obama gm general motors government motors chrysler bailout stimulus bonuses sad hill news

With ‘bankrupt’ GE ready to blow $30 billion after the feds secretly bailed them out, Government Motors (GM) and Chrysler have found creative ways to spend their taxpayer loot, too:

(Bloomberg) General Motors Co. and Chrysler Group LLC, which each received government-funded bailouts, may award some managers bonuses of as much as 50 percent of their salary, said four people familiar with the plans.

GM plans to pay bonuses to most managers equal to 15 percent to 20 percent of their annual salary and as high as 50 percent to less than 1 percent of its 26,000 U.S. salaried employees, said one of the people, who asked not to be named revealing internal plans. Bonuses for Chrysler’s 10,755 salaried workers will average about $10,000, with a small group getting as much as half of their salary, one of the people said.

The payouts come as GM, Chrysler and Ford Motor Co. prepare for contract talks this year with the United Auto Workers, which is seeking a share of the industry’s growing prosperity. Ford, the only U.S. automaker to avoid bankruptcy in 2009, is expected to pay bonuses equal to 10 percent or more of base pay to some salaried staff, said a person familiar with the plan.

The union is going to be very angry about this,” Gary Chaison, a professor of industrial relations at Clark University in Worcester, Massachusetts, said in an interview yesterday. “If these kinds of bonuses are paid to salaried workers, then the union’s demands will increase, knowing management can’t claim an inability to pay.”

~snip~

Chrysler’s bonuses may be paid as soon as today, one of the people said. Bonuses for GM’s salaried workers without management duties may be as low as 5 percent of their annual pay, one of the people said.

GM reorganized in bankruptcy in 2009 with $49.5 billion in government aid, while Chrysler got $12.5 billion in assistance for its reorganization that year. Each is subject to pay restrictions for top executives after receiving funding from the U.S. government’s Troubled Asset Relief Program, which also aided banks.

Obama administration buys 1-in-4 GM hybrid cars sold: HERE

Tesla Motors awarded $465 million in taxpayer funds, loses $35 million in 3rd quarter: HERE

Bankrupt GE to spend $30 billion as Obama administration continues to fund GE: HERE

General Electric going bankrupt: HERE and HERE

‘Hope and Change’ numbers are in: HERE

  • Facebook
  • Twitter
  • email
  • LinkedIn
  • StumbleUpon
Tagged with:  

32 Responses to Bankrupt GM And Chrysler Give Managers Big Bonuses – Up To 50% Of Salary – After Taxpayer Funded Bailouts

  1. [...] Bankrupt GM And Chrysler Give Managers Big Bonuses -- Up To 50% Of Salary -- After Taxpaye… [...]

  2. [...] Bankrupt GM and Chrysler blow taxpayer loot: HERE [...]

  3. [...] in Boulder, CO (…wind sound). Portland, OR? (…rain drizzling on a tent sound).  Prius drivers? (…grandfather clock ticking sound). Mainstream media? (…sheep [...]

  4. [...] Bankrupt GM and Chrysler blow taxpayer loot: HERE [...]

  5. [...] Bankrupt GM and Chrysler blow taxpayer loot: HERE [...]

  6. [...] GM’s $50 billion dollar bailout, plus GM’s $9 billion IPO loss 4 months ago, plus the Feds purchasing 1-in-every-4 GM [...]

  7. [...] Sure, GM’s $50 billion dollar bailout, lest we forget their $9 billion IPO loss 4 months ago, was a big negative. So we’ll focus on the positive, Government Motor’s latest ‘success‘ — the Chevy Volt. [...]

  8. [...] Sure, GM’s $50 billion dollar bailout and their $9 billion IPO loss 4 months ago and news of Government Motors using your money to purchase 1-in-every-4 GM hybrids sold are huge negatives — unless you’re a reporter for mainstream media. And since government-run MSM won’t be able to spin GM’s 4th quarter expense account, they’ll just ignore it. [...]

  9. [...] Bankrupt GM and Chrysler blow taxpayer loot: HERE [...]

  10. [...] GM’s $50 billion dollar bailout, plus GM’s $9 billion IPO loss 4 months ago, plus the Feds purchasing 1-in-every-4 GM hybrids [...]

  11. [...] For Clunkers 2: Government Motors ‘Charging America Forward’ Campaign After GM’s $50 billion dollar bailout, plus GM’s $9 billion IPO loss 4 months ago, plus the Feds purchasing 1-in-every-4 GM hybrids [...]

  12. [...] Bankrupt GM and Chrysler give managers big bonuses – up to 50% – after taxpayer funded bailouts: HERE [...]

  13. [...] Government Motor’s $50 billion dollar bailout, plus GM’s $9 billion IPO loss 8 months ago, plus the Feds purchasing 1-in-every-4 GM hybrids [...]

  14. [...] Bankrupt GM and Chrysler give managers big bonuses – up to 50% – after taxpayer funded bailouts: HERE [...]

  15. Government-Owned-Tax-Free GE That JUST Told American Business Owners To ‘Stop Complaining About Big Government' Announces GE Health Care Headquarters Relocation To Beijing | Sad Hill News says:

    [...] Bankrupt GM and Chrysler blow taxpayer loot: HERE [...]

  16. [...] God for that 50 billion dollar bailout. Yeah, buy American!!!!! Maybe Bankrupt GM And Chrysler should not have given Managers such big bonuses –Up To 50% Of [...]

  17. [...] “New GM did not assume responsibility for Old GM’s design choices, conduct, or alleged breaches of liability under the [...]

  18. [...] a lawyer for GM. “New GM did not assume responsibility for Old GM’s design choices, conduct, or alleged breaches of liability under the [...]

  19. [...] Bankrupt GM and Chrysler give managers big bonuses – up to 50% – after taxpayer funded bailouts: HERE [...]

  20. [...] Bankrupt GM and Chrysler give managers big bonuses – up to 50% – after taxpayer funded bailouts: HERE [...]

  21. [...] worth of tax and ‘clean-car’ incentives for every Volt purchased, despite GMs’ $50 billion bailout, despite bankrupt GM distributing manager bonuses up to 50% of their salaries, despite GM [...]

  22. [...] Bankrupt GM and Chrysler give managers big bonuses – up to 50% – after taxpayer funded bailouts: HERE [...]

  23. [...] Bankrupt GM and Chrysler give managers big bonuses – up to 50% – after taxpayer funded bailouts: HERE [...]

  24. [...] hybrids sold, despite taxpayers losing $9 billion on GM’s IPO loss last year, despite GMs’ $50 billion bailout, despite bankrupt GM distributing manager bonuses up to 50% of their salaries, despite GM [...]

  25. [...] GM, Chrysler and Fisker managers practically doubled their salaries via bonuses and benefits using taxpayer bailout funds from 2011, bankrupt Tesla Motors needed [...]

  26. […] massive bonuses -- up to 50% of their salaries -- upon your taxpayer funded bailout (HERE), not long after GM’s restructured $9 billion IPO loss (HERE). Then, despite GM’s […]

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>