Lee Iacocca cut his salary to $1 a year when Chrysler was in trouble.
The following statistics are for CEOs for the year 2007 as posted in April of 2007… view these statistics and more on the nation’s top earners at WSJ
GM: Rick Wagoner’s $1,283,333 salary + perks : $10.19 million
Ford: Alan Mulally’s $666,667 salary + perks : $28.18 million
Wachovia: G. Kennedy Thompson’s $1 million salary + perks : 23.85 million
Why would we want to bail out these people?
Thank God the senate didn’t pass the automaker bailout. Unfortunately, President Bush has indicated that he could tap into the initial $700 billion bailout and help them anyway. See NPR for more info.
The defeat of the $14 billion bill by a 52-35 procedural vote late Thursday prompted lawmakers in both parties to call for the White House to tap into the $700 billion Wall Street bailout to help General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks.
Let’s face it, when they start pinching pennies, they obviously aren’t pinching their pennies, their pinching the salaries of employees.
I realize the devastation NOT bailing out the auto manufacturers could cause across the country, but I don’t see how bailing them out will help.
People cannot afford new cars.
People who can afford to buy a new car apparently aren’t very interested in the vehicles that are being produced by these particular auto makers.
White House officials and President-elect Barack Obama have said the weak economy cannot afford the collapse of the auto industry.
Obama said Thursday that an industry shutdown would have a “devastating ripple effect” on the already battered economy.
Detroit’s Big Three employ nearly 250,000 workers, with more than 730,000 others producing materials and parts for cars.