Will they follow the Wall Street model of freeloading from taxpayer money and making up for the salary cuts in a year while praising themselves for a job well done? Somehow that does not sound likely. Bloomberg:
Chairman Tsunehisa Katsumata and President Masataka Shimizu and six executive vice presidents won't receive a salary, Shimizu told reporters after a meeting with government officials in Tokyo today. Other directors will have their pay cut by 60 percent, he said.The Japanese President is also giving up his salary until the crisis has been resolved.
The utility known as Tepco today asked for government help as it faces compensation demands after an earthquake and tsunami two months ago damaged the Fukushima Dai-Ichi nuclear plant and forced the evacuation of 50,000 families. Tepco may need to pay claims of 4 trillion yen ($50 billion), the Asahi newspaper reported last week.
“The situation with respect to our fund-raising, both from bonds and loans from financial institutions, is very serious,” Tepco said in a document submitted to the government and distributed to the media. “About 750 billion yen needs to be repaid this fiscal year and if the present circumstances continue, our funding situation will eventually become untenable.”
