In the Greek capital of Athens the stench of tear gas reportedly still hangs in the in the air this morning. It follows a night of rioting after Greek lawmakers approved harsh new austerity measures demanded by bailout creditors to save the nation from bankruptcy. Many buildings were burned while dozens of stores and cafes were smashed and looted.
This week we’ve been asking listeners to suggest ideas on how to fix the economy. So far we’ve talked about raising inflation and boosting housing prices. Today we're talking about capping the total compensation that CEOs earn — including salary, benefits and bonuses — at $5 million. Any additional money would go back to the company, hopefully creating more jobs. Who would step up to do this? Perhaps Warren Buffett, in light of his recent op-ed for The New York Times.
We spoke with Alan Mulally, president and CEO of Ford Motor Company, about the state of things for Ford (the only one of the "Big Three" not to take bailout money), carmakers in general, CEOs, and the nation.
The CEOs of the country's major banks came under a grilling yesterday, as the Financial Crisis Inquiry Commission kicked off hearings on the causes of last year's economic meltdown. We get reaction from Elizabeth Warren, who heads the group charged with overseeing the U.S. banking bailout, the Congressional Oversight Panel.