Let's not forget Roger Smith's attempt to turn a Chevy 350 gasser into a diesel....BAAAAAAAAAAAAAAARRRRRRRRRRRRFFFFFFFFFFFFFFF !!!!
THe good news is that:
1. People like Roger Smith and BoB Eaton are losing 80% of their "special" pensions!!
2. People who had special executive sweetheart deals are losing that 10 years of normal inflated salary and must live on their savings and their normal pensions. Like the rest of the world.
The bad news is, in my opinion, that Lee Iacocca loses 80% of his pension.
Granted, he is wealthy, but he did two things nobody had done at the time or since:
1. He actually did work for a $1 a year for 7 years, til the debt was paid off. He did get a company car tho. It was a New Yorker lic no 722CHX, familiar to everybody because he went everywhere in it, to visit plants.
2. The first year he used
his own money to buy 400,000 shares of Chrysler stock. Granted, he bought at 2.75 and sold nine years later at 35.00, so he did well.
averages out to 2 million a year. Less than what other guys got and he invested his own money.
But if it all fell apart, he would have had 7.00 and a lot of paper to wallpaper the basement...
Nowadays, AIG execs would need a bonus anyway to prevent them from leaving or some sorry crud like that.
He took a risk and worked and earned it. He was not easy to get along with, and I got in front of him once when he was in an a$$chewing mood by accident, which was not pleasant.
But he did what he said he would do. And he saved a lot of jobs. For that, he deserves credit.
Capitalism in action.