Friday, April 06, 2007

Are Ford's Executives Looting the Company?

Is there a better example of corporate greed - and a better argument for taxing the superrich - than Ford CEO Alan Mulally? Ford posted a record $12.7 billion net loss in 2006. But Mulally was just paid $28 million for four months of work.

Actually, former Ford Executive Chairman Bill Ford Jr might be a better example. Billy said in May 2005 that he wouldn't accept any pay, bonus or stock until the company started making money again. But now it turns out he got $10.5 million in 2006 and $13.3 million in 2005.

And who pays when executives loot the company till? You guessed it. Ford wants to cut 30,000 jobs and is demanding more concessions from their unionized workers. What do you think the chances are that they'll cut Mulally's pay?

Tell Governor Spitzer that we need a statewide discussion about progressive taxation.

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