Ford CEO Willing to Work for $1
by Derek.Yang on 02/12/08 at 11:17 am
When the automakers flew to Washington last month to propose another bailout, they came under fire for not having a plan and taking private jets. This time around, they skipped their private jets and are being forced to give congress a detailed plan of action before getting any money. Ford is perhaps the most well off of the big three and claims that it has enough money to last through next year without government assistance. Ford has asked for $14 billion in investments in order to raise fuel efficiency and aggressively pursue hybrid and electric vehicles. Under heavy fire for their disproportionately large salaries despite asking for money, the CEOs of the automakers have no choice but to agree to deep paycuts. Ford’s CEO has even stated that he would work for $1 per year if his company needs to take government money. Stocks of Ford subsequently rose upon hearing the CEO’s comments.
-Derek
[source: Yahoo!]
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