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07/03/2008

GM Raises CEO's Salary To Pre-turnaround Level

SAN FRANCISCO (Dow Jones) - General Motors Corp. on Thursday pushed CEO Rick Wagoner's salary back to $2.2 million this year, returning his pay to the level it was in 2003 before he took a voluntary 50% pay cut to help propel the automaker's turnaround.

GM said in a regulatory filing that it set Wagoner's total incentive compensation target at about $3.5 million, to go along with a grant of 165,563 shares of common stock, 500,000 stock options and 75,000 restricted stock units.

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Great, 38 billion $ loss and these guys are doing this. Workers, keep this in mind if GM Management is asking you knext time for a wage freeze because of "competition" in the industry. GM Managment shows clearly, you can loose as a company but Management still can win!! Shame on you

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