I guess Wagoner wants to get his "ching" before they show him the door
DETROIT - General Motors Corp.’s auditors have raised “substantial doubt” about the troubled automaker’s ability to continue operations, and the company said it may have to seek bankruptcy protection if it can’t execute a huge restructuring plan.
The automaker revealed the concerns Thursday in an annual report filed with the U.S. Securities and Exchange Commission.
Separately, GM said it gave GM’s Chief Executive Rick Wagoner compensation valued at $14.9 million last year for leading a company that lost $30.9 billion and is running on government loans. But a large part of his pay package is in stock and options that have dropped in value from $11.9 million when they were granted in March of last year to just over $682,000 currently.