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Trimming Costs Means No Raises at GM...Unless You Earn $9 Million or More

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General Motors CEO Dan Akerson took the top job at GM last August because he wanted to make a difference. He felt that GM was important to the US economy. It was "too big to fail." And he was ready to give back to the Land of the Free, Home of the Brave.

"There's more to life than money," Akerson said.

I, for one, can't argue with that kind of thinking. And when you've received a $9 million compensation package like Dan Akerson did, it's much, much easier to make pronouncements like that.

Anyway, on Friday, Akerson said he wants the Obama administration to relax executive compensation rules at GM following the company's successful IPO, to allow him the flexibility to give his star performers what they deserve.

Plus, he says labor costs are now competitive with other automakers again, both foreign and domestic.

Why? Well, for one thing, Akerson has ruled out pay raises for all GM salaried employees next year.

But hey--before you get all hot and bothered, don't forget--there's more to life than money, right?

POSITION:  No positions in stocks mentioned.
TAGS:  GM, DAN AKERSON, WHAT A D-BAG    SOURCE:   Detroit Free Press