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Congress receives Big 3 business plans ahead of hearings

Daily newsbrief journal for December 2008, also see http://www.usdemocrats.com/brief for a global 100-page perpetual brief and follow twitter @usdemocrats


Congress receives Big 3 business plans ahead of hearings

Postby admin » Thu Feb 09, 2012 9:46 am

Congress receives Big 3 business plans ahead of hearings
Posted: 10:51 AM ET
WASHINGTON (CNN) — As the Big 3 automakers turned in financial plans to
Congress Tuesday — hoping to bolster their requests for $25 billion in bridge
loans — two more chief executives agreed to accept a salary of $1 a year.

The decision means each of the head of the Big 3 automakers would have
his salary cut to $1 if Congress comes through with a bailout package.

GM spokesman Steve Harris said CEO Rick Wagoner had agreed to accept a $1
salary. Harris didn’t elaborate.

Ford Motor Company said the salary of its CEO, Alan Mulally, would be cut
to $1 a year if Ford actually borrowed money from the government. When Mulally
appeared before the House Financial Services Committee last month, he said he
would not agree to a pay cut.

In his previous appearance before Congress, Chrysler CEO Bar Nardelli
said he would accept $1 per year in salary if it helped Chrysler obtain its
share of the rescue package.

GM plans to display some of its new high-tech cars on Capitol Hill this
week, a GM source told CNN.
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