Ford CEO Says He Will Work For A Dollar To Get Govt Money
The Big Three US car makers face Congress later this week in a desperate effort to secure government money to help them stay afloat.
All three came in for heavy criticism last month, appearing genuinely shocked that the bailout wouldn't be a formality.
The irony that all three had flown to Washington in separate corporate jets to beg for money seemed lost on them.
At that meeting all three were quizzed on their willingness to work for a symbolic one dollar salary, as the head of Chrysler famously did in the 1980's in exchange for financial assistance from the US government.
"I think I'm OK where I am," was the cagey answer of Ford CEO Alan Mulally.
He subsequently seems to have realised the severity of the situation and had a rethink, now saying that he too would join Robert Nardelli, COE of Chrysler, on the lofty sum of $1/year. There is no word at the moment if Rick Wagoner of GM is also wiling to capitulate in the name of the cause.
Mulally has even gone a step further, saying that Ford will cancel it's management bonuses and sell all five of it's corporate jets in exchange for a $9 billion credit line.
Squirm.
All three came in for heavy criticism last month, appearing genuinely shocked that the bailout wouldn't be a formality.
The irony that all three had flown to Washington in separate corporate jets to beg for money seemed lost on them.
At that meeting all three were quizzed on their willingness to work for a symbolic one dollar salary, as the head of Chrysler famously did in the 1980's in exchange for financial assistance from the US government.
"I think I'm OK where I am," was the cagey answer of Ford CEO Alan Mulally.
He subsequently seems to have realised the severity of the situation and had a rethink, now saying that he too would join Robert Nardelli, COE of Chrysler, on the lofty sum of $1/year. There is no word at the moment if Rick Wagoner of GM is also wiling to capitulate in the name of the cause.
Mulally has even gone a step further, saying that Ford will cancel it's management bonuses and sell all five of it's corporate jets in exchange for a $9 billion credit line.
Squirm.
