UAW Grants Concessions, Exec Warns of Depression

Ford CEO Alan Mulally and GM CEO Rick Wagoner both said they would work for $1 a year if their firms took any government loan money. Chrysler chief Robert Nardelli already works for $1 a year.

General Motors employee Terry Murphy, left, carries a sign as he and others demonstrate outside U.S. Sen. John Cornyn's, R-Texas, office in Dallas, Wednesday, Dec. 3, 2008. (AP Photo/Donna McWilliam)

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Per the UAW's constitution, Gettelfinger receives an annual salary of about $145,000 per year, plus insurance, retirement and other benefits.

Ford offered to cancel management bonuses and salaried employees' merit raises next year, and GM said it would slash top executives' pay. Ford and GM both said they would sell their corporate aircraft.

Nevertheless, Sen. Arlen Specter, a Pennsylvania Republican, said the mood in Congress "is not supportive" of the automakers, although he called the consequences of just one of them failing "cataclysmic."

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Associated Press writers Ken Thomas, Julie Hirschfeld Davis and Jennifer Loven in Washington, and AP Business Writer Deborah Yao in Philadelphia contributed to this report.

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