Tuesday, December 2, 2008
Ford CEO to work for a $1 a year
http://www.msnbc.msn.com/id/28012984/ Found this interesting article on MSNBC on how the CEO of ford will work for a dollar is the government will lend the automakers 25billion dollars. The CEO of GM is considering doing a similar thing so that congress can see that the auto maker are making a true effort here and are really in need of the 25billion. Ford has also made a promise that they will increase gas efficiency by 14% by 2009 and have an overal program for better gas millege and electric cars over the next 7 years. I believe that even though im sure the CEO can still live off a dollar for the year because he has made millions over his lifetime, it is still a nice jesture to try and get the loan and i would like to see more CEO's do things like this to help their business
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This actually is really interesting. I've been following the story on the car companies bailouts and originally when they went to meet with congress, they weren't even willing to give up the private jets they flew in on in order to receive a bailout. I guess they've come a long way and as you said, are definitely setting a good example for other corporations that are close or in danger of needing some kind of bailout in order to help their companies. However, I still feel this is all very selfish, they wouldn't need to bailout if they didn't take in so much of the profits, they could probably bail themselves out, or at least contribute to the bailout and not ask for $25 billion. I do commend him for taking actions to help the company, but how about selling those private jets, or huge mansions?
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