Brothers4TheStruggle
03-01-09, 11:30 AM
Apparently we are all in the wrong business. What the hell do you do with an 11 mil+ salary for '08? There really couldn't be too much you would have to want for.............
http://www.leftlanenews.com/gmac-ceo-took-home-1162-million-in-2008.html
Last year may have been rough for GMAC – the preferred lending arm of General Motors – but the financial turmoil of 2008 didn’t seem to have any adverse effects on the company’s CEO. GMAC’s head honcho, Alvaro de Molina, took home a cool $11.62 million in compensation last year.
According to Automotive News, de Molina’s final compensation was made up of $1.2 million in salary, $5.81 million in stock and $4.8 million in other compensation – plus an offset of $194,000, due to an accounting standard.
De Molina’s 2008 compensation was more than double the $4.93 million he earned in 2007, despite GMAC’s continued operating losses.
Although sky high executive compensation would have been a non-issue just a few years ago, de Molina’s $11.62 seems extraordinarily high these days, especially considering the state of the U.S. automakers. In fact, GMAC recently took a $6 billion from the government because it was so strapped for cash.
But, if it’s any consolation to those auto workers losing their jobs by the thousands, de Molina won’t have access to the corporate jet in 2009 – a perk that cost GMAC $2.26 million last year.
http://www.leftlanenews.com/gmac-ceo-took-home-1162-million-in-2008.html
Last year may have been rough for GMAC – the preferred lending arm of General Motors – but the financial turmoil of 2008 didn’t seem to have any adverse effects on the company’s CEO. GMAC’s head honcho, Alvaro de Molina, took home a cool $11.62 million in compensation last year.
According to Automotive News, de Molina’s final compensation was made up of $1.2 million in salary, $5.81 million in stock and $4.8 million in other compensation – plus an offset of $194,000, due to an accounting standard.
De Molina’s 2008 compensation was more than double the $4.93 million he earned in 2007, despite GMAC’s continued operating losses.
Although sky high executive compensation would have been a non-issue just a few years ago, de Molina’s $11.62 seems extraordinarily high these days, especially considering the state of the U.S. automakers. In fact, GMAC recently took a $6 billion from the government because it was so strapped for cash.
But, if it’s any consolation to those auto workers losing their jobs by the thousands, de Molina won’t have access to the corporate jet in 2009 – a perk that cost GMAC $2.26 million last year.