CRONY CAPITALISM…
predicated on keeping wages depressed to third world levels for his billionaire
donors!
Obamanomics: How Barack Obama Is Bankrupting You and
Enriching His Wall Street Friends, Corporate Lobbyists, and Union Bosses…and
Muslim Dictators
GM Chief Executive Mary Barra Earned $16.2 Million in 2014
General Motors CEO’s pay was 80% higher than predecessor’s $9 Million 2013 pay
Photo: Reuters
The Detroit auto maker’s 2014 executive compensation plans, outlined in an annual proxy report filed Friday with the Securities and Exchange Commission, represent a shifting compensation strategy. No longer restricted by Treasury Department pay guidelines, GM now has liberty to use the promise of bigger paydays to reward, retain and motivate top managers.
Ms. Barra, 53, earned 80% more than the $9 million package paid to former CEO Dan Akerson in 2013, even though her $1.6 million base salary is slightly lower than the $1.7 million base Mr. Akerson was paid.
Since taking over in January 2014, she has been managing an ignition-switch safety crisis that overshadowed her initial months in office. Ford Motor Co.’s Mark Fields earned an $18.6 million package for last year’s performance, including a half-year as CEO during which he was forced to lower certain near-term financial targets.
Vehicle recall costs of $2.8 billion hurt Ms. Barra’s overall compensation, and the packages earned by other top executives. Without those costs, GM would have achieved its goals for core business operations, the company said.
GM was bailed out by the Troubled Asset Relief Program in 2009, and has for several years been restricted by compensation rules. The government’s sale of its equity ended an era of TARP oversight.
In response the ignition-switch crisis, Ms. Barra, a career-long GM employee, fired 15 employees and launched an overhaul of the company’s culture. The auto maker was subject to several congressional hearings, and actions dating back to early last decade remain under investigation by the Justice Department.
In October, Ms. Barra unveiled ambitious financial targets and margin goals designed to guide the company beyond 2020. The auto maker earned $2.8 billion in net income last year, less than 2013 due to the costs of vehicle recalls.
In addition to her base salary, Ms. Barra earned a $2 million nonequity award, which was paid out at 74% to reflect company performance on earnings, market share and quality. The board didn’t adjust these awards to reflect personal achievements.
She also earned $11.8 million in stock awards, $350,000 related to pension compensation and $412,532 in miscellaneous income.
GM’s share price has waned since Ms. Barra’s appointment. Trading at $40.68 at the beginning of 2014, the stock ended the year at $34.91. It exchanged hands at $35.63 Friday, one day after the company’s first-quarter earnings report missed Wall Street expectations.
Ms. Barra earlier in 2015 faced off with former hedge-fund manager Harry Wilson and a group of investment firms. Initially demanding an $8 billion share buyback and representation on the board, Mr. Wilson’s group later settled for a $5 billion commitment and agreed to abandon the pursuit of director slots.
GM’s General Counsel Mike Millikin retired in 2014, but not before coming under intense congressional scrutiny for his role in the company’s handling of the ignition-switch problems. He earned $5.8 million in 2014, and was awarded a special retention award last March—at which point GM was subject to intense scrutiny—valued at $2 million.
The ignition-switch problem has been tied to 87 deaths. While criticized for being in the dark about several years of legal settlements and internal studies related to the problem, Mr. Millikin has been lauded by Ms. Barra as a trusted lieutenant who took immediate steps to help GM dig out of the crisis.
Mark Reuss, GM’s product chief, and newly hired GM Europe boss Karl-Thomas Neumann were also paid retention bonuses in 2014. Mr. Reuss, long part of GM’s management team, earned $9.5 million in total compensation.
Dan Ammann, a former Morgan Stanley investment banker, was promoted to GM president in 2014 and earned $8.5 million.
GM also said Novartis AG CEO Joseph Jimenez will join the board of directors. Neville Isdell, a former Coca-Cola Co. CEO, on the board since before GM’s bankruptcy, will retire. The moves are the latest in a series of changes to the auto maker’s board.
OBAMA’S CRONY BANKSTER-DRIVEN ECONOMY
First he sabotaged America’s borders and then invited endless waves of illegals to grab America’s jobs and keep wages depressed.
Then he went after America’s pensions, medicare and social security towards his design of destroying the American middle-class.
