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 - It's Alright Where It Is! - by Anthony West. I have a tale of a different kind to tell. Whilst rooting in the hedge bottoms this week I had cause to visit Chapel lane Farm, the home of an eccentric gentleman by the name of Austin Kendall. I had heard rumours that an old Case Model C was languishing away in the back of one of the outbuildings there. So off I went in search of what would turn out to be a very rare and unusual tractor. Mr Kendall is an excitable chap to say the least. He is amongst the last of a dying breed of farmer who
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