The Politics of Executive Pay

General Motors is going to have some explaining to do. A lot of explaining. As the auto maker gears up for what could be a landmark round of bargaining with the United Auto Workers union—a set of talks that could turn the union’s deal of super-cheap health insurance, paid layoff clauses and other goodies on its head—GM almost doubled Chairman and CEO Rick Wagoner’s compensation package from $5.5 million last year to $10.2 million this year.

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