Auto Execs Fly Corporate Jets to D.C., Tin Cups in Hand

[AGDee]

They have been cutting and cutting and cutting. 400,000 jobs gone in Michigan already. This most recent crisis is due to the banking crisis which hit us in September. They weren't doing that badly until then. Please do your research.

[epchick]

Originally Posted by awkward1

It was at the first hearings where only one CEO said that he would be willing to work for a dollar if he received a bailout, the other two stated that they would not. In fact, one CEO stated that he was quite comfortable where he was at and that he would not be willing to work for a dollar.

Yes, that is what I was talking about when I first posted the link. I think it was the Chrysler CEO who said he was happy where he was. Really if you are going to the gov't to ask for money to help bailout your company, but you won't give any (and saying your happy where you are is not giving anything), then why should the gov't help you?



My thing is, why do all 3 have to get bailed out? The gov't should look at which ones would benefit more from the money. Chrysler has the worst crash test ratings out of all the cars. If Chrysler went away, what's the big deal? You still have plenty of cars left. Ford & GMC (namely Chevy, Saturn and Pontiac) are the better sellers, they have the better crash test ratings, etc.

[awkward1]

Originally Posted by LionInMI

Hi, sorry, just want to add a correction, the Chrysler CEO is the one who first said in the hearings that he would cut his salary to $1 -- in fact, he kind of jumped at the idea, he made no mystery of the fact that Chrysler is in the most perilous position of the Big 3 currently. But he is also the guy that just came to Chrysler from Home Depot, where he left with a $200 million pay-out. The GM CEO said he'd consider going down to $1, Alan Mulally at Ford initially said he recognized that it would be a symbolic gesture (but didn't say at the time he'd be willing to do it). Included in Ford's plan submitted today was Mulally's pledge to drop his salary to $1 IF Ford accesses the $9 billion line of credit it's requesting. So he will obviously be motivated to NOT access the line of credit if he wants to keep his salary.

I have tried and failed to find the exact testimony that the CEO's gave on their first trip to capitol hill, but I do know that 2 of the auto execs were not on board with the $1 salary. I just happened to watch this portion of their testimony and was so disgusted by the reply that I turned it off. Yes, the last exec. did say that he was quite comfortable where he was at salary wise. The exec. in the middle said he was fine where he was at but he might consider the $1 salary, only the first exec. to speak volunteered the $1 salary. I wish I knew who was who but it didn't say and this happened to be the only part of the testimony that I actually watched. I'm still searching for it online, if I find I will post it.

[AGDee]

This news article indicates that Nardelli and Wagoner both agreed to the $1 salary.
http://www.clickondetroit.com/automo...23/detail.html

[PM_Mama00]

Originally Posted by AGDee

They have been cutting and cutting and cutting. 400,000 jobs gone in Michigan already. This most recent crisis is due to the banking crisis which hit us in September. They weren't doing that badly until then. Please do your research.

It's pretty sad when banks start laying people off. A friend of my parents, who has been our banker for a few things, just got let go after 35 years with the company.

[AGDee]

Originally Posted by PM_Mama00

It's pretty sad when banks start laying people off. A friend of my parents, who has been our banker for a few things, just got let go after 35 years with the company.

Is the restaurant feeling it? Has business been down yet or has it gotten better since gas prices went down again?

[PM_Mama00]

The restaurant has been feeling it since the summer. It got better in September and now it's just dead, along with every single restaurant in the area.

[SWTXBelle]