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Ford says CEO Will Work for $1 to Get Government Loans - FOXNews.com Transition Tracker (http://www.foxnews.com/politics/2008/12/02/ford-says-ceo-work-government-loans/ - broken link)
Ford Motor Co. CEO Alan Mulally says he'll work for $1 per year if the automaker has to take any government loan money.
The plan Ford is presenting to Congress this week also says it will cancel all management employees' 2009 bonuses and will not pay any merit increases for its North American salaried employees next year.
Mulally said in an interview Tuesday that Ford will emphasize its cost cutting efforts with the United Auto Workers union and will give much more detail to Congress than it did during a visit earlier this month.
The company also will accelerate plans to roll out electric cars as part of the plan it will present to Congress this week.
Mulally says Ford has said it has enough cash to make it through 2009 and may not need government help.
So he will work for $ 1.- for 1 yr...and what will happen after that year......refunds for the missed year of income?
Why did he come up with this after in Europe another CEO already has offered the same and after he took a $ 20,000.- plane ride to get to Congress the first time he went there....how much honesty should we read from all of this and how much money do we have to give them next year and the year after. Isn't it so that if a company fails the company is going out of business......many professionals have already stated that this bailout money will not help them and more will be needed.
But I'm sure once they get the money, his salary will shoot right back up.
Why wasn't he doing this BEFORE they "needed" the money?
As for electric cars...bring it on....even though I'd much rather the country invest a lot more time and energy into public transportation so more Americans can have some kind of choice when it comes to their personal transportation needs.
"Do I want to pollute the earth today by riding alone in my car...or do I want to take the bus or train?"
Of course I know trains and buses are not going to work in every single city/town (a town of 5,000 doesn't really need a bus service...does it?) but it would be nice to have an electric car for our longer trips and have trains and buses for our inter-city travel (school, work, mall, grocery store, etc)
A girl can dream....
We won't ever be like Amsterdam...bikes everywhere and driving is discouraged...
He makes enough money that a $1 salary is no big whooptie doo. I'm sure that money will be spent on other things rather than cut altogether.
Interesting how he's now willing to do this AFTER certain lawmakers held his and the other's feet to the fire. Why didn't they offer this before? And Ford said they realy don't need the money. So....they shouldn't even be there.
I doubt they're going to make any "profit" off alternative energy cars. Toyota isn't able to make a profit off its Prius. What makes Ford or the other two think they can, certainly when their technology is behind that of the Japanese?
AT least there is some hope for Ford. The CEO at least gives the illusion that he gets it. If his company needs money so badly to survive, then he and fellow executives better put on a show that appears that they are making sacrifices before going to Uncle Sam.
Here is the more helpful question -- What else can we get these guys to do for the money . . .
since we know from experience that these morons will not build cars folks want for money . . . .
Like maybe will the CEOs quit for money? That would seem a benefit for most everyone.
Maybe they will go on the briefcase money babes show -- what is it called? Deal or No Deal? We will call it the Bailout or No Bailout edition. At least that would entertain US.
Maybe a Biggest Loser game show. They can lose money instead of weight. These guys seem like pretty natural big losers.
And he could pull an "AIG move" of getting a retention bonus that's really NOT a salary.
There's more loopholes than swiss cheese in what these guys can do to make money.
And he could pull an "AIG move" of getting a retention bonus that's really NOT a salary.
There's more loopholes than swiss cheese in what these guys can do to make money.
He owns a lot of stock in the company. If Ford goes kaput, this guy loses, big-time.
We gotta look at all the angles...they do!
That is exactly why he is going out of his way to save the company....
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