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In the face of falling stock prices and quarterly loss after quarterly loss, General Motors has continued to pay out billions of dollars in dividends to shareholders during Wagoner’s tenure, money that could have been reinvested into new technologies.
GM did cut the payouts from $2 per share to $1 after losing $8.6 billion in 2005, but didn’t flinch when it lost $23 billion in 2007.
Finally, with the writing on the wall, the company decided to suspend payments in July 2008, just in time to prepare to ask Congress for some of it back.
Like it or Not, Wagoner Killed the Electric Car
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