Government Motors - And now some good news

According to Harvard Business Publishing, 373 U.S. public companies reduced their chief executives' base salaries between June 1, 2008 and June 18, 2009. 68 companies in the Fortune 1000 index have reduced executive officers' base salaries in the past year.

Here are the 10 largest (by revenue) U.S. public companies where CEO pay cuts took place:

• General Motors (reduced to $1) This makes me do the happy dance. Seriously. At least there is one private jet that my tax dollars is NOT funding.
  
• Ford Motor (reduced by 30%)
• Sears (reduced by $50K)
• FedEx (reduced by 20%)
• American Express (reduced by 10%)
• Motorola (reduced by 25%)
• Eaton (reduced by 6 weeks' worth of pay)
• Continental Airlines (reduced to $0 for Q3 and Q4 of 2008)
• EMC (reduced by 15%)
• Cummins (reduced by 10%)

Source: The Coming Battle Over Executive Pay, Harvard Business Review, September 2009