AND IT’S WORKING!
“Goldman Sachs, JPMorgan Chase, Bank of America (ALL MAJOR DONORS TO BARACK OBAMA) and every other major US bank have been implicated in a web of scandals, including the sale of toxic mortgage securities on false pretenses, the rigging of international interest rates and global foreign exchange markets, the laundering of Mexican drug money, accounting fraud and lying to bank regulators, illegally foreclosing on the homes of delinquent borrowers, credit card fraud, illegal debt-collection practices, rigging of energy markets, and complicity in the Bernie Madoff Ponzi scheme.”
THE ASSAULT on the AMERICAN MIDDLE-CLASS by the DEMOCRAT PARTY:
“By large margins, even in opinion polls conducted by the corporate-controlled media, the American people support sharp increases in taxes on the wealthy to fund social programs and provide jobs for the unemployed; they oppose cuts in Social Security and Medicare and view education, health care and other public services as basic rights; they oppose government spying on the telephone and Internet usage of ordinary Americans, as well as other police-state measures; and they oppose overseas military interventions in the Middle East, Africa and Asia. The Democratic and Republican presidential candidates stand on the other side of the barricades on all these issues.”
THE LOOTING OF AMERICA: BARACK OBAMA AND HIS CRONY BANKSTERS set themselves on America’s pensions next!
The new aristocrats, like the lords of old, are not bound by the laws that apply to the lower orders. Voluminous reports have been issued by Congress and government panels documenting systematic fraud and law breaking carried out by the biggest banks both before and after the Wall Street crash of 2008.
Goldman Sachs, JPMorgan Chase, Bank of America and every other major US bank have been implicated in a web of scandals, including the sale of toxic mortgage securities on false pretenses, the rigging of international interest rates and global foreign exchange markets, the laundering of Mexican drug money, accounting fraud and lying to bank regulators, illegally foreclosing on the homes of delinquent borrowers, credit card fraud, illegal debt-collection practices, rigging of energy markets, and complicity in the Bernie Madoff Ponzi scheme.
MUCH, MUCH MORE ON OBAMA’S ECONOMIC CRIMES PERPETRATED ON BEHALF OF HIS CRONIES ON THE AMERICAN MIDDLE-CLASS
One government-organized settlement has followed another, utilizing “deferred prosecution” deals and other gimmicks to allow Wall Street CEOs to get off scot-free. All the banks have had to do is pay largely fictitious fines, much of the nominal amount written off as tax credits.
IMF PREDICTS THAT OBAMANOMICS and the GLOBAL LOOTING BY
OBAMA’S CRIMINAL CRONY BANKSTERS WILL SOON DESTROY THE AMERICAN ECONOMY.
The International Monetary Fund
warned Wednesday that the world economy would remain locked in a pattern of
slow growth, high unemployment and high debt for a prolonged period. The
forecast, contained in the organization’s updated World Economic Outlook (WEO),
marks a shift from previous economic projections in acknowledging that there is
little prospect of a return to the growth levels that prevailed prior to the
2008 Wall Street crash.
The document’s grim analysis
amounts to a tacit acknowledgement that the crisis ushered in nearly seven
years ago by the financial meltdown is of a historical and fundamental
character, and that the underlying problems in the global capitalist system
have not been resolved.
Net Job Growth
Since Recession Still To Foreign-Born
“The Bureau of
Labor Statistics’ March job’s data released Friday — as in previous months — again shows that net
employment growth in the U.S. since the beginning of the recession has gone to
foreign-born workers.”
“From the
beginning of the recession in December of 2007 through March of this year,
while the native-born population has experienced a net decline in employment,
their foreign-born counterparts have experienced a net increase.”
THE RISE OF BARACK OBAMA and the
FALL of AMERICA
HOW A SOCIOPATH CONNED A NATION CALLING IT “HOPE &
CHANGE” AND THEN BECAME GEORGE BUSH’S THIRD & FORTH TERMS ON STEROIDS.
WHY DOES OBAMA HATE AMERICA SO?
THE OBAMA REGIME’S ASSAULT ON THE AMERICAN
BORN WORKER
RATCHETED UP ONCE AGAIN!
OBAMA’S PROMISE TO CRONY BANKSTERS: Not one
day in prison!
