REPORT: Chrysler working to skirt federally-manded $500,000 executive salary cap

[اخبار مصر موتورز]

Filed under: Government/Legal, Chrysler, LLC., FIAT

As previously reported, once Chrysler dipped its beak into the Federal coffers, the top 25 executive salaries would be capped at $500,000 per year. However, it seems the bankrupt automaker's new parent has found a way around the salary limitation by making the senior Chrysler officers Fiat employees.

ABC News dug through the Chrysler's bankruptcy documents and found "Any such seconded officer may receive supplemental employment compensation from Fiat ... notwithstanding any 'cap' on compensation payable to such officer ... under any Law, rule or policy applicable to the Company."

The Treasury Department isn't responding to questions about whether Fiat's plan is lawful and neither Chrysler nor it's new Italian suitor has said which, if any, of its employees will be "seconded" or what compensation will be made. Naturally, this report won't sit well with the MSM, not to mention the nearly 800 Chrysler/Dodge/Jeep dealers that were axed earlier today.

[Source: ABCNews via TTAC | Image Source: Sean Gallup]

REPORT: Chrysler working to skirt federally-manded $500,000 executive salary cap originally appeared on Autoblog on Thu, 14 May 2009 20:28:00 EST. Please see our terms for use of feeds.

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