I like the way that Senator Tester thinks:
As chiefs for the nation’s top automakers made a second appeal to lawmakers Tuesday for $25 billion in federal help, their plans included an element first suggested by Montana Democratic Sen. Jon Tester last month: Slash chief executive pay to a buck a year.
Ford CEO Alan Mulally announced a plan early in the day to sell corporate jets and take a $1-a-year salary if his company has to tap into a hoped-for $9 billion “standby” federal loan.
GM CEO Rick Wagoner also pledged to pay himself just a dollar.
I don’t think we need to worry about this Senator forgetting who he is working for:
Tester said he is still going over the Ford and GM plans, which were released Tuesday, but he said that asking a Montana taxpayer who earns $35,000 to “bail out the guy who makes seven, eight figures is a non-starter.”
Article by Don Pogreba
Don has written 1332 posts for us. He is an English and debate teacher in Helena, MT. When not writing here or working on debate handbooks, he is writing about educational issues at Prairie Pedagogue.
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Ford Motor Co., Detroit's says it's OK for now. Although it is seeking up to $9 billion in bridge financing, but says it hopes to complete turnaround without accessing the loan should Congress agree to make the funds available. But it wants the ability to access up to $9 billion in government credit. They also said that if GM fails it could take the entire domestic auto industry down with it.
So FORD needs GM?
http://nomedals.blogspot.com
Why bother scruitinizing the auto industry's proposed use of fed funds, Treasury has already allocated billions of our tax dollars to AIG for bailing out foreign banks?. Seems if you shower before going to work you get a pass. If you shower after work you're suspect.