Tuesday, April 21, 2009

Chrysler Says No To Financial Aid To Protect Its Executive Pay

On MSNBC: Chrysler refused loan over pay limits


  • WASHINGTON - Chrysler LLC’s financial arm turned down additional government aid after some top executives refused to accept new limits on executive pay, according to a government official with knowledge of the negotiations.

    The official said Monday that the Treasury Department denied Chrysler Financial’s request for more aid because some of its top 25 executives would not waive their rights to legal claims against the government and Chrysler Financial regarding new caps on executive compensation. The official did not want to be identified because the decision has not been made public....
    rest of story here

Assuming this 'official' story is true, these top eexcutives would rather protect the executive pay than to accept government aid!!

Truly incredible!!!

Here is CNN version: Chrysler financing arm rejects U.S. aid

1 comments:

Jasonred79 said...

Errr.... what is so incredible? These morons claim that they pay executives a bucketload of money to retain talent... ie to maintain loyalty from their valued workers.

Er... loyalty? ... well, obviously, the loyalty is to the MONEY, not to the company. Duh.

...

I would do the same, moo. Wouldn't you?

Chyrsler is a bit of a sinking ship. Would you sacrifice your own income out of loyalyty to Chyrsler, if you were part of management?

I would certainly be tempted not to...

Most executives don't get to that position by being sweet and altruistic ya know...

I suspect the "best case scenario" for most of these guys is: take as much golden parachute money as they can get, then get another job lined up, then run as fast as they can and try to make sure their names and reputations are never again associated with Chrysler.

LOYALTY to Chrysler? ... suicidal deathwish, right?