Word: backed
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Dates: during 1970-1979
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...John Riccardo and President Lee lacocca temporarily waived their annual salaries of $360,000 in exchange for cash or credits tied to the value of Chrysler stock. If two years from now the stock price is unchanged from the August closing average of around $8, each executive will get back all his deferred pay; if the stock doubles, each will receive double, and if it halves, each will get only half. Meanwhile, the company also announced salary reductions of up to 10% for about 1,700 executives...
Ludwig has built barracks for ordinary laborers as well as fancier bungalows for the technical and managerial staff. But he cut back substantially on plans for additional housing, especially for the lowest-paid workers. Result: squalid slum towns, inhabited partly by whores and thieves, have sprung up near the sites, and many workers live in unsanitary and unsavory conditions. At first, Ludwig relied entirely on Brazilian contractors to supply laborers, and some of the bosses exploited their men and skimmed off their wages. Now Ludwig has set up safeguards to ensure that the workers receive their full pay, which averages...
Despite his age and a painful back ailment from a shipboard accident in the 1920s, Ludwig is amazingly energetic and keeps close watch on Jari. He receives a constant flow of reports at his headquarters. More important, several times a year he flies to Belem on Brazil's northern coast, traveling economy class except when he can hitch a free ride on a friend's corporate jet. At Belem he waits for the Fairchild turboprop that makes the 90-min. flight daily between the port city and Jari. Disdaining VIP treatment, Ludwig crowds on board with newly recruited...
...ones ate, and the thirsty chickens dashing for a chance to peck at our spit." In the river town of Gelhak he records the visual cacophony in Polaroid prose: "We saw a man with a monkey's nose; and a woman whose feet were reversed, her toes pointing back wards. More turbans and tarbooshes now, more Arabs, as well as the eggplant-black Dinkas, and purple Nuer with carved stripes that circled their foreheads under the hairline, and Shilluk with beadlike cicatrices stretching from...
...content. If the government guaranteed a loan of $750 million to Chrysler, and the company went bankrupt, the government--through the tax-payers--would foot the bill. If the government advanced Chrysler the money through the tax credit instead, it would take the risk of never getting its money back. But the choice between the two is like a choice between apples and oranges--pay now, pay later, it's all a matter of taste...