Ford says CEO Will Work for $1 to get Govt Loans

DEARBORN, Mich. (AP) -- Ford Motor Co. CEO Alan Mulally says he'll work for $1 per year if the automaker has to take any government loan money.

The plan Ford is presenting to Congress this week also says it will cancel all management employees' 2009 bonuses and will not pay any merit increases for its North American salaried employees next year.

Mulally said in an interview Tuesday that Ford will emphasize its cost cutting efforts with the United Auto Workers union and will give much more detail to Congress than it did during a visit earlier this month.

The company also will accelerate plans to roll out electric cars as part of the plan it will present to Congress this week.

Mulally says Ford has said it has enough cash to make it through 2009 and may not need government help.


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