of mytdawg mytdawg
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    They weren't able to find competent execs when they didn't have a cap otherwise we wouldn't be in this mess. Apparently the same problem in banking too. And Enron. And Tyco. And on and on. What's the difference? Doesn't really seem to matter who runs the damn things.

    Maybe I'm just cynical. #edwhitacre
     Reply
    mytdawg was starred mytdawg was unstarred
    Image of Timtoolman, sporadically speaking Timtoolman, sporadically speaking
    11/11/09

    @mytdawg: 100% correct. They make these obscene salaries and bonuses, and destroy companies in the process. Maybe in their world 500G's is small potatoes, but if they offer incentives, like stock PURCHASES (as opposed to options that don't cost them anything), they would risk their own cash to get the money, when (IF) the stock goes up. #edwhitacre
     Reply
    FTGDWolverineEdition'09 promoted this comment Timtoolman, sporadically speaking was starred Timtoolman, sporadically speaking was unstarred
    Image of FTGDWolverineEdition'09 FTGDWolverineEdition'09
    11/11/09

    @Timtoolman, going ASH: You do know that they usually are legally obligated to invest a fairly substantial amount of their salary into purchasing stock right?

    I am not defending them, just saying. At least in the auto companies that has been the policy for a while now. #edwhitacre
     Reply
    FTGDWolverineEdition'09 was starred FTGDWolverineEdition'09 was unstarred
    Image of Timtoolman, sporadically speaking Timtoolman, sporadically speaking
    11/12/09

    @FTGDWolverineEdition'09: News to me. I just remember reading about CEO's and the like that cash in their options (they have "windows", usually in slow periods, like February and June, where they can exercise stock options) and sell literally thousands of shares worth millions of dollars. All part of the package. #edwhitacre
     Reply
    Timtoolman, sporadically speaking was starred Timtoolman, sporadically speaking was unstarred
    Image of clinto clinto
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    Consumer Affairs claims the average American salary is a little over $40K.

    You guys should be just fine at 1200+% of that. #edwhitacre
     Reply
    clinto was starred clinto was unstarred
    Image of Steve_in_NC Steve_in_NC
    11/11/09

    @clinto: really? what if your skill and talent will bring a million a year? and Hyundai wants to pay you that? You should just stay where you are and find joy in your service to the state? #edwhitacre
     Reply
    Steve_in_NC was starred Steve_in_NC was unstarred
    Image of UDMan UDMan
    11/11/09

    @Steve_in_NC: Exactly what a North Carolinian would say, while your state enacts "Right to work laws" that effectively caps salaries of the average working person by eliminating an effective way of increasing their wages, thus keeping the great unwashed masses from making a decent living. #edwhitacre
     Reply
    UDMan was starred UDMan was unstarred
    Image of Mr.choppers - Delenda Carthago Est Mr.choppers - Delenda Carthago Est
    11/11/09

    @UDMan: Capping executive wages at, say, ten times the average wage in the company is a great way to bring up the average.
    I also don't exactly understand why people want such a huge income gap, I wouldn't think it's fun for the rich either who will have to spend their lives hidden behind bodyguards and such. Imagine being rich in Manila and ask yourself if it's not better to be slightly wealthy in Copenhagen. Then ask yourself which way this country wants to go. #edwhitacre
     Reply
    Mr.choppers - Delenda Carthago Est was starred Mr.choppers - Delenda Carthago Est was unstarred
    Image of danio3834 danio3834
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    I'll run GM for way less than that...
     Reply
    Edited by danio3834 at 11/11/09 11:10 AM danio3834 was starred danio3834 was unstarred
    Image of Steve_in_NC Steve_in_NC
    11/11/09

    In reply to GM Chairman Asks U.S. To Pay Auto Execs More Money
    Who is John Galt? #edwhitacre
     Reply
    Steve_in_NC was starred Steve_in_NC was unstarred
    Image of stoke stoke
    11/11/09

    @Steve_in_NC: He's one of the main characters in Ayn Rand's allegorical novel Atlas Shrugged. #edwhitacre
     Reply
    Steve_in_NC promoted this comment stoke was starred stoke was unstarred
    Image of pauljones pauljones
    11/11/09

    @Steve_in_NC: That is correct!

    Next category, a daily double!

    Subject: Douchebaggery business practices!

    What will you wager? #edwhitacre
     Reply
    pauljones was starred pauljones was unstarred
    Image of Steve_in_NC Steve_in_NC
    11/11/09

    That's the point, many with skill are beginning to shrugging. The talent drain on vital US sectors, manufacturing and banking at the forefront for now and medicine to come is going to damage this country for a long time. #edwhitacre
     Reply
    Steve_in_NC was starred Steve_in_NC was unstarred
    Image of GreenN_Gold GreenN_Gold
    11/10/09

    In reply to Chrysler Kills ENVI Electric Car Program, Shocks No One
    I'll grant you that this significantly changes the stated ambition and direction of Chrysler's EV program, but it reads more like a merger of the two company's EV programs, rather than the death of the Chrysler EV program.

    "Lou Rhodes, who was in charge of ENVI, continues to oversee electrical vehicle development for both companies." #chryslerenvi
     Reply
    GreenN_Gold was starred GreenN_Gold was unstarred
    Image of brandegee brandegee
    11/10/09

    In reply to Chrysler Kills ENVI Electric Car Program, Shocks No One
    Desperation can breed good ideas. This Circuit, with the exception of the decidedly old-school red Viper taillights, is the best looking Dodge I've seen in a long time. #chryslerenvi
     Reply
    brandegee was starred brandegee was unstarred
    Image of günter macbeetle, codename: chrystlubitshi günter macbeetle, codename: chrystlubitshi
    11/10/09

    In reply to Chrysler Kills ENVI Electric Car Program, Shocks No One
    you've got to be kidding me, wes... first i lose all that money on my pre-ordered tesla... and now on this too?? i guess it's time to move the money tree to a larger pot... see if it'll grow a bit bigger.. #chryslerenvi
     Reply
    günter macbeetle, codename: chrystlubitshi was starred günter macbeetle, codename: chrystlubitshi was unstarred
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