GM, Ford Executives Say No To $1 Salary In Exchange For Government Aid
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.
