Toyota Holdin' It Down
Here's a great snippet from a Businessweek article (emphasis mine):
In another sign of how seriously Watanabe and his team are taking the current crisis, reports over the weekend say Toyota may cut board member bonuses to zero for the current financial year, saving a further $11 million. While that seems reasonable, given the circumstances, it’s notable that Japanese execs earned far less than counterparts at Detroit rivals during the good times. Last year, Toyota says it paid its 25 most senior executives a combined $33 million in salary and bonuses. Ford paid its CEO Alan Mulally alone over $20 million in 2007 in salary, bonuses and stock options while GM chief Rick Wagoner pocketed $15.7 million.
The Detroit guys wonder why they're going out of business. They need to go out of business. They're about as fat, dumb and happy as you can get and could use a few buckets of cold reality dumped on 'em.