• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Business / Senator says automakers need to be more contrite

Senator says automakers need to be more contrite

November 18, 2008 By admin

The heads of America’s top automakers are in Washington D.C. to appeal directly to members of Congress for a massive financial boost as their companies are hemorrhaging millions. Iowa Senator Chuck Grassley says from what he’s heard so far, the multimillionaire CEOs of Ford, G-M and Chrysler don’t have their attitudes in check.

“What we need from them is a little bit of contrition on the part of management that they have not run the company well and have not been on top of things,” Grassley says. “I think they need to take the Lee Iacocca approach, take a one-dollar salary.”

For example, Rick Wagoner, the head of G-M, got bonuses last year of nearly 16-million dollars. Grassley is doubtful the Detroit execs would consider hacking their own salaries to benefit their faltering companies.

“I don’t see that they’re willing to do it, in fact, just the opposite,” Grassley says. “I’ve seen some of the CEOs say that if they expect us to change our job or resign or not run the company the way we have, then they don’t want the federal help.”

Grassley says he heard an earful from Iowans about the 700-billion dollar Wall Street bailout package that passed congress a few weeks ago, and this automaker proposal is viewed as just more of the same.

“I think people see the request for money from the bailout or other money for the Big Three as being further money down a rat hole.” While some in Congress propose a 25-billion dollar bailout for the automakers, Grassley says if they get it and don’t change their ways, “They’ll be back in March for another 50-billion.” 

Share this:

  • Facebook
  • Twitter

Filed Under: Business, Politics / Govt Tagged With: Chuck Grassley, Employment and Labor, Republican Party, Travel

Featured Stories

Final employee who was there at the launch of the Iowa Lottery to retire

No more USPS mail in Iowa prisons; inmates to get copies of mail

State officials warn of influx of fake prescription drugs laced with fentanyl

‘Brain-eating amoeba’ discovered in Taylor County lake

Cedar Rapids therapist’s relationship with student leads to years in prison

TwitterFacebook
Tweets by RadioIowa

First minor league game gets things started tonight at Field of Dreams site

Knoxville set to host sprint car racing’s biggest event

Iowa State basketball builds on its identity

Vance provides leadership for ISU defense

Knee injury sidelines Iowa’s Feuerbach

More Sports

eNews and Updates

Enter your email address:

Delivered by FeedBurner

Archives

Copyright © 2022 ยท Learfield News & Ag, LLC