On Sunday, at the White House’s request, Rick Wagoner announced his decision to step down from his position as GM’s chief executive. If you feel or felt sorry for him, don’t be! Because, according to GM’s financial filings, Wagoner is entitled to a $20.2 million retirement package. That’s a lot of money and I’m sure everyone would be happy to get fired under these circumstances. According to ABC News, althought the Treasury Department halted all payments to GM’s senior executives, Wagoner’s retirement package is legal and can’t be stopped.

“I think it’s another perfect example of why there’s so much frustration among working people,” said Tiffany Ten Eyck of Labor Notes, a Detroit-based independent publication covering unions. “I wouldn’t mind retiring out of an industry in crisis with a $20 million package.”

However, there’s one thing that could cause Wagoner to lose a huge amount of that money and that’s if GM files for bankruptcy. Accrding to Dave Schimdt, executive compensation analyst with James F. Reda and Associates, only less than $1 million of the total $20.2 million is guaranteed in case GM goes into bankruptcy. However, Julie M. Gibson, spokeswoman for GM, said that Wagoner’s compensation is still being reviewed and he might have to negotiate with the company’s board to access the money.

Source: ABC News (Via Carscoop)

Post published on Rpmgo.com

Rick Wagoner leaves GM with $20.2 million retirement package

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According to this video’s description on StreetFire, this guy broke the world record by holding back a Lamborghini for seven seconds. Actually, there were two Lambos because one broke down. I don’t know why, but I don’t really believe this is for real. Anyway, if it is, congrats to the dude, he did a great job. Enjoy!

Source: StreetFire.net (CarDomain Blog)

Post published on Rpmgo.com

Video: Guy holding back Lamborghini with his bare hands

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Honda has released a few teaser photos of the upcoming Acura ZDX luxury four-door sport coupe which will make its debut on Aprol 8 at the New York International Auto Show. Though there aren’t many details available, it looks like the ZDX, which will hit showrooms this fall, will be a BMW X6 competitor, which will be pretty interesting, because it’ll be the German SAV’s first rival.

"The ZDX prototype is unlike anything you have ever seen before from Acura," said Jeff Conrad, vice president, Acura sales. "The prototype showcases a new level of luxury, style and refinement for Acura and speaks volumes towards our commitment to advancing the brand."

Photo Gallery: Acura ZDX Teaser Photos

Source: Acura

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Acura ZDX luxury four-door sport coupe teased before New York debut

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