Rick Wagoner, the former CEO of General Motors, will receive approximately $8.5 million in retirement pay from the bankrupt automaker. The report, which was featured in Bloomberg News, says that General Motors will pay Wagoner his $8.5 million over the course of the next five years.
Wagoner was reportedly eligible for more than $20 million in retirement pay but will instead get the lower amount. His official retirement will be made official by the first day of August.
Due to the struggles of General Motors, Wagoner was nudged out of the CEO chair at the end of March. Since that point, GM …read more

On Monday, multiple reports indicate that President Barack Obama will announce that he will support General Motors restructuring effort as the United States automobile maker goes through its bankruptcy proceedings. He’s also reportedly going to announce that the nation’s taxpayers will own 60% of GM once it emerges from bankruptcy.
To help GM emerge from bankruptcy in less than 90 days and be prepared to turn itself around, Obama is expected to announce that GM will be infused with $30 billion. That latest infusion will climb the amount invested in General Motors to around $50 billion.
To survive in the competitive automobile …read more

While there are many opinions regarding when and if General Motors will file bankruptcy, more and more of those opinions are now asking “when” rather than “if”. According to multiple sources, General Motors’ bankruptcy filing could happen in a matter of days.
Considering that the federal government has given GM a deadline of June 1st to find a suitable solution for all of their creditors and considering that GM’s creditors are far from happy, the writing appears to be on the wall. If the filing for bankruptcy doesn’t occur at the end of this week, it very well could take place …read more

General Motors is in a lot of financial trouble. There are bankruptcy rumors circling throughout the company and GM is currently surviving on United States federal government bailout money. The latest sign of trouble is a report by the AP that GM may shut some of their auto plants up to nine weeks in an attempt to save money.
Typically, auto plants are shut down during the summer for two weeks to change the equipment within the plants and to do maintenance. That two-week downtime may now be extended to nine weeks, if the AP sources are correct.
The White House has …read more