Most Americans outside the auto industry probably had never heard of Rick Wagoner until he flew his corporate jet to Washington to ask for a few billion dollars to save the company he runs, General Motors. Asking for money is tough work, and Mr. Wagoner looked exhausted this past week at the Congressional hearings as Chris Dodd, Barney Frank and others took him and his fellow Big Three CEOs to the woodshed.
It made me wonder where a guy like the GM chief might go to rest his weary, outstretched arm and a psyche bruised by the relentless badgering of folks who know as much about auto manufacturing as they do about credit default swaps.
And then it hit me: I know where Mr. Wagoner goes to relax, and it is an ironic hoot. Three years ago, during a tour of the golf community of Haig Point on Daufuskie Island, SC, my real estate agent guide pointed to a vacation home under construction and told me Mr. Wagoner owned it. I checked today and the property, which has an assessed value over $2 million, was built in 2003 and is in Mr. Wagoner's wife's name, according to public records in Beaufort County.
Here's the irony: Daufuskie is a true island, reached only by ferry (or helicopter). No cars are permitted on the island, which should come as blessed relief to Mr. Wagoner once he has time to get away for a vacation.
