Ford CEO Makes $1 Salary Promise
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All three U.S. Auto companies took the instructions from Congress seriously and are returning with detailed plans on cutbacks and cost-savings measures.
WASHINGTON, D.C. (Catholic Online) - If Ford takes any government funds in a bailout, CEO Alan Mulally states he will work for $1 a year. This statement comes just two days before the Big Three automakers return to Capitol Hill for another meeting with Congress. Ford is seeking $9 billion in aid as a rescue package of loans.
Chrysler Chief Executive Robert Nardelli joined Mulally in promising a $1 per year stipend. A similar commitment is expected to come soon from the CEO of General Motors, Rick Wagoner, which is the company in most jeopardy.
All three U.S. Auto companies took the instructions from Congress seriously and are returning with detailed plans on cutbacks and cost-savings measures. All together, Ford, GM, and Chrysler already went through $18 billion dollars in reserves just in the last quarter alone and, with the exception of Ford, the others could collapse within the next few weeks. Ford reports have even cash on hand to survive until the end of 2009.
In the wake of a huge slump in domestic car sales, the Big Three are submitting plans this week that include such things as seeking concessions from the United Auto Workers and selling off all corporate jets. All three CEO's were chastised both by Congress and the press for flying in for the last meeting in separate corporate aircraft.
Ford, alone, is reporting that the government bailout would be a backup plan, believing that they may be able to weather the storm. GM and Chrysler are both in survival mode and may be looking at more drastic cutbacks such as eliminating brands and selling fewer models in addition to government intervention.
Congress will be hearing testimony and Thursday and Friday of this week.
Randy Sly is a communications specialist and Associate Editor for Catholic Online. A former Archbishop of the Charismatic Episcopal Church, he has served in full time Christian ministry for over 30 years. He and his wife Sandy came into the full communion of the Catholic Church three years ago.
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