Exclusive: The Filthy Rich Lifestyle of Man Who Headed General Motors As It Went Bust

Apr. 1 2009, Published 10:30 a.m. ET

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The man who was behind the wheel while GM motored toward bankruptcy has bailed out with a ton of loot!

While General Motors lost more than $84 billion during the past six years, the president of the company, Rick Wagoner collected well over $50 million in compensation, a investigation uncovered.

Hey, Rick, maybe you should bail out the company instead of sticking it to the taxpayers!

Tens of thousands of Americans have lost their jobs with the automaker while Wagoner made $15 million just last year! But, maybe they’ll feel better because he offered to work for $1 this year.

Article continues below advertisement decided to take a look at how you can live on just one buck a year and the results are amazing. Wagoner and his wife are stretching that dollar to the max – living in an 8,200 square foot home with six bedrooms and seven bathrooms. At 1,200 square feet their garage is probably bigger than many of the homes of their fired workers.

Click here to see photos of Wagoner’s house.

The ritzy Michigan home is valued at more than $2 million.


President Obama forced Wagoner to resign and unlike those poor Americans who invested in GM, he walked away with a fortune – a $20 million pension and more than $500,000 in other compensation.

Unlike his company, it looks like Wagoner isn’t going to need a bailout.



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