WASHINGTON (Reuters) - The Big Three U.S. automakers should tell Congress they will limit corporate pay, bonuses and severance packages in return for government loans, the president of the United Auto Workers union said on Sunday.
On CNN's "Late Edition," UAW President Ron Gettelfinger said carmakers only need a loan to tide them over a tough period and insisted high union wages were not the key cause of waning sales at General Motors Corp, Ford Motor Co and Chrysler LLC.
"They need to establish that executive compensation is something that they're willing to curtail, as well as bonuses and 'golden parachutes' on exiting the business," Gettelfinger said. "They can also give the government an equity stake in the business."
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