No one seems to be happy with the Detroit’s Big 3 CEOS. Ron Gettlefinger, president of the UAW says that the Big 3 should tell Congress that they will cut back on corporate pay, bonuses and severance packages. Speaking on CNN’S “Late Edition” Gettlefinger said that automakers only need $25 billion in loans to help the over a tough period.
“They need to establish that executive compensation is something that they’re willing to curtail, as well as bonuses and ‘golden parachutes’ on exiting the business,” said Gettelfinger . “They can also give the government an equity stake in the business.”
Automakers have been under heat ever since their last visit to Washington after flying in on corporate jets to ask Congress for aide. Rick Wagoner, Alan Mulally, and Bob Nardelli will face the House and Senate Democratic leaders tomorrow where the companies will submit a “credible restructuring plan.” No word on how the three CEOs plan on getting to Washington.