Well, today is the day that the Big Three Auto makers are to have their proposals submitted to Congress detailing their plans for the future and justifying their use of government loans. Unfortunately, we have to wait until the end of the week for the Congressional hearings. I suppose both Houses in Congress wanted a day or two to peruse the contents of each proposal.
This is what we are hearing:
Alan Mulally, Ford's CEO, will agree to cut his annual salary to $1 as part of Ford's bid to win congressional support of federal aid to automakers, the Wall Street Journal reported.
Ford also said it will accelerate the introduction of hybrid and electric vehicles.
Previously, Robert Nardelli of Chrysler also agreed to a one year salary of $1. Interestingly, Rick Wagoner is the only holdout for this type of concession! What is irritating to me though, is that our 535 Congressmen do not agree to work for a dollar when our Government is infinitely more broke than the three automakers.
GM has also stated that it may eliminate some of its brands to become more cost effective and then Ford announced this week that it may sell Volvo.
Other than this, that is all we really know. Hopefully, more information will leak out today and tomorrow concerning each proposal. I will keep you posted!
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