Word: auto
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...contrast, the heads of Japan's Big Three -- Shoichiro Toyoda of Toyota, Nobuhiko Kawamoto of Honda and Yutaka Kume of Nissan -- earned a total of $1.8 million, counting bonuses. Moreover, while the Japanese execs are presiding over thriving enterprises, the U.S. auto industry is coming off one of its worst years ever. Sales of American-made cars plunged 12.6%, to 8.7 million, in 1991; more than 40,000 autoworkers lost their jobs, and GM announced plans to eliminate 74,000 jobs by 1995; and the Big Three rolled up financial losses that analysts predict could exceed $6 billion...
...immediately on the defensive, the American auto executives were quick to argue that while they made a lot of money (Iacocca even admitted his pay was "too high"), their Japanese counterparts got more in compensation than met the eye. Claims Iacocca: "Don't feel sorry for the Japanese ((executives)). They make a lot of money. They have a lot of perks. They get bought $3 million houses. They have million-dollar golf-club memberships." His clear implication: when everything is tallied up -- salaries, bonuses and perks -- Japanese and American executives are neck and neck...
This wasn't just any car she fell for but a warm, chauffeur-driven cocoon of transit dispatched by Zuckerman to meet her as she returned to La Guardia Airport late one night from yet another fund-raising trip, so exhausted that the auto's "sheltering presence loomed out of all proportion." There she was, approaching 50, a burned-out crusader for women's causes who had not had time in 20 years to unpack the boxes in her bare apartment. She was nearly eligible for a senior citizen's discount before she bought her first sofa. Despite her confident...
...spat over salaries paid to U.S. auto execs...
...easy to single out the low point of the trade mission to Japan that George Bush completed last week. Was it that his pleas for stepped-up Japanese purchases of American auto parts belittled the presidency and made him seem the tool of overpaid corporate CEOs? Or that the largely unenforceable agreements he reached were soon denounced as inadequate by the U.S. automobile executives who accompanied him on the journey? Or did the nadir come when the President threw up on the trousers of Japanese Prime Minister Kiichi Miyazawa and then passed out at a state dinner in Tokyo...