U.S. automakers to submit plans to Congress

Working for $1 a year...that's some definite committment.  I was expecting them to say they'd work for x-percentage of current pay, or even minimum wage, but $1 a year?  It seems like they're actually interested in saving the company and not just saving their own behinds.  Afterall, even average Joe can't survive on $1 a year no matter how much saving he does.  I think it's pretty awesome that they threw that into the deal.

let them fall.  america will recover as we always have.  i refuse to pay for and/or support any bailing out of ignorant companies' greed.  i haven't supported US automakers in years, simply because they were not listening to what their own country wanted.  honda, toyota, hyundai listened and they are currently still floating very well.  our own country's oil greed has placed us in this predicament.  "accelerate our electric car plans" -- bull@!$%#!  bring me a car that does not rely on oil/gas at all, and i'll bail you out.  they exist, but are kept quiet and paid off to keep ceos and oilers wealthy and in charge.

I keep hearing about these lavish pay packages and the 'high flying lifestyles' for the big three CEOs.  Although I am not condoning it, I am not sure that the emphasis that were are all putting is really worth it.  Yes, it does need to be a topic in the discussion, but how much is it really affect the bottom line in the overall scheme of their financial situation?  Is it 5%, 10%, 15%,  what percentage improvement are we going to gain when the CEO's and the salaried management take these pay cuts?   Does anyone really know?   I would like to know.   Also I would like to see a pie chart breakdown on the salaried cost, comparied with hourly cost, benefits and legacy cost included.  

but, are they also going to forgo their bonus at the end of the year.....I am guessing not.  The bonus should make up for the $1 a year.  Or, will he retire durning the year?  Do you think the next to take his place will except $1 a year????? I am just not buying it.

UNIONS: Get rid of the Jobs Bank where you now have 3500 workers doing nothing and being paid $31.00 per hour. That is $225.7 Million a year to do nothing. This would be a good start on the Unions getting the hourly costs down to compete with Toyota....I think GM pays $73.00 per hour now and Toyota pays $48.00 per hour.

Government, get off the backs of the auto industry. Postpone CAFE standards and reduce the tax on diesel so clean burningm high mileage diesel cars could be profitalbe in the US. Ford has a diesel Festiva sold outside the US that gets over 60 mpg. With diesel still at $3.00 per gallon it would not sell in America.

STUPITY ON EVERYBODIES PART HAS CREATED THE MESS. God save us from insensible polices in Government, Management and Labor.

So P. Locke why didn't you bash the Wall St $600,000 yr workers? Do you just go along with whatever the media feeds you?

Start thinking and stop following the media and maybe you will see the whole picture, we shouldn't be competing with $3 hr China workers, after all the so called free trade agreement doesn't allow exports to china, it has to be produced in China, so much for making a living in America when anyone can import to us but we can't export,

BAD TRADE AGREEMENTS IS THE ROOT CAUSE OF THIS PROBLEM, not Unions, the automakers are very profittable in normal non credit crisis times even with the unions, so it's the CREDIT CRISIS and BAD TRADE ARRANGEMENTS that the auto makers and every AMERICAN BUSINESS NEEDS help with.

A competitive markets calls for FREE TWO WAY TRADE, teaching a man how to make a living doesn't do any good in this LIMITED TRADE WORLD, Destory America is the real picture and failing to bash bad trade only adds to the problems.

IF anyone wants to fix America, they can start right here and STOP BASHING AMERICA and start bashing BIG BAD TRADE in every MEDIA BLOG they can.

GET TO WORK, SAVE AMERICA FROM BIG BAD TRADE AND BIG BAD MEDIA THAT SUPPORTS IT AND BASHES AMERICA!

If you want to know who REALLY runs this country, don't look to Congress.

Look at who belongs to The American Bankers Association.

Now there's the REAL POWER.

WELL-SAID, PKING!!!!!!!!!!!!!

  You beat me to it!!!!!!!!!!

  That's the ONE AND ONLY REASON all those rats are willing to do that....Because they've been overpaying themselves, and receiving greatly inflated bonuses for who knows HOW LONG, so it's really immaterial to them whether they're paid or not...They've probably got more "spending money" in their pockets right now, than any one of us would make in ten years, so., as a gesture of good faith, they'll all give up their wages till the companies start to turn a profit again....WHOOPIE FOR THEM!!!!!!!!!!!!!

