VH_Supra26
02-20-2009, 09:37 AM
by Jonathon Ramsey on Feb 18th 2009 at 6:04PM
http://www.blogcdn.com/www.autoblog.com/media/2009/02/nardelli_pay4300op.jpg
The president decreed that CEOs running banks that received TARP funds couldn't be paid more than $500,000 each year. Chrysler isn't a bank, yet it has received TARP funds, and its CEO, Bob Nardelli, is well under the $500,000. Or at least, he might be. During recent Congressional hearings Nardelli was asked if he'd take a pay cut to $1 a year, and he said he would; the only thing is, he was already making $1 a year.
When Nardelli joined Chrysler in 2007, he signed on for an annual paycheck of $1. The question is, is that all he's making? Neither Chrysler nor parent company Cerberus will say, and as a private company, Cerberus isn't compelled to. On the other side of the automaker CEO coin, it has been revealed that GM CEO Rick Wagoner is only getting a dollar and no bonus on top of that.
The issue certain people want addressed is whether taxpayer funds are being vacuumed into CEO bank accounts. In Chrysler's case it's not so clear how much Nardelli makes nor where any amount more than $1 is coming from -- Cerberus has various interests outside of Chrysler which could fund any theoretical bonus Nardelli gets.
All contents copyright © 2003-2009, Weblogs, Inc. All rights reserved
http://www.autoblog.com/2009/02/18/how-much-does-nardelli-really-earn-could-be-much-more-than-1/
http://www.blogcdn.com/www.autoblog.com/media/2009/02/nardelli_pay4300op.jpg
The president decreed that CEOs running banks that received TARP funds couldn't be paid more than $500,000 each year. Chrysler isn't a bank, yet it has received TARP funds, and its CEO, Bob Nardelli, is well under the $500,000. Or at least, he might be. During recent Congressional hearings Nardelli was asked if he'd take a pay cut to $1 a year, and he said he would; the only thing is, he was already making $1 a year.
When Nardelli joined Chrysler in 2007, he signed on for an annual paycheck of $1. The question is, is that all he's making? Neither Chrysler nor parent company Cerberus will say, and as a private company, Cerberus isn't compelled to. On the other side of the automaker CEO coin, it has been revealed that GM CEO Rick Wagoner is only getting a dollar and no bonus on top of that.
The issue certain people want addressed is whether taxpayer funds are being vacuumed into CEO bank accounts. In Chrysler's case it's not so clear how much Nardelli makes nor where any amount more than $1 is coming from -- Cerberus has various interests outside of Chrysler which could fund any theoretical bonus Nardelli gets.
All contents copyright © 2003-2009, Weblogs, Inc. All rights reserved
http://www.autoblog.com/2009/02/18/how-much-does-nardelli-really-earn-could-be-much-more-than-1/