Washington, Dec 03: To tide over the turbulent times, the beleaguered auto makers are leaving no stone turned to secure financial aid from the US, with Chief Executives of General Motors and Ford even ready for an annual salary of one dollar.

The three big US auto firms General Motors, Ford Motor and Chrysler had yesterday presented their bailout proposals to the US Congress.

In their proposals General Motors's Chief Executive Rick Wagoner and Ford's head Alan Mulally agreed to take a severe hit on Thieu pay packets.

"GM's Rick Wagoner and Ford boss Alan Mulally both pledged Tuesday to work for one dollar a year in salary if their companies got tax-payer help.

That would mean substantially thinner pay envelopes for both executives," American daily Los Angeles Times said in a report published online today.

The auto majors have sought assistance to the tune of USD 34 billion from the Federal government to improve their financial condition. These entities are grappling with worsening financial crisis and declining sales.

Attributing to executive compensation firm Equilar Inc, the report stated that Wagoner's total compensation for 2007 was USD 15.7 million and Mulally's was almost 22.8 million.

Los Angeles Times also reported that Chrysler's Chief Executive Robert Nardelli has agreed to work for a salary of one dollar a year.

Bureau Report