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 - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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