President Obama’s commendable gesture

KINGSTON, Jamaica- IN 1978 Mr Lee Iacocca joined Chrysler as president and chief operating officer for the princely salary of US$1 a year.
At the time, Mr Iacocca was by no means a poor man, having done well for himself at Ford Motor Company from which he was fired by Mr Henry Ford II. But Mr Iacocca, in an effort to get United Auto Workers members at Chrysler to accept cuts to their salaries and benefits, led by example with his own salary.
Five years later, Chrysler, with Government help, moved from the brink of bankruptcy to solvency. Mr Iacocca has since been lauded for what has been described as the "biggest individual corporate save in United States business history.