Ward on Words

About a year ago, the WSJ posted a story about a very, very bold prediction : the folks over at GM were predicting 2010 would be a "profitable year" for the company. It was a very bold prediction because GM had not seen a profit since 2004. 2009 saw the forced exit of its leader, Rick Wagoner, a man who'd occupied various positions in the C-suite at GM for nearly 20 years. Under his leadership, GM ended up a recipient of a massive and unpopular government bailout, and then filed for bankruptcy soon after. So for a company that had been so buffeted by terrible leadership and the headwinds of our grim economy, its prediction of profitability in 2010 seemed a bit of a reach. But apparently, its predictions of success have become reality. According to a story in the Wall Street Journal , GM posted its "strongest annual performance in more than a decade" in 2010. And a profit of $4.7 billion. However, they're not out of the woods yet. Higher gas prices...

Rick Wagoner, newly retired CEO of General Motors, is driving away from his career with a $20 million retirement package. That's what's being reported in the MSM (see here for one of the stories.) Wagoner had been CEO at GM since 2000 - so had nearly a decade to make an imprint on the company. Prior to that, he had been COO and CFO for the company - meaning he spent at least 15 years in the C-suite at GM. His company exists today thanks only to the largess of the American taxpayer. And thanks to the brilliant retirement package he negotiated sometime ago, Wagoner will never again have to work a day in his life – nor will his children. His time at GM was spent building up massive generational wealth that the autoworkers who worked for him cannot even fathom. (It's funny when Detroit talks about the expense of building cars, they never factor the enormous compensation package of the CEO into the equation.) The employees built cars - the CEO built wealth - for ...