This Means Nothing
Posted by Kyle L. Varnell (+3752) 13 years ago
Ford says CEO will work for $1 to get gov't loans
http://finance.comcast.ne...129801.xml

Wow, how generous of Mulally He'll work for one dollar a year? Ok here are some of my questions:

1. How long will this "Offer" last? (My guess would be not longer than one year.)

and

2. Will he be including his stock options? (Highly unlikely)

So here we have a guy begging for taxpayer money, standing on a soapbox, and loudly trumpeting that he'll only take $1 per year in salary while driving around in a Bentley living off his stock options.

I'm ready to give to the "Big 3"

[This message has been edited by Kyle L. Varnell (edited 12/2/2008).]
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Posted by Bob Netherton (+1887) 13 years ago
It's sleeting in hell.....I agree, Kyle.
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moderator
founder
Posted by David Schott (+17532) 13 years ago
Similarly, how about GM's CEO, Rick Wagoner, driving to DC in a hybrid Malibu? That's taking it a little far to the opposite extreme, I'd say. He gets chastised for flying to DC in a private jet so he drives instead. I think GM could have put him on a commercial jet in business class (or even first class) and nobody would have blinked. It seems like a dog and pony show to me. Apparently Mulally is pulling a similar stunt driving a hybrid Ford Escape. Oh, and I guess it's 520 miles from Detroit to Washington, D.C.

- Dave
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supporter
Posted by Levi Forman (+3707) 13 years ago
There are politicians and corporate execs involved. I think that makes it a dog and pony show by default. And yeah driving a hybrid 500 miles is silly, but in the grand scheme of things, it's only slightly more silly than all the drama about them coming out in their corporate jet last time.
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supporter
Posted by Ken Minow (+382) 13 years ago
Overpaid and underproducing corporate positions and management,concentrating on SUV's instead of fuel efficency[although the consumer has to take some of the blame there]and UAW workers getting $65/hour have certainly hurt the US automakers.However,the sudden plunge in the economy that has tanked all car sales[foreign and domestic]was largely due to the mess caused by lending institutions,insurance companies,etc.miss-management practices.They cause the economy to crash,yet they get a 700 billion reward with very little supervision.I find it somewhat ironic that 35 billion to save hundreds of thousands of jobs seems to be unacceptable.
There's 25 billion already appropriated to the big three for greener vehicle research but diverting those funds to try to keep the companies afloat is apparently out of the question.
As to the Ford CEO-just how much would a bankrupt company's stock be worth anyway?
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Posted by daveb (+83) 13 years ago
He'll accept $1 a year salary and a $50 million a year bonus. I really feel for this poor [email protected][email protected]^d.

I can't understand why the CEO's of all these companies receive these huge bonuses. I heard one of the big banks claim that they had to pay the CEO's these bonuses so they wouldn't quit and go work for the 'competition.' Let them go! If they had such great management skills their company shouldn't have to run, walk, or FLY to Washington with a tin cup in their hand.

After AIG got their piece of the bailout pie they sent their Exec's to Britain for an $80K hunting trip. WTF.

The only people I feel sorry for are the ones who work for these giant companies. They're the ones getting kicked to the curb due poor management.


Sorry, I had to vent a little.
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Posted by Chuck Schott (+1291) 13 years ago
We better give them the loan this time around, 10 days ago it was 25 Billion they wanted today it's 34 Billion. What will it be if they have to come back again......46 Billion?
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Posted by casey olson (+16) 13 years ago
I don't think I've heard from any common blue collar joe's anything but "don't bail out those corporations and banks" which I agree they should not be bailed out but yet our "elected officials" do it any ways. I find this the most disturbing.
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