CEOs agree to Tester’s $1 salary demand
Senator says automakers' proposals a 'step in the right direction'
(WASHINGTON, D.C.) – Senator Jon Tester released the following statement in response to today's release of financial proposals by the nation's top three automakers. Last month, Tester and his colleagues on the Senate Banking Committee told the CEOs of Ford, General Motors and Chrysler to come up with detailed financial plans before discussing a possible bailout from Congress.
During the November 19 hearing, Tester asked all three CEOs if they would accept a salary of $1 per year until their companies become profitable. Ford's and General Motors' plans lower the salaries of their CEOs to $1 per year. The CEO of Chrysler said during the hearing he would accept the $1-per-year salary.
"After weeks of demanding a common sense plan and accountability from the nation's Big Three automakers, it's good to see a commitment like this. But I still have a lot of questions that need to be answered. And we still have a long way to go to make sure that all taxpayers are protected before discussing any bailout proposal."
Tester is scheduled to take part in a Banking Committee Hearing Thursday to discuss the possibility of a bailout for America's auto industry.