GM CEO Says He’ll Work For $1

General Motors Gm General Motors says $12 million will keep compnay operating. The CEO says he doesn't need more than a buck a year.

by Associated Press

Published: Tue, December 02, 2008 - 2:49 pm CST Last Updated: Tue, December 02, 2008 - 2:53 pm CST

General Motors says it needs $4 billion in
government loans this month and a total of $12 billion by late
March to keep operating. The troubled automaker says it plans to
slash its numbers of workers, vehicle brands and plants by 2012.
Altogether, the auto giant is seeking up to $18 billion in
government funding - including a $6 billion line of credit in case
market conditions worsen.
General Motors Corp. would focus on 4 brands - Chevrolet, GMC,
Buick and Cadillac. By 2012, the plan calls for 20,000 to 30,000
fewer workers, a reduction of nine facilities and 1,750 fewer
dealers.
GM CEO Rick Wagoner is offering to work for a dollar a year and
top executives will take major pay cuts.

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Sirk Says:

Tue, Dec 02, 2008 at 3:21 pm

I think he should be working for $1 a year anyway. He probably already has millions in all kinds of accounts squirreled away for retirement as does the “top executives”. I’m getting tired of hearing about everybody getting bailed out. Lets just say everybody in the United States is debt free as of this very moment and now we can all work with a clean slate and do things differently. Yeah right! I think its called discrimination if we can’t bail everyone out of whatever predicament they are in whether it be large or small, whether you be a millionnaire or live on foodstamps.