GMAC CEO awarded $11.62 mln compensation in 2008 (Twice 2007 compensation)

[Robbien]

Source: Reuters

NEW YORK (Reuters) - GMAC LLC on Friday said Chief Executive Alvaro de Molina was awarded $11.62 million of compensation in 2008, more than twice as much as a year earlier, when he engineered debt restructurings and capital raising to keep the struggling finance company in business.
. . .

De Molina moved to GMAC two months after joining GMAC's majority owner Cerberus Capital Management LP CBS.UL, the private equity firm. He had previously been chief financial officer of Bank of America Corp
. . .

About $2.26 million of de Molina's compensation in 2008 came from the use of corporate aircraft. GMAC said it no longer provides aircraft for business or personal use.

GMAC has in recent quarters suffered operating losses in its auto and mortgage units, but in December won a $6 billion government bailout, as well as bank holding company status that allows it to tap lower-cost funding.




Read more: http://uk.reuters.com/article/pressReleases/idUKTRE51R19E20090228?sp=yes

[MannyGoldstein]

1. He Deserves Every Penny

Look, he's had a very traumatic year - having to endure all of those losses, having to fly on regular airlines, and so forth. Do you have any idea how tough it is to ask your subordinates to lay people off? And, almost every day, he had to do math.

Never judge a man's compensation until you've flown a mile in his private jet.

[AllentownJake]

2. The best salesman of Socialism in the world isn't President Obama

The GOP thinks that President Obama is the best salesman of socialism, these dumbass CEOs are making the sales job easy.

Regular Americans are getting laid off while they are cashing out.

Thank you CEOs, my socialist ideas are much easier to sell because you all are the greedy mother fuckers we all knew you were.

[geckosfeet]

3. Anyone who can convince the US government to hand over billion$

is worth every penny.

Hey - I always said - car salesmen are the best swindlers this side of the Mississippi.

[madmom]

4. Cerberus chairman is John Snow, remember him? He bankrupted the

railroad, now trying for GM? He is also deeply entrenched in the bush cabal.


http://en.wikipedia.org/wiki/John_W._Snow

[MannyGoldstein]

8. Dan Quayle. Dan Quayle. Dan Quayle.

DQ is Chairman of Cerberus' Global Investment Unit.

How can you fail, with Quayle?

[madmom]

9. My link says that John Snow is chairman of Cerberus Capitol

Management, you say Dan Quayle is chairman of Cerberus Global Investment Unit. Are they one and the same? The op sites Cerberus Capitol Management.

edited to add link that might clarify

http://en.wikipedia.org/wiki/Cerberus_Capital_Management

[MannyGoldstein]

15. I Believe That Quayle Is Under Snow

Quayle runs one unit.

[OwnedByFerrets]

5. But, but, but...I thought it was the Union that was causing all of

GMs problems. Do I need this?:sarcasm:

[WriteDown]

7. This is GMAC

No longer owned by GM.

[OwnedByFerrets]

10. Thank you. I wasnt aware that they were separate entities nowadays.

[blue_onyx]

12. Well, GM still owns 49% of GMAC

So they're not completely separate. Although, there have been rumors in recent months that GM would trade the rest of GMAC for Chrysler (not sure why they would do this).

[Hannah Bell]

17. they still own part of it last time i checked.

[elocs]

6. What a great way to make friends and influence people among the American public.

If GM goes under millions of Americans will be hurt, but many millions of others will view this kind of nonsense and other poor management decisions and say they deserve it.

[bulloney]

11. Just a theory here.

But, for the past 30 years or so, I've seen kids' competition events morph into little more than feel-good events where EVERYONE gets an award regardless if they finish first or last.

When my kids were young, the swim meets were like that. It seemed like every event, the top 5 swimmers finished fairly close to each other. But the sixth kid was always WAY behind and finished 3-5 minutes behind the rest. In swimming, 3-5 minutes is an eternity. These kids looked more like a piece of driftwood in Sponge Bob shorts than swimmers. But that kid got a ribbon, just like the kid who finished first.

Later in life when they're in varsity competition, where only the best athletes are recognized, if these kids didn't start and play a lot and get postseason recognition, the parents and the kids would whine how the coach was an idiot for not playing their kid as much as they should or have their kid in the critical part of a game, even though their kid is a mediocre athlete at best. The parents and kids then raise hell with the school adminsistration and demand the coach is fired.

I think this instilled a mindset where these kids feel they are entitled to a reward later in their adult lives, regardless of performance. Those are your CEOs who run companies bankrupt, but still expect bonuses in the tens of millions of dollars on top of their outrageous salaries.

Those are your modern Republican business executives. Just my two cents.

[madmom]

13. You are probably more right than most want to acknowledge.

[provis99]

18. Nah. They're just plain greedy robber barons

No need for elaborate psychological explanations. They're just crooks.

[blue_onyx]

14. Congress needs to limit CEO pay now

There's no reason to receive so much money while the company is doing poorly. I'm also pissed that GMAC made him CEO and a year later there's talk of moving the headquarters out of Detroit to Charlotte, in part because that's where he lives. I wish I could find a job where I get paid an exorbitant amount of money, have the company relocate for me , and have a private plane.

[sarcasmo]

16. And the sick Greedy fucker takes the money with no shame.