About 30 years ago, Chrysler was on the ropes. Then CEO, Lee Iacocca, agreed to work for $1 a year plus stock options. After receiving federal loan guarantees, Chrysler pretty much invented the minivan, the market for them took off, and they managed to pay off their loans early.
My suggestion is, if the Big Three do manage to get any kind of assistance, to put both the execs and the UAW members in the position Iacocca was in: make them take part of their compensation in company stock, so that they have more than a casual interest in the company's outcome. Make ESOP part of the compensation package, not just an investment option. If you have an ownership stake in the company, you're going to be less inclined to run it into the ground. When both labor and management are in that position, it's easier for them to come together and find solutions to problems between the two sides.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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