Obviously, the answer is no, is you caught today's story in the The Wall Street Journal:
For the first time since 2003, General Motors Corp. is giving bonuses in the form of stock to Chairman and Chief Executive Rick Wagoner and other top executives, a move that could complicate GM's efforts to get further concessions from its biggest U.S. labor union this year.
Mr. Wagoner received restricted stock valued at $2.8 million and 500,000 options, according to disclosures GM made to the Securities and Exchange Commission. A total of 18 executives disclosed equity grants in separate filings yesterday. The company will disclose full compensation details in its annual proxy, which will be released in late April.
GM's board made the stock grants, which will vest over time, even though the Detroit auto maker has lost a total of $12.4 billion in the past two fiscal years: $10.4 billion in 2005 and $2 billion in 2006. The company hasn't formally provided guidance on its 2007 earnings expectations and likely won't, due to a recent policy to not give detailed forecasts.
Ridiculous. And predictable. And wait until negotiations start with the UAW--Wagoner and his minions will be out working the press, explaining how dire the company's finances are and how it is so important for the union to give concessions. Mr. Wagoner, can you see my middle finger now?