Auto Industry Execs (the ones on the private jets) say:
WASHINGTON -(Dow Jones)- The chief executives of General Motors Corp. (GM) and Ford Motor Co. (F) said Wednesday they wouldn’t accept a $1 salary in exchange for government aid to their imperiled companies, as the head of the former Chrysler Corp. did a generation ago.
“I’m willing to do what I’ve been doing,” Wagoner said, saying he has already accepted a significant wage decrease and given up other forms of compensation. But he stopped short of saying he would accept a $1 salary…
Mulally said: “I understand your point about the symbol. But I think, not just for me, but we’re trying to fill a skilled and motivated team.”
I knew Lee Iacocca. You, sir, are no Lee Iacocca.
To flush out this story a bit, the Chrysler, who answered first, did say he would accept the $1. Ford is actually doing significantly better and has a pretty good chance of making it through without a bailout, unless one of the others collapses and causes too much turmoil. And the GM guy? I never liked that guy anyway.
You are going to fly to Washington on private jets, not give up any of your “Fat Cat” salary and complain that the government will not bail you out? I don’t get it!! It’s time that everyone comes to an agreement that bankruptcy is unavoidable at this time. They will get through it, just like Delta and some other big companies have done in the past. Hopefully this will teach them a lesson and they will be able to revamp their whole business approach. It is going to hurt, I know, but eventually it will all turn around for the good!
