Golden Parachutes

Axed GM Chief Still on Payroll

Was Rick Wagoner laid off or is he simply enjoying an extended vacation? Seven weeks after the federal government ousted him as CEO of GM, he is still on the company payroll. His removal is held up because Treasury officials are debating whether or not to pay him the $20 million severance that GM promised. Calling the delay just “one of many hitches,” The Washington Post writes, “Government officials, inside the Treasury and out, say the unresolved issues are piling up in part because of vacancies in the department's top ranks. But some of the officials also cite the Treasury's ad-hoc management, which is dominated by a small band of Geithner's counselors who coordinate rescue initiatives but lack formal authority to make decisions. Heavy involvement by the White House in Treasury affairs has further muddied the picture of who is responsible for key issues, the officials add.”