Rick Wagoner's golden retirement

As General Motors (GM) former CEO Rick Wagoner says his farewells at the company where he has worked for over thirty years, he is not receiving the sort of "golden parachute" severance package that has recently fueled populist rage. However, his pension, valued at roughly $23 million, has already raised more than a few eyebrows.

Given the recent scandals at Merrill Lynch and AIG, some analysts are gleefully rubbing their hands together as they prepare to feast on Wagoner's bones. After all, his outsize pension makes the former CEO seem like the kind of bloated, self-important business executive who has led America into economic disarray. Beyond that, outrage at executive compensation is pretty much the order of the day, and Wagoner is a big, fat, $23 million target. But does he deserve the many arrows of righteous indignation being shot his way?