Apr. 30, 2005 - 20:00 MDT

THE NEEDY RICH

Today in the Rocky Mountain News, way back in the business section there is a tiny article in business news. In full:

GM chairman's wages down 22 % from 2003

"General Motors Corp. Chairman and Chief Executive Rick Wagoner received a compensation package valued at roughly $10 million for 2004, about 22 percent lower than in 2003, the company reported Friday."

"Wagoner's cash compensation of $4.8 million last year was 43 percent lower than the $8.5 million the world's largest automaker paid him in 2003."

That's news ? That's sad. Shoot, the first thing you know he'll have to move his family in with in-laws. Poor baby, having to live a hand to mouth existence, perhaps having to sell a castle or two to make ends meet.

Whether it is all cash or heavy in stock options it still seems to me to be a recompense without justification of the amounts involved.

With stock options, it is easy to sell them before the company nosedives. Maybe a little tetchier now, but there are ways and I am sure they will be used.

Wonder if GM is a "Faith Based" company ?Snark, snark.

I have never seen what actual value to a company that a CEO can have that makes him worth millions per year, plus perks - stock options and such.

Of course I think CEO's and such should be highly paid, the question in my mind is, how much ? Does the board of directors and the stockholds think some of the CEO's magic money will rub off onto them ?

Maybe I am putting the carp before hearse simple minded that I am. I suppose perhaps we should start a support group for THE NEEDY RICH . . . . . . . . . .

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