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Ford’s Bailout Plan
So what exactly is Ford offering in exchange for the $9 billion bailout it’s requesting? For starters, CEO Michael Mulally would reduce his salary from $21 million to one single dollar. Ford is also going to sell all five of its corporate jets, presumably forcing Mulally to fly the Detroit to D.C. route on commercial. The company will speed production of electric cars and roll them out in 2010, and invest $14 billion in improving fuel efficiency over the next seven years. Ford also warned that, though it is in better health than its rivals, its fate was entwined with General Motors and Chrysler, and the collapse of any one would jeopardize the entire industry.
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