Dec 2, 2008 11:07 pm US/Central
Good To Know: For Ford CEO, $1 Not So Bad
(WCCO)
Detroit's Big Three CEOs were in the spotlight before Congress on Tuesday. They appeared more meek than last month. In fact, they all said they would take only one dollar in salary, if that would help. Don Shelby said don't expect the CEOs on the breadline anytime soon.
Last year, Ford's CEO took home $21,670,674. The other two CEOs made comparable money. Today, the CEOs presented plans to Congress on what they would do with the $25 billion in loans: Selling off assets, getting rid of dealerships and about 30,000 employees.
They also offered to cut bonuses and stock options and salaries of high paid executives throughout the companies. They said they might even sell those private corporate jets they landed in Washington last month.
If you made $27 million last year, the average American would be happy to work for a dollar a year because that money would take care of his family through the next 10 generations and never require any of their offspring to ever draw a paycheck.
I'm not sure these guys are in a good position to judge what the average American wants to drive.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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