The Wall Street Journal reports, "Ford Motor Co. cut total compensation for its top three executives in 2008 by more than one-third as the auto maker continues to weather poor sales and billions in losses." Chief Executive Alan Mulally's "total compensation for 2008, including stock grants, was $13.6 million, down 37% from the comparable 2007 figure." His pay hasn't stopped falling. "The company earlier announced that Mr. Mulally will take a 30% salary cut in 2009 and 2010." Mulally's compensation "had once been a sticking point with the United Auto Workers union. Last year, UAW President Ron Gettelfinger called the payouts to top Ford executives ‘excessive and unjustified.'"

For comparison purposes, Autoblog notes, "General Motors' CEO Rick Wagoner and Chrysler's Bob Nardelli are slated to have salaries of $1 each" this year. Those two companies, however, have accepted billions in federal bailouts that Ford, so far, has not needed. Those worried about a newfound austerity at Ford should also note that "Mulally and executive chairman Bill Ford will continue to use corporate jets for business and private travel. The flights will be chartered planes, as Ford put its own fleet of private aircraft up for sale some time ago after being chided by politicians during the bailout hearings on Capitol Hill."

While Ford has not yet applied for any federal bailout funds, some media outlets say the automaker may have Washington connections on its mind. The Detroit Free Press reports that the company "said Wednesday that former U.S. House Majority Leader Richard Gephardt and DTE Energy Chairman Anthony Earley Jr. have joined its board of directors."

A separate Wall Street Journal story notes, "Mr. Gephardt has been a major supporter of unions, which in turn were a big backer of his through his 28-year congressional career. He declined to seek re-election in 2004, focusing instead on a second presidential candidacy. That union base could be key as Ford continues to work with the United Auto Workers on concessions aimed at keeping the company viable through the current downturn." The Journal quotes an unidentified "Gephardt acquaintance" as saying that "Ford board members wooed Mr. Gephardt," because "they felt having another oar in the Washington waters would be a good thing."

If you're in the market for a new car, check out the US News rankings of this year's best cars as well as this month's best car deals.