Friday, March 5, 2010

GM to give (UAW) vice chairman Girsky $5M pay package

It's always good to know that the government is watching out for taxpayers. And, more importantly, it's good to know the government watches out for its biggest contributors, like the UAW.

From bailing out GM and Chrysler, to crucifying non-union Toyota, the government is doing a fantastic job for the UAW giving the union a seat at the table both in the White House and the board room of Government GM.

In fact, were it not for the government and its 'too-big-to-fail' bailout of the car company formerly known as General Motors, the United Auto Workers might not have a seat at the table at all.

In this case, however, the UAW's seat is filled by some guy named Steven Girsky, who, thanks to the UAW and the Obama administration is getting a $5 million pay package.

General Motors Co. will pay vice chairman Steve Girsky, who also sits on the automaker's board as a representative of the UAW, a $5 million package, the automaker disclosed in a regulatory filing.

The package includes a $500,000 annual salary and $4.5 million in stock spread out over time. Girsky is president of S.J. Girsky and Co., an advisory firm based in New York, and a longtime adviser to both GM and the UAW.

In 2012, Girsky will start to receive $3 million in stock over three years. He also is eligible to receive $1.5 million in restricted stock once GM repays federal aid it has received. Girsky has to be employed for three years before the stock can be awarded.

It's good to know the government's watching the taxpayer's backs and even better to know the taxpayers will still be picking up the tab.

Read more here.

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