There Are Bailouts And, Then, There Are Bailouts

When it came to the bailout of AIG and the banks, Obama and his socialist pay Czar thought it was appropriate to cap executive pay at $500,000.

However, just this week, the bailed out CEO of General Motors (aka Government Motors) managed to get a $9 million executive pay compensation package including a $1.7 million per year salary (Click to See Full Story: GM CEO Whitacre receives $9M pay package).

On top of that, Fritz Henderson, the former and run-out of town CEO of GM (Click to See Full Story: General Motors CEO Fritz Henderson resigns (unexpectedly)), will be back to help the current CEO, Ed Whitacre, understand the business because Whitacre has absolutely no background in the auto industry. He came from AT&T and the telecom industry. But, even so, it is only appropriate that Whitacre gets his $9 mil and $1.7 per year salary package while he is in training under Fritz's guidance.

Just so you know, Fritz is only a "temp" working 20 hours a week. For that charity work in training Whitacre, he will be paid sparingly at $59,000 a month; or, approximately $710,000 a year. There is no word as to whether or not Fritz will get paid overtime if Whitacre needs a little more OJT (On-the-job-training) than expected; above his 20 hours a week allotted time. There is also no word as to whether or not Fritz will be included in the next unemployment or jobs report as an active part of the full-time workforce helping to keep Obama's unemployment numbers lower than reality. By rights, he should be included in the underemployment (U6) report along with the rest of this nation's temporary help and people not working in their chosen profession.

I guess not all bailed out companies are the same; at least in the eyes of pro-labor Obama. It's only important to hand out big salaries when that company has been set up as a Union-owned corporation by him and his labor-favoring cronies. Like General Motors, for example.

We wouldn't want General Motors to fail because they couldn't attract good high-price executive talent, now, would we? And, screw all those non-unionized, public-owned companies like the banks and AIG! Right?