Automaker promises to sell corporate jet and cut CEO pay to $1

[ScubaGuy]

They're always complaining about how CEOs make too much so this should be good news.  Right?

1$ Salary for Ford CEO

spanone  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Tue Dec-02-08 12:49 PM
Original message
Automaker promises to sell corporate jet and cut CEO pay to $1
   
Advertisements [?]
Edited on Tue Dec-02-08 12:56 PM by spanone
anything for the bailout money....now how can a man make a living running a huge corporation for a dollar a year?

NEW YORK (CNNMoney.com) -- Ford Motor became the first of the three U.S. automakers to unveil its turnaround plans to Congress Tuesday, but the plan contained little in the way of new cost cuts or other changes beyond what the company had previously announced.

The company announced that the salary of Ford CEO Alan Mulally would be cut to $1 a year if Ford (F, Fortune 500) actually borrowed money from the government. When Mulally appeared before the House Financial Services Committee last month, he did not agree to the suggestion of such a paycut.

http://money.cnn.com/2008/12/02/news/companies/automake...

Of course someone should ask about the DUmp's idea to enforce a maximum salary based upon the lowest paid salary.  That would put the max at Ford to about $12/Year.  Think the union will go for it?

snappyturtle  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Tue Dec-02-08 12:59 PM
Response to Original message
4. Whoopity-do! Doesn't sound like much of a plan to me but what the
   
heck the financial sector got what it wanted with no submitted plans.

shadowknows69  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Tue Dec-02-08 01:01 PM
Response to Original message
7. This bullshit posturing is almost as insulting as them showing up in private jets
   
Who among us thinks this really represents any kind of "sacrifice" or acceptance of shared hardship?

[Zeus]

shadowknows69  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Tue Dec-02-08 01:01 PM
Response to Original message
7. This bullshit posturing is almost as insulting as them showing up in private jets
   
Who among us thinks this really represents any kind of "sacrifice" or acceptance of shared hardship?

A $1/year is not a concession or shared hardship ? 

How much you wanna bet this idiot is one of those economic geniuses that think there should be a Fair Living wage of about $15/hr.

[Tantal]

How much you wanna bet this idiot is one of those economic geniuses that think there should be a Fair Living wage of about $15/hr.

Yup.....and will get indignant when the cost of a Happy Meal goes to $13.99. Someone should really explain the Law of Unintended Consequences to the DUmmies.

[Carl]

Yup.....and will get indignant when the cost of a Happy Meal goes to $13.99. Someone should really explain the Law of Unintended Consequences to the DUmmies.

That would require a thinking process which they are not equipped with.

[ScubaGuy]

Yup.....and will get indignant when the cost of a Happy Meal goes to $13.99. Someone should really explain the Law of Unintended Consequences to the DUmmies.

Well DUH!  If the price of a happy meal goes that high all you need to do is raise the minimum wage so that people can afford it. 

Can't you people understand ANYTHING?   

[comradebillyboy]

As one who is quite skeptical of anybody's altruistic gestures, I would hazard a guess that in this CEO's compensation package his salary is dwarfed by bonuses, fringe benefits and stock options. Before I lost my mind and became a school teacher, I was in the engineering/consulting biz and received a substantial portion of my compensation in performance incentives,  especially when I contributed to winning more contracts. The portion of my compensation from bonuses increased until I had so much marketing and client relations work that I couldn't stand the job any more and quit. I am a techno-geek, not a people person.

  Geeze Louise, this is starting to become a bouncy or something like one. Sorry about that.

[Zeus]

As one who is quite skeptical of anybody's altruistic gestures, I would hazard a guess that in this CEO's compensation package his salary is dwarfed by bonuses, fringe benefits and stock options. Before I lost my mind and became a school teacher, I was in the engineering/consulting biz and received a substantial portion of my compensation in performance incentives,  especially when I contributed to winning more contracts. The portion of my compensation from bonuses increased until I had so much marketing and client relations work that I couldn't stand the job any more and quit. I am a techno-geek, not a people person.

  Geeze Louise, this is starting to become a bouncy or something like one. Sorry about that.

The Bonuses & stock options predicated on & only as Good as the company doing good. Therefor I have no problem with them. Doesn't really matter how many shares of company stock you have if the company stock is worthless.

[jukin]

DUmbasses are really intent on cutting their noses off despite their face.

I know two ultra liberals that will soon not be able to purchase anything because no company satisfies their politics....of course they keep buying things.

[Duke Nukum]

Really, it's the Congressmen and Senators who should be getting paid $1.

[BlueStateSaint]

Really, it's the Congressmen and Senators who should be getting paid $1.

