As the Big 3 CEOs head to DC to present their plans for saving their firms, Mullaly and Wagoner have agreed to take salaries of $1. Wow! What a concession!
Guys who have already been paid millions, plus offered the opportunity to make 100s of millions more in stock awards — an opportunity they appear to have lost out on.
All over America there are entrepreneurs who have put up their own capital in launching new firms, spent months or years getting paid nothing, have no golden parachutes in their contracts, and couldn’t even conceive of asking the government for money.
Those folks are currently executing plans for the current economic environment, not writing up ‘business plans’ for the $25 billion they are going about to fleece from US tax payers. (Yes the Big 3 are going to get it. They have been lobbying and supporting congress for decades and are now going to get the BIG favor).
All of this is a show (including Ford CEO Mullaly driving to DC this time), created to make the public believe there is going to be real change in Detroit, when in fact, decaying industrial era giants are to be propped up by the efforts of American entrepreneurs.