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Tuesday, December 02, 2008
1:25 PM | Author: Brett Bumeter - Unknown | | | Edit Post
For those of us who can't get enough of the ongoing auto-industry bailout drama, today the CEO of Ford promised to lower his annual salary to $1 in order to secure a 25 Billion dollar bridge loan to secure the business. The announcement comes mere weeks after the big three automakers CEO's arrived in Washington, DC for a hearing via individual private jets that cost an estimated 50K apiece. Apparently arriving hat in hand looking for a handout via private jet is the type of behavior that will get one laughed at even in that town.
In addition to the Ford CEO's salary pledge, he continues to claim that the company will sell its five private jets and attempt to cut United Auto Workers Union labor costs as well as other belt tightening activities. Honestly, it is about time that Ford decided to develop a comprehensive plan to submit to congress. Personally, I think that the union has had Ford and Michigan legislators over the barrel for years and is finally about to reap what they have sewn. I come from a union family and I have to say that the UAW has been raping and pillaging the auto industry forever. I mean, 60K a year to work the assembly line, that is ridiculous!
Class warrior aside, it will be interesting to follow this story as things develop in the coming days. I don't expect to see any handouts the rest of the year. I believe it will be up to the 11th congress and President-Elect Obama.