Katie Couric's Notebook: Auto Bailout
Video: GM, Ford and Chrysler all say they'll cut executive pay, with top bosses working for a salary of just $1 a year.
They'll also ask for concessions from workers, try to sell off some brands, and concentrate on producing fuel-efficient cars, such as electric and hybrid models.
It's a big change for companies that spent years and tens of millions of dollars lobbying against tougher fuel efficiency. The three CEOs learned from their PR blunder last time.
This time, they'll leave their corporate jets at home when they appear on Capitol Hill later this week. The heads of GM and Ford will make the 500-mile trek from Detroit in cars.
Since they're going to the same place, maybe they should consider a carpool.