  What about all the poor bastards THEY put out of work because of their GREED??????

What happen to THEM?????????  Are THEY to receive any of the bailout money, so they can all get their HOMES back, feed their families, and get caught up on the bills they couldn't pay because these executives were too busy "downsizing" their jobs out of the country, to a bunch of Mexicans who couldn't do the jobs in the FIRST PLACE...

  The damage is already done, and from where I stand, it will take MANY YEARS to rebuild the trust that the american public once had in the auto industry....GOOD LUCK WITH THAT.....

I would like to see the US Congress, President, and State legislatures, Govenors and so forth take a pay cut to help bail us all out. Cut their healthcare costs and actually pay into the system like the rest of us. I would love free healthcare too!

Cut spending. In NY the Triboro bridge's name was changed to the Robert Kennedy Bridge at a cost of 4,000,000. What sense does that make.

Where are all the leaders in the country? They are all scurrying around like rats trying to hide their money while the working class in America struggle to make ends meet, find jobs and take care of their families.

i think the senators and congress should work for a dollar a year until the economy picks up they should fly coach they have it way to good they think they are above the law they are all crooks we need to keep closer tabs on them

When do I get my bailout? My husband is being forced to retire from his company after 35 years and the company is cutting right and left with other employees but I'll bet they still have their NASCAR running in races!

Dear US Automaker CEO's:

I find it incredlious that you and your company's are now asking for bridge loans after years of making inferior, gas guzzling automobiles.  Your primary focus - and most profitable manufactured automobiles -  were large pick-up trucks while your competition captured a large portion of the American market by making reliable, fuel efficient and safe automobiles.  Now that you are coming to Washington with your proverbial hat in hand again asking for a hand out - hopefully with a viable long-term strategic plan this time - you are taking stupid public relation tactics to show the American people that you are qualified for a loan.  Here is my strategic plan to rescue your industry:

#1) Make good, reliable, fuel efficient automobiles to recapture the market you have lost to overseas competition.  There is a reason why the long running joke about the initials of "FORD" standing for "Fix Or Repair Daily" is still around.  

#2) Do not announce that you will be working for $1 annually when the American public knows you will be given huge stock options and bonuses as part of your compensation package.  A majority of most high level C.E.O.'smake their money in this fashion and it is one of yoyur primary factors when trying to boost profits.  Don't assume the American public is stupid and we will assume you know what you are doing.

#3) Similar to what Japan did after World War II, learn from the auto manufacturing leaders and emulate their tactics to succeed.  Making reliable automobiles that have low operational costs coupled with excellent gas mileage would be a great start. 

#4) Stop relying on the "American Made" tag-line in an effort to appeal to our patriotism so we will purchase your automobiles.  Most individuals in my generation view anything with the "American Made" stamp as an inferior product, similar to how 30 years ago we viewed Asian products in our market.  Make a better, longer lasting automobile than Nissan, Honda and / or Toyota and we will purchase it.

#5) As the recent gasoline spike indicated, this product is no longer in abundance and our dependence on foreign oil is at an all time high.  Focusing on fuel efficiency through innovation and emulation is the wave of the future.  If you can't see this plain fact and take steps to change your business model then you are not deserving of a billion dollar bail out. 

Good luck with your next trip to Washington and this time... fly coach.

REWALLER

Unless I see changes from the UAW I am still urging my rep.'s to vote NO!

Easy to spot the southern vote

If they aren't selling auto's. How is this bailout going to help them? Are they going to reduce the cost of a car by $5000 to $10000, have a better warranty or have lower maintenance cost? How is an eclectric car going to all of a sudden start them on the road to recovery.  Where is the normal tax-payer going to see any return on their money?  This is not rocket science.  If you are not selling cars because this is the reason they are in a mess now.  I just don't see how this money is going to help.  It's only going to help pay for the Unions salaries, the CEO's and etc.  Don't see where this is going to make a diffrence to anyone.

LARRY WILSON........

Yes, unfortunately, I know all too well that my circumstances are pretty much commonplace any more...

That, my friend, is why this country is in the shape it's in right now....

