AP source: Chrysler Financial refuses exec pay cap

[Tab]

Source: Associated Press

WASHINGTON – Chrysler LLC's financial arm turned down additional government aid after some top executives refused to accept new limits on executive pay, according to a government official with knowledge of the negotiations.

The official said Monday that the Treasury Department denied Chrysler Financial's request for more aid because some of its top 25 executives would not waive their rights to legal claims against the government and Chrysler Financial regarding new caps on executive compensation. The official did not want to be identified because the decision has not been made public.

The Washington Post reported on its Web site Monday that Chrysler Financial turned down $750 million in aid on top of $1.5 billion it already has received.

Chrysler Financial denied the allegation. It issued a statement saying it has enough private capital to meet its short-term needs of lending money to dealers and customers, and it doesn't need more money now from the government's Troubled Asset Relief Program, or TARP.
...
The federal loan Chrysler Financial received is separate from the $4 billion the government has lent to Chrysler LLC to aid the Auburn Hills, Mich., automaker's struggling manufacturing operations. Chrysler LLC faces an April 30 deadline to restructure and ink an alliance deal with Italy's Fiat Group SpA or it won't get any more government loans.

Read more: http://news.yahoo.com/s/ap/20090420/ap_on_bi_ge/chrysler_financial

[Thrill]

1. Greed when the company is barely holding on. Its a sad thing

[Dappleganger]

2. Selfish assholes. nt

[provis99]

3. so are they going to give back the $1.5 billion they already have?

I didn't think so. Throw them all in prison for fraud and sue them for breach-of-contract.

[TankLV]

4. How many of these greedy RICH bastards are SCREAMING & WAILING at the UNIONS

DEMANDING that they CUT WORKERS PAY?

[lbrtbell]

9. How much money do these greedy b*stards need to be satisfied?

I don't get it. With all the companies going under, there can't be that many jobs available for executives if their companies (like Chrysler) go under. So why risk losing everything, instead of just taking a temporary pay cut?

[jmowreader]

5. So Nardelli is still in charge over there?

[RedCloud]

6. Planned obsolescence mo fus.

String 'em up!

[geomon666]

7. Meaning they already got the lion's share of taxpayer cash.

And now we can go fuck ourselves.

[tomm2thumbs]

8. I guess they can choke on their Italian lessons now

and just when they were starting to learn German too. (sigh)