Ford says CEO will work for $1 to get gov't loans

[TallBill]

Originally posted by: chrisho
Let us all be honest here.

What he gets paid doesn't matter. What they say in front of Congress doesn't matter.

Congressmen are simply looking for face time, they act more like elementary kids than leaders. They make stupid accusations, refuse to acknowledge when they are proven wrong, and generally offer no solutions. They just want face time.



The fact is, this is all a charade to hide the fact that the Democrats are going to 'relieve' the Big 3 of the health care/pension expenses by buying it out with our tax dollars. Thereby guaranteeing their voting base all the while looking magnanimous doing so

Yeah, who was the congressman that pointed out that they flew in private jets to try to make a point and look good? Well, they've responded.

 

[IHateMyJob2004]

Ford also said they don't need the money but given the economy, they might. They just want a "pre-approved" bridge loan of sorts. They don't expect to touch any of the $9B that htey are asking for but they want it to be available.

 

[Chunkee]

Originally posted by: IHateMyJob2004
Ford also said they don't need the money but given the economy, they might. They just want a "pre-approved" bridge loan of sorts. They don't expect to touch any of the $9B that htey are asking for but they want it to be available.

and the scorpion told the frog he would not sting him giving him a ride across the river.

 

[rudder]

Originally posted by: ProfJohn
Nice to see him offer to take a pay cut, although $1 is a little low.

I would work for $1 per year. Provided a had a private jet to fly me around, free cars, millions upon millions in the bank from previous years bonuses.... sure why not it wold be a small sacrifice.

 

[gotsmack]

I still don't really understand why they didn't charter a bus. They must have traveled with 6 or so ther people. If I were one of the CEOs I would have done that and conducted business on the trip down instead of sleeping in the car while my assistant drove adn the rest of my staff flew in.

 

[WHAMPOM]

Originally posted by: TallBill
http://www.google.com/hostedne...1he1gUER-fkqwD94QLH900

DETROIT (AP) ? Ford Motor Co. will tell Congress that it plans to return to a pretax profit or break even in 2011 when its CEO appears before two legislative committees this week.

Also, CEO Alan Mulally said he'll work for $1 per year if the automaker has to take any government loan money.

The plan Ford is presenting to Congress this week also says it will cancel all management employees' 2009 bonuses and will not pay any merit increases for its North American salaried employees next year.

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

Mulally said in an interview with The Associated Press on 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 when lawmakers grilled the automakers' CEOs earlier this month.

The company said it also will accelerate plans to roll out electric vehicles as part of the plan it will present to Congress this week. The vehicles will come out starting in 2010 and include the Transit Connect small van and a car the size of the Ford Focus compact.

Mulally says Ford will seek $9 billion in government loans but may not need them. The Dearborn-based has said it has enough cash to make it through 2009 without assistance.

All three Detroit automakers are scheduled to appear before congressional committees Thursday and Friday to seek a total of $25 billion in government loans. Chrysler LLC and General Motors Corp. have said they are perilously low on cash and need the government loans to survive the recession and the worst auto sales environment in 25 years.

Mulally also said he will encourage other automakers to join forces to develop new battery technologies in the U.S. for future electric cars.
An electric car and profitability are hallmarks of a plan Ford submitted to Congress Tuesday.

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.

The company's plans to achieve profitability or break even by 2011 are based on industrywide sales estimates of 12.5 million units in 2009, 14.5 million in 2010 and 15.5 million in 2011.

The seasonally adjusted annual sales rate dropped to 10.6 million vehicles in October.

I'm betting that the automakers will get the bailout no matter what, but it seems like only Ford really gives a damn about actually trying to make money.

AA-HUH! Getting paid billions$ for what they should have been doing on their own for the last twenty years? Oh right, A one dollar salary plus how many millions in stock options and perks??? Are they gonna cut the tax exempt part of their compensation?

 

[WaTaGuMp]

Maybe if these fucking assholes put as much thought into how to run the companies as they are into how to beg for money they wouldnt be in this situation.

 

[her209]

These guys deserve to fail and go bankrupt.

 

[boomerang]

Originally posted by: WaTaGuMp
Maybe if these fucking assholes put as much thought into how to run the companies as they are into how to beg for money they wouldnt be in this situation.

From this post, I would have to assume that one or more of the domestic automakers has inflicted some form of extreme injustice to you. What is it they have done to you? Why is it that you have such strong feelings towards them?

It has to be something personal for feelings this strong. They're just companies. What is it? What have they done?

 

[SP33Demon]

So now Mulally is prioritizing electric over combustion engines when the sht hits the fan? What was he saying two weeks ago? (Memory Lane from 11/18: "Our No. 1 priority is to improve the internal combustion engine, and that's why the turbocharging, the direct fuel injection, we get a 20 percent improvement in fuel mileage and a 15 percent reduction in CO2, but we get that across all of the engines, across all the vehicles. Then we move to more electrification with the hybrids as you mentioned, and we are very excited that the next step after that will be full electrification.")

Call me a skeptic, this prick's plan changes more than Micheal Jackson's face. He knows that they don't have to meet a 2010 deadline on an electric vehicle and can just keep saying they are "delayed" and then scrap it. I'll believe it when I see it, all posturing and lip service from Mulally.

 

[rstove02]

By them dropping to a $1 salary, it only really drops their take their total take home income less than 10%. Most of the bacon the CEOs bring home are bonuses and stock options.

 

[boomerang]

Originally posted by: rstove02
By them dropping to a $1 salary, it only really drops their take their total take home income less than 10%. Most of the bacon the CEOs bring home are bonuses and stock options.

Yes, we all realize that. It's what's termed a "symbolic gesture".

 

[rstove02]

Originally posted by: boomerang
Yes, we all realize that. It's what's termed a "symbolic gesture".

Did not say that all the forum users did not know that. But was assume at least 1 that was reading this thread did not know it, hence my post.

This might be the vindictive part of me, but the "symbolic gesture" the CEOs are giving by taking less than a 10% pay cut for running their company into the ground looks like the middle finger to the taxpayer.

 

[ElFenix]

Originally posted by: rstove02

Originally posted by: boomerang
Yes, we all realize that. It's what's termed a "symbolic gesture".

Did not say that all the forum users did not know that. But was assume at least 1 that was reading this thread did not know it, hence my post.

This might be the vindictive part of me, but the "symbolic gesture" the CEOs are giving by taking less than a 10% pay cut for running their company into the ground looks like the middle finger to the taxpayer.

the chrysler and ford guys have been there about a year each. not really fair to say that they've run their respective companies into the ground.

and options ain't worth much of anything if the stock value is 0. or lower than the strike price.