Greedy executives, taking whatever they want for themselves, and leaving CHICKENFEED for the people that are REALLY the ones doing all the hard work.

  Sadly, for the workers, this has been allowed to continue FAR TOO LONG, and now, in order to fix it, the government has to step in and help everybody...Everybody but the american workers, that is....

  Better go for now, otherwise, I could sit here all day, @!$%#ing about the raw deal all of us are getting....

   That being said, everyone, TRY to have a nice day, and make the most of what ya got right now....You never know when it's going to be snatched right out from under you...........

TAKE CARE, BE WELL, AND DON'T SWEAT THE SMALL STUFF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  HAVE A GOOD DAY, ALL!!!!!!!!!!!!!!!!!!!!!!!!!!

Let's go a bit further. How about HOLLYWOOD, sports figures and so forth. Maybe they should take a pay cut too! Bank CEO's and business CEO's, oil companies and the like. Put your money where your mouth is.

The rich get richer, the poor get poorer and the middle class is strangled in the middle. The only way to go is down.

$1.00 per year salary is just being a martyr.

I'd rather seem them work for $7.50 an hour. That way in two weeks they'd understand how most of America feels. Now, If they could LIVE for one year off their new salary-I'd be impressed.

Greed at the top of these corps did, in deed, trickle down.  Lots of money at the top with perks ate up the ability to provide a decent living for the workers - not exactly what Reaganomics intended.

Bankruptcy seems to be the only way to realign auto union workers contracts.  I've worked in a "pay for performance" company, and also in a "union contract" company, each for about 20 years.  Pay for performance certainly made me work harder and smarter at the first.  Personal pride in doing a great job made me perform to excellence in the second.  On the other hand, corporate greed provides a disporportionate salary to those at the top.

The top echelons of all corporations' managements need to work for $1/year and to pay back perks for several years.  All retirement funds should be 100% funded.  Breach of retirement agreements is stealing IMO. 

Lastly, greed is an American trait!  Biggest toys and disregard for having to pay back one's debt has allowed the individual credit debacle to exist. 

Where is responsibility?  Corporate?  Individual?

Ford has a small diesel in Euorpe that gets 65 mph.  When asked about bringing it to the states, they said it did not fit their business plan.  I realize the tree huggers will not allow it into the country as is but the big 3 will make no attempt to give people what they want/need.  The car makers say "this is what we are going to give you", like it.

I know many CEO's who are working for $1 a year. BUT, the corporation pays for their cars, planes, transportation/travel, homes, domestic help, and let us not forget the 7 or 8 figure golden parachute clause. So am I impressed by the exec's offer? No!!!, as a matter of fact I am insluted that he thinks we are uneducated, illiterate people.  If we do not perform to the expectations of our employers, we get a negative review, no raise, and eventually fired. But here in essence, the government is taking our tax dollars and rewarding companies who have made drastic mistakes and rewarding them without any concessions on the part of the auto makers. REALLY??!!??

Constitutionally, the government cannot undo a contract that the CEO has with FORD etc, but if federal dollars are going into said company then the fed's should go in and reform the golden parachute clauses.

I liked the part about laid off workers continue to draw "most" of their wages.  (Union thing)

Down here, (I bought uncle Jed's old place, he financed), when you get laid off it means you are on your own.  You might get $250.00 a week for a month or two unemployment, but you better be finding a job!

Give them the bailout with the stipulation that they bring back all outsourced jobs to America, putting  Americans back to work thus stimulating the economy.

Bottom line, the ford plan had nothing to offer. The CEO will still get millions of shares for pennies on the dollar with no real cash trading hands, and the Unions will still pay laid off workers 90% of their pay. They submitted nothing. Benefits for everyone at the cost of the goverment, thanks to the Unions. Man, If I was there, they would be bowing to zod.

I agree 100% with the person who said let the oil companies bail out the auto industry.  Start with Exxon.

Regarding the CEO who'll work for a dollar a day... what exactly will his bonus be?  And all these CEO's can live a lifetime just on the interest off the cash they've already put away. 

Let the auto industry dump all the executives that drove them to fail first.  Restructure and hire brains, not greed.

No more bailouts!  No more goodies.  The Free For All ended on November 4, 2008!