Think about the lobbyists.  They would go nuts on them, then.

[USA4ME]

There were 26 replies and not a single post at the DUmp mentioned the obvious; that this is a Lee Iacocca move, the exact same thing he did when he headed up Chrysler and they had to borrow $1.5B from the gov't.

Of course, if one were to mention the name Lee Iacocca at the DUmp, half of the "economic geniuses" would have never heard of him and the other half would be doing google searchs because they were to stoned at the time it happened to remember.  And then when they would learn that Jimmy Carter was the one who penned the loan to him, that would have been OK because, you know, he's a Dem.

They're so hypocritical it's beyond description.

.

[BEG]

There were 26 replies and not a single post at the DUmp mentioned the obvious; that this is a Lee Iacocca move, the exact same thing he did when he headed up Chrysler and they had to borrow $1.5B from the gov't.

Of course, if one were to mention the name Lee Iacocca at the DUmp, half of the "economic geniuses" would have never heard of him and the other half would be doing google searchs because they were to stoned at the time it happened to remember.  And then when they would learn that Jimmy Carter was the one who penned the loan to him, that would have been OK because, you know, he's a Dem.

They're so hypocritical it's beyond description.

.

The other hypocritical thing is I bet they don't want the Union to make ANY "concessions". 

[Tantal]

The other hypocritical thing is I bet they don't want the Union to make ANY "concessions". 

Yup. Even IF the executives were to give up their lucrative pay, the Big 3 would STILL be leaking cash because they've been selling us shit cars at high prices for years. The reason for the high prices is unions. I'll just stick with my non-union Indiana-built 2002 Toyota Tacoma. It'll still be on the road years after the 2002 Dakotas, S-10s, and Rangers have gone to the crusher.

[BEG]

Yup. Even IF the executives were to give up their lucrative pay, the Big 3 would STILL be leaking cash because they've been selling us shit cars at high prices for years. The reason for the high prices is unions. I'll just stick with my non-union Indiana-built 2002 Toyota Tacoma. It'll still be on the road years after the 2002 Dakotas, S-10s, and Rangers have gone to the crusher.

I say the best thing they could do is file for bankruptcy and then all the contracts with the Unions would be gone. 

[DumbAss Tanker]

shadowknows69  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Tue Dec-02-08 01:01 PM
Response to Original message
7. This bullshit posturing is almost as insulting as them showing up in private jets
   
Who among us thinks this really represents any kind of "sacrifice" or acceptance of shared hardship?

What is the UAW giving up that would even bring the subject of "Shared hardship" into play here?

[BEG]

What is the UAW giving up that would even bring the subject of "Shared hardship" into play here?

I heard on the news this morning that the two "concessions" that they agreed to are basically a smoke screen.  One of the "concessions" was already in the works, the union will suspend a "jobs bank" program under which workers continue to collect most of their wages after they are laid off (like about 90% of their wages for 48 MONTHS).  The other is the "Big 3" can "delay" billions of dollars in payments into funds that will cover health-care costs for retired workers (but they will have to make it up at a later date...some concession).  I swear Unions have so outlived their usefulness and have become more like the mob. 

I wonder how long a Union owned business could last if they followed the same demands they put on automakers.

[DumbAss Tanker]

I heard on the news this morning that the two "concessions" that they agreed to are basically a smoke screen.  One of the "concessions" was already in the works, the union will suspend a "jobs bank" program under which workers continue to collect most of their wages after they are laid off (like about 90% of their wages for 48 MONTHS).  The other is the "Big 3" can "delay" billions of dollars in payments into funds that will cover health-care costs for retired workers (but they will have to make it up at a later date...some concession).  I swear Unions have so outlived their usefulness and have become more like the mob. 

I wonder how long a Union owned business could last if they followed the same demands they put on automakers.

Yeah, I caught a bit of that myself.  "Suspending" the jobs bank program set off my BS alarm, to me that sounds like they were only going to do something like cut off new entries (of course those folks would still be entitled to unemployment anyway).  I expect the union would hedge even that little morsel with a demand for no new layoffs so that it wouldn't save the automakers a dime for the foreseeable future.  The other alleged 'Concession' is exactly what you say, no concession at all.

After the way so many Congressmen who let themselves be persuaded to be 'Team players' got burned over the bank bailout, mostly our side's unfortunately, I don't see a lot of will in Congress pour money down this particular rat-hole, when it is so obviously a rat-hole even if it super un-PC for any Cogresscritters to actually finger the union overhead as the underlying reason.  Congresscritters from Michigan and the states bordering it will of course be all for it, but they're all totally beholden to Dem machines and the UAW anyway.