CEO To Work For $1
Desperate times call for desperate measures. It looks like the auto industry really is strapped for cash and will do just about anything to get a chuck of the $700 billion bailout. Apparently Ford CEO Alan Mulally, will agree to work for $1 if Ford uses any of the money they are hoping to get from congress this week. That would be a pretty significant pay cut 
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However, according to Ford, it does not anticipate a liquidity crisis in 2009, “barring a bankruptcy by one of its domestic competitors or a more severe economic downturn that would further cripple automotive sales.” The loan would provide a safeguard against worsening conditions, the company said.
Another point that I found interesting was that they plan on selling their 5 corporate jets after the CEO’s of all three automakers flew to Washington in separate jets to ask for financial assistances. That just makes me laugh.
It was good to see congress force these auto makers to give a better explanation of why they needed this money and what plans they have to become profitable and repay the money….I wish that would have happened with some of the earlier bailouts. If you are intersted, here is the rest of the article
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