In an age when automotive bailouts and CEO salaries have given taxpayers something to hate, one CEO has revealed that he drew no salary. The Detroit Free Press reports that Chrysler’s annual financial report, filed Tuesday, reveals that company Chairman and CEO Sergio Marchionne was paid no salary or stock options in 2011. Marchionne, who Read on! →
Tag Archives: automotive bailout
Republican presidential candidate Rick Santorum has an ax to grind regarding the way the Obama administration handled the automotive bailout, Automotive News reports. The former Pennsylvania senator told a Detroit, Mich., audience that he wouldn’t have floated taxpayer money to General Motors Co. and Chrysler Group LLC because he believes “too big to fail” means Read on! →
The automotive bailout may have prevented the “too big to fail” companies from imploding financially, but that doesn’t mean that their financials are on Easy Street. The Ford Motor Company did better than most automakers, but not without Executive Chairman Bill Ford imposing a five-year pay freeze upon himself beginning in 2005. The moratorium was Read on! →
U.S. taxpayers are still owed $132.9 billion by companies that haven’t repaid their Troubled Asset Relief Program debt, reports the Detroit Free Press. Some of it will never be recovered from the automakers that were deemed “too big to fail.” Years of auto bailout blues Launched at the zenith of the financial crisis in September Read on! →
Detroit’s image has been taking a pounding for decades. Michael Moore’s 1989 documentary film “Roger and Me” was less than complimentary of then-GM chair Roger Smith, and the public image of the “Big 3” automakers (Ford, General Motors and Chrysler) certainly wasn’t helped by the automotive bailout. That image needs to be repaired if Detroit Read on! →