Wednesday, December 03, 2008

Anything for cash

After last month's lambasting for arriving in Washington in their corporate jets to beg for funds, the CEOs of GM and Ford have now promised to sell them and instead will drive to Washington this week in hybrid cars. Alan Mulally, CEO of Ford, is saying that he would be willing to draw a salary of $1 if Congress gives his company a $9bn bridging loan. What a joke! There is no mention yet of the proposals of the CEO of Chrysler, Bob Nardelli, nor of his means of transport.

6 Comments:

Blogger kinglear said...

I would certainly be pleased to only take $1 a year in wages in exchange for $9billion. It does beg the question though what are they going to do with it? I remember about 20 odd years ago when the Japanese first started encroaching on " home turf" there was an article saying that Detroit had to change, but it was OK because they had lots of cash.
In the event, they didn't change.Arguably, the one that did its best was Chrysler, which got a loan guarantee of $1billion and turned the company round under Iacocca.
The others continued in their own sweet way and are now reaping what they sowed.

10:10 am  
Blogger Eurodog said...

Another mess!

1:27 pm  
Blogger Mopsa said...

How about Mr Mulally giving his own company a bridging loan consisting of all past bonuses?

7:13 pm  
Blogger Winchester whisperer said...

Hi KL - one of my US brokers says that the average GM employee earns $73 per hour vs $40 per hour which is paid by foreign car companies.

Oui, ED.

Good idea Mopsa!

8:58 am  
Blogger kinglear said...

$73 per hour? I'm leaving for Detroit immediately....

9:38 am  
Blogger Welshcakes Limoncello said...

Makes your heart bleed for them, doesn't it?!

9:23 pm  

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