Congressman Barney Frank Calls New GM's Neophyte CEO's $9 Million Per Year Pay 'Excessive' Get Ready For The Revolution!

Editors Note: Hmm $9 Million A Year For A Retired ATT Exec Who Says He Knows Nothing About The Car Biz, And Who Said He Took This Job Because It Was The "Right Thing To Do For America"...And You Think His Pay Is Excessive? Puleeze, Time To Get Ready For The Revolution!

Washington DC February 26, 2010; The AIADA newsletter reported that the chairman of the House Financial Services Committee said Thursday that General Motors Co.'s new chief executive, Edward Whitacre Jr., is overpaid.

Rep. Barney Frank, D-Mass., said Whitacre's $9 million pay package, which includes $1.7 million in cash, is "excessive." "I don't think Mr. Whitacre was going to go do something else" if he got paid less, Frank told the Detroit News after a congressional hearing.

"He's having a good time there. I think they way overcompensate themselves." Rep. Dennis Moore, D-Kan., noted that he had introduced a bill to cap pay at $400,000 -- the U.S. president's salary -- for executives at companies that have received exceptional assistance from the $700 billion federal bailout fund.

Whitacre, who took over as interim CEO in December, can't cash in his stock, currently valued at $7.3 million, until GM repays its government loans. GM spokeswoman Renee Rashid-Merem said Whitacre is "a veteran CEO and chairman who has a proven record of turning companies around.

We believe he's being compensated appropriately." GM plans to repay $5.7 billion in outstanding loans to the government by June 30.

But the government will still own 60.8 percent that it swapped for about $42 billion in loans.

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