GM & Ford CEOs say no to $1 salary in exchange for gov't aid

[thewayne]

Heh. I didn't remember that Lee Iacocca accepted that deal when he resurrected Chrysler all those years ago; the current head of Chrysler was willing to negotiate the point. It's intended as a symbolic offering that the C levels are willing to sacrifice to save their company, I guess they're not quite as altruistic or have as much faith in their companies as they might like to appear to have.

http://money.cnn.com/news/newsfeeds/articles/djf500/200811191506DOWJONESDJONLINE000837_FORTUNE5.htm


And in another article, Mitt Romney says don't bail out Detroit: force them to fix their own problems or fail. He says that bailing them out now would prolong the agony and guarantee future failure.

http://www.nytimes.com/2008/11/19/opinion/19romney.html?_r=3&adxnnl=1&oref=slogin&rss=&adxnnlx=1227200794-SUNxeHNW+PQw6oB2+TtRhA

Since it's an NYT post, the link could go dead, so search for Let Detroit Go Bankrupt and Mitt Romney to find it in the future.

Comments

[greyweirdo.livejournal.com]

I'll be perfectly happy to see GM go under if that helps! Even though I live in Michigan and I know the chaos that would be struck if one of the big 3 were to fall (pretty much everything in this state is tied to cars one way or another) if GM were to collapse it would wake everyone the hell up and cause a lot of needed restructuring.

[silveradept]

They're probably going to go under, even if they do get money that's supposed to help them green their cars. Because they'll try for it, fail out, and still make inferior cars. Until GM and Ford show that they're willing to compete on the playing field the people want, they're not going to win.