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March 21, 2008
You really can't make it up.
While the U.S. auto industry wallows in an economic slump, with total sales this year now predicted by J.D. Power and Associates to dip below 15 million vehicles and buyouts and cutbacks rampant, General Motors announces $3 million of cash and stock bonuses to 19 of its top executives.
That's great, and just another PR blooper from GM.
Just two months ago, vice chairman Bob Lutz, whose bonus is worth about $230,000 according to The Detroit Free Press, caused a contoversy by declaring that he thought global warming was nonsense. Both he and Chairman Rick Wagoner, whose bonus is worth about $364,000, had to explain and defend the statement.
GM has had a reputation for being out of touch for a long time. The 2008 Chevy Malibu was heralded as a ray of light, a first-class car that can compete head-on with the cars that have owned that segment for years - the Honda Accord and the Toyota Camry.
And I'm sure Lutz is sincere in his much-vaunted efforts to push the plug-in Chevy Volt and that such bonuses are quite in line with corporate compensation in this country.
But they can hardly go down well in a world where most people are interested in alternative fuel vehicles for both economic and environmental reasons, and are also concerned about their family budgets in face of ramping prices on almost everything, especially fuel.
- Peter C. T. Elsworth
Posted by Peter C. T. Elsworth 
at 10:29 AM to commentary
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