GM Bailout proposal

With General Motors asking, in fact begging Washington for a bailout I thought I would come up with a bailout package of my own.

Its simple and straightforward.

1. All executives, members of the board, will have their compensation reduced to $1.00 per year for the next three years. No exceptions at any time.

2. All executive expense accounts are eliminated for 18 months and if the company has returned to profitability, they can be reinstated to a max of 25% of the pre-bailout level.

3. An across the board cut of 10% on all wages.

4. Employees must begin contributing towards their health insurance of no less than 15% of the single coverage and no less than 25% of the family coverage.

5. No retirement benefits will be paid to any employee or executive during the first 3 years and no more than 50% of the pre-bailout rate while the bailout loan is still unpaid.

6. The bailout loan cannot exceed 25 billion and must be repaid within 10 years, at a per annum rate of 8.5%.

Simple, straightfoward, effective.

Got a better one? Let me hear it