“Nearly five years after the greatest financial crash since
the Great Depression, triggered by rampant illegality and fraud on the part of
the major banks, not a single major institution or leading bank executive has
been indicted, let alone tried, convicted and jailed.”
Hillary has declared bankster
looting will see even greater rewards from her administration!
“In reality, the settlement falls far short of holding
JPMorgan accountable for its fraudulent sale of mortgage-backed assets, which
netted the bank tens of billions of dollars in profits while exacerbating the
sub-prime mortgage crash that led to over ten million foreclosures in the US
and a global economic downturn that thrust many millions more into unemployment
and poverty.”
THE OBAMA SUPER DEPRESSION AT HAND: Crony
capitalism and the
Obama administration at work for the 1%
Global
financial markets are on the road to another crash, with consequences even more
serious than the collapse of September 2008. There have been a series of dire
warnings from within the ruling class itself that present monetary policies
have created massive financial bubbles with devastating consequences.
CRONY OBAMANOMICS – HOW
OBAMA SQUANDERED AMERICA FOR HIS LOOTING WALL STREET
BANKSTERS!
THE DEMOCRAT PARTY: BUILDING MEXICO’S
WELFARE STATE ON
OUR BACKS (they already get our jobs) AND
ASSAULTING THE
AMERICAN WORKER AND WORKERS’ PENSIONS TO PAY
FOR
MEXICO’S LOOTING!
“The summary of the proposal read: “Eliminates
constitutional protections for vested pension and retiree healthcare benefits
for current public employees, including teachers, nurses, and peace officers,
for future work performed.”
THE OBAMA PLAN: AS GENERATED FROM THE
ASSAULT OF DETROIT BY OBAMA’S CRONIES: CUT
PENSIONS, AND WAGES AND BUILD THE
MEX
WELFARE STATE AT THE SAME TIME!
“The assault on pensions enjoys the bipartisan support of
the entire political establishment, all the way to the White House. Behind the
scenes, the Obama Administration played a decisive role in pushing through the
Detroit bankruptcy.”
THE
LOOTING OF DETROIT: A case study on the methods the 1% use to loot America.
Your
city, job and your pension next on the line for the slaughter!
As Obama's Wall Street cronies continue to
loot and Obama hands the American middle class the tax bills for their economic
crimes:
“A sea
change is unfolding in the US and world economy that portends a catastrophe of
dimensions not seen since the Great Depression of the 1930s.” It warned that
for the working class, the financial meltdown meant “rapid growth of
unemployment, poverty, homelessness and social misery,” while “many of those
who precipitated this economic disaster… will profit handsomely from the debris
they have left behind.”
Labor Day 2014
Temp labor at record levels in US
By Andre Damon
2 September 2014
Obama and Biden postured as partisans of what they referred to as the “middle class,” even as a number of reports emerged documenting the devastating decline in conditions for the working class under the current administration.
*
THE U.S. CHAMBER OF COMMERCE: SERVING THEIR WALL STREET
MASTERS BY ASSAULTING THE AMERICAN WORKER!
WAGES
PLUMMET… and millions more illegals are arriving soon!
Low-wage males’ wages declined by an astonishing 31.2
percent, with mid-wage male workers seeing a 16 percent drop, the study found.
Workers without a high school diploma suffered a 46.3 percent fall in wages,
while workers with only a high school diploma lost 32.1 percent, and those
holding a bachelor’s degree lost 4 percent. VIVA LA RAZA SUPREMACY? DEMS
SABOTAGE E-VERIFY NATIONWIDE!
ASSAULT ON THE AMERICAN MIDDLE
CLASS: HOW BARACK
OBAMA,
OBAMAnomics AND HIS LOOTING
BANKSTERS FINISHED OFF DETROIT
It is obvious that he was selected not merely for his
political connections to the Obama administration and his credentials as a
hatchet man for big business, but for his reputation and skill as a bankruptcy
lawyer. They were planning to take Detroit into bankruptcy from the very
beginning.
State and local governments are
seeking to trim health care costs by dumping active and retired workers onto
the government-sponsored health care exchanges as well. The City of Detroit,
which has filed for bankruptcy, aims to drastically reduce the $5.7 billion
owed to retirees in health benefits by pushing those 65 and older onto Medicare
and dumping those too young to qualify for the government-run program onto the
ACA insurance markets.