Feb 27, 2006
General Motors made a public relations announcement that it would invest 545 million dollars in upgrading five manufacturing sites in Michigan.
Governor Granholm waxed enthusiastic, saying “GM’s decision to invest more than half a billion dollars in these manufacturing plants clearly signals their belief in our highly skilled and dedicated work force.”
Let’s put it in perspective. From 1999 to now, GM has given well over 260 million dollars in pay and bonuses to five people – its top five executives. That’s almost half of the value of their announced investments in five plants.
So just exactly what is their “signal” worth?