GM's former CEO has to make do with $8 million retirement


Rick Wagoner, the man who helped run General Motors to the ground, will retire August 1 with a pension and benefit package the automaker valued at $8.2 million.

Wagoner, who was in charge of the company in its last decade -- he became CEO in 2000 and chairman in 2003 -- led GM to $85 billion in losses. So now, after the White House asked him to resign on March 30, he will retire with the following package: $1.636 million in benefits annually for each of the next five years, plus an annual pension of $74,030 for the rest of his life. Wagoner can also choose to cash out the company-provided life insurance policy worth about $2.6 million, bringing the package worth to about $10.8 million.