This crony capitalism, such as happened with Freddy Mac, Fanny, and many on Wall Street, has set precedents for Government to now get involved in the means of production with taxpayer money. Expect many billions of dollars more from government passing into private hands in the years to come. If the people defend it and expect it then it will surely continue.
'What kind of sick and twisted toy factory is this?'
'We are all the sum of our tears. Too little and the ground is not fertile, and nothing can grow there. Too much, the best of us is washed away.'
"Better to be dead and cool, than alive and uncool."
"He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
/thread.(Reuters) - General Motors Co (GM.N) denied on Tuesday media reports that the automaker asked U.S. officials to allow for a pay increase of more than 20 percent for Chief Executive Dan Akerson.
The largest U.S. automaker submitted a request to U.S. officials to pay Akerson $9 million for 2013, about the same as his 2012 and 2011 pay packages, GM said in a statement.
Compensation of GM executives is governed by a special paymaster from the U.S. government as part of provisions put in place after GM's U.S.-funded bankruptcy restructuring in 2009.
GM's statement came after reports that GM wanted to pay Akerson $11.1 million for 2013.
GM says did not request 2013 pay bump for CEO Akerson | Reuters