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Ford CEO "I will work for $1 a year if we get any loans from the Government"

Discussion in 'Political Zone' started by Maikeru-sama, Dec 2, 2008.

  1. Maikeru-sama

    Maikeru-sama Mick Green 58

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    Ford CEO offers to work for $1 a year
    Part of plan to persuade Congress to lend automakers $25 billion in aid

    updated 1 hour, 20 minutes ago
    WASHINGTON - Ford Motor Co. CEO Alan Mulally says he'll work for $1 per year if the automaker has to take any government loan money. He also said Tuesday his company will seek money from the government, but may not need it.

    Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and provide assurances that the funding will help them survive and thrive.

    Under Ford's plans, the automaker will cancel all management employees' 2009 bonuses and will not pay any merit increases for its North American salaried employees next year.

    Some members of Congress have urged the Big Three executives to take major pay cuts as part of the deal. Chrysler Chief Executive Robert Nardelli said he would work for $1 a year, and a similar commitment is expected from GM CEO Rick Wagoner.

    Mulally said in an interview Tuesday that Ford will emphasize its cost cutting efforts with the United Auto Workers union and will give much more detail to Congress than it did during a visit earlier this month.

    The company also will accelerate plans to roll out electric cars. Ford's plans call for an investment of up to $14 billion to improve fuel efficiency over the next seven years. The company said would improve the overall efficiency of its fleet by an average of 14 percent in 2009.

    Mulally said Ford will seek $9 billion in government loans but may not need the aid. Ford has said it has enough cash to make it through 2009 without assistance. He is also expected to tell Congress Ford plans to return to a pretax profit or break even in 2011.

    Other cost-cutting actions include a plan to sell Ford's five corporate aircraft, the company said.

    General Motors Corp., Ford, and Chrysler LLC would refinance their companies' debt, cut executive pay, seek concessions from workers and find other ways of reviving their staggering companies.

    U.S. automakers are struggling to stay afloat heading into 2009 under the weight of an economic meltdown, the worst auto sales in decades and a tight credit market. General Motors, Ford and Chrysler went through nearly $18 billion in cash reserves during the last quarter, and GM and Chrysler have said they could collapse in weeks.

    Top executives from the Big Three failed last month to convince a skeptical Congress that they were worthy of $25 billion in loans. House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., ordered them to outline major changes, including the elimination of lavish executive pay packages and assurances that taxpayers would be reimbursed for the loans.

    All three companies are filing separate plans. Congressional hearings are planned for Thursday and Friday.

    "I believe the industry will make a compelling case for bridge loans that will allow the companies to return to firm financial footing," said Sen. Carl Levin, D-Mich.

    GM will outline efforts to negotiate swapping some of the company's debt for equity stakes in the automaker, either shares or warrants for them, said two people briefed on the company's plan.

    With eight separate brands, GM will also discuss efforts to shed brands but it would prefer to sell them instead of shutting down Pontiac, Saturn or Saab, said one of the people briefed on the plan. Killing off brands, like GM did with Oldsmobile in 2004, would require cash the company doesn't have, the person said. The people briefed on GM's preparations didn't want to be identified because the plan hadn't been completed.

    CONT'D
  2. DaBoys4Life

    DaBoys4Life Benched

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    How much money is he worth? Working for a buck a year isn't saying much when you're balling out of control.
  3. Sasquatch

    Sasquatch Lost in the Woods

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    Where do I sign up? I'll work for $1, too, if Uncle Sam gives me a $25 billion bridge loan. I'm all about sacrifice.
  4. Maikeru-sama

    Maikeru-sama Mick Green 58

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    I recently saw a sitdown interview Alan Mulally, Ford CEO did with MSNBC. Most of it had to with the compensation he got for a few months worth of work, while the company lost money.

    ENTIRE ARTICLE

    I personally have no problem with a person "being all they can be and making as much as someone wants to give them".

    However, forgoing his salary, although it may be large to an individual, is a modicum to a giant company like Ford.
  5. heavyg

    heavyg Active Member

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    He is probably already a millionaire to begin with. And will still get a large % of profit sharing. No way this guy is gonna take it in the pants like that.
  6. ThaBigP

    ThaBigP New Member

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    Yeah, his salary represents only 0.22% of their reported loss. It would be the same as being $30,000 in debt and you get excused from a single $60 bill. Woopty-doo, that made all the difference...:eek::
  7. Yeagermeister

    Yeagermeister Active Member

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    It's a nice PR stunt
  8. joseephuss

    joseephuss Well-Known Member

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    If I were a CEO of a major company I would work for a low salary such as $1 a day. It isn't as if I could not still live in luxury. Everything would just be written up as a company expense. I could drive a very nice car on the company's dollar for example. Or eat out at very nice restaurants and claim them to be business expenses. I have heard that CEO's do that already.
  9. ninja

    ninja Numbnuts

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    Fire him He doesn't even deserve to be near the company any more after his Matt Millen-like performance.

    In fact, let him be GM of the Detroit Lions as punishment and work for $1/year.

    And let some idiot union leader be the president of Ford. I'm sure the company would be bankrupt in one hour. Entertain me. I want the Big Three to go bankrupt only to see the UAW in the unemployment line.
  10. heavyg

    heavyg Active Member

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    I take it your not a big supporter of Unions.......lol
  11. bbgun

    bbgun Benched

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    Better option: You go back to your old salary and we keep our $10 billon.
  12. Hostile

    Hostile Peace Zone Supporter

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    Bail me out with $25 billion and I will buy the Cowboys, give the entire forum season tickets for free and pay back $20 billion immediately.
  13. Yeagermeister

    Yeagermeister Active Member

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    You are better than I am. I'd give back maybe 19B. :laugh2:
  14. ninja

    ninja Numbnuts

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    I like that option. Better yet, no need for those idiots to go back to their old salary. Go for a huge golden parachute pension and giant bonuses for all.

    The quicker these morons go bankrupt, the better.
  15. bbgun

    bbgun Benched

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    Forget it. I heard a rumor you're moving the team to LA.
  16. Hostile

    Hostile Peace Zone Supporter

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    Naw, California is like cereal. After you get past all the fruits and nuts, you're stuck with a lot of flakes.
  17. Bob Sacamano

    Bob Sacamano Benched

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    I heard it was San Antonio

    that's why the owner of the Saints is trying to hurry up the move there, he wants to beat Hos to it

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