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Top GM exec says federal pay limits hurt company
AP ^ | Dec. 10, 2010 | Ken Thomas

Posted on 12/10/2010 11:38:22 AM PST by re_tail20

The top executive at General Motors said Friday that the automaker's attempt to rebound from its bankruptcy is being hindered by salary limits the government has clamped on executives at companies that accepted federal bailouts.

GM CEO Dan Akerson said in a speech to the Economic Club of Washington, D.C., that the company faces many challenges, including the retention of top talent in its executive ranks. He said he was meeting later in the day with federal officials who oversee executive pay for companies that received bailouts.

"We have to be competitive. We have to be able to attract and retain great people," Akerson said, adding, "We've been able to retain them but we're starting to lose them and I think that's an issue for our owners to recognize."

The government gave General Motors $49.5 billion to bail out the automaker in 2008 and 2009. Treasury earned $13.5 billion from GM's initial public offering in November. U.S. taxpayers still own 33 percent of the company.

(Excerpt) Read more at denverpost.com ...


TOPICS: Business/Economy
KEYWORDS: gm
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To: kearnyirish2
When I worked at a large telco, it was heresy to suggest that the execs be required to hold their stock for 5 years so that the consequences of their policies was reflected in the long term value of the stock. The bandits were more interested in a pump and dump approach, then fleeing the disaster they caused. The "hold" requirement makes the management work in the interests of improving the company.
21 posted on 12/10/2010 12:13:51 PM PST by Myrddin
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To: re_tail20

Raise pay limits..

Not with MY MONEY you don’t.

FUGM and the Islamic sissy boy you rode in on.


22 posted on 12/10/2010 12:52:26 PM PST by wetgundog (" Extremism in the Defense of Liberty is no Vice")
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To: Myrddin

That’s absolutely right, and the best talent would be willing to risk more of their income in equity if they had something unique to offer.


23 posted on 12/10/2010 12:55:07 PM PST by kearnyirish2
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