Jon Tester asked and now they've agreed. The CEOs of Ford and GM will cut their pay to just $1 if they receive the bailout they're pining for (Chrysler's CEO had already agreed; also it is unclear if that pledge extends to their salary or to their total compensation package).
That's good news -- and Tester explains that it goes a bit beyond symbolism (which is true, given the size of their salaries).
So good work to our Senator, but this isn't over yet. Before another dime of public money is handed out, Washington better think long and hard. I'm far more sympathetic to Detroit's situation than I am to Wall Street. For all of their dumb management decisions (including to keep health care in-house and oppose universal health care against the UAW's wishes decades ago), Detroit makes stuff of real value and employs middle class workers. Wall Street got rich trading BS at the cost of the country.
Anyways, there is more to ponder on this proposed bailout. Here's some suggested reading for anyone (including our Senator or his staff) who may be interested:
I have to say, I'm torn on this. The bailouts are bothersome. A vibrant economy has a place for failure and bankruptcy. But the auto manufacturing market is far from a competitive market (witness Ford's support for a bailout package it claims it only needs indirectly). How do we get it to the point where it is? I have no idea.
