Rick Wagoner's golden pension: More bucks for bungling


Former CEO Rick Wagoner will receive roughly $23 million for his pension. While technically not a severance package, it is really from the pension fund. And folks are still outraged over the amount. Pretty good pay for someone who was fired, essentially for running his company into the ground.

But really it reflects part of what is wrong with GM and has been for years. The company overpaid its executives and workers. As it built bigger and bigger vehicles, pay-outs got bigger too. Now I understand that high payments to employees helped build the middle class in America. This was the group that bought houses, cars, washing machines and other time-saving devices in the years after World War II. But, let's face it. The days of getting a $50K job with just a high school degree are as gone as record players and rotary phones.