Throwing in your lot with those who follow

Two CEOs of troubled major corporations were asked during the past week if they would work for $1 a year. Their different answers show very different views of the world, and their places in it.

Edward Liddy, who was tapped to run insurance giant AIG in September after the company had already been run into the ground, will receive a salary of $1 a year this year and next. More than 50 other top executives will have their pay limited as well.

GM chief Richard Wagoner, who has had eight years to finish running his company into the ground, was asked during Congressional hearings if he would work for a dollar a year. He indicated he was satisfied with his current compensation, which includes salary of $2.2 million, according to SEC filings.

Which man is showing leadership? Both of them are fabulously wealthy -- something all of us would like to be. Both have made mistakes in their careers. But the dollar-a-year man is leading in a way that tells those who follow that he's thrown in his lot with them

The term “dollar-a-year man” originated with executives who answered America’s call during World War Two. They left their private companies and went to work for the government, helping to run the war effort, for the token pay of a buck per year. It was revived famously by Lee Iacocca during Chrysler’s dance with bankruptcy in 1979-1982.

The world has changed again, like it did after 9-11. This catastrophe lacks the dramatic video of explosions, burning buildings and people falling from the sky. But it’s as dangerous, and as important, and as expensive.

Ohio Gov. Jim Rhodes famously and correctly said that profit is not a dirty word. Let’s add “selfless,” “noble” and “duty” to the list of acceptable words. At the end of the day, America is made up of people who are willing to answer the call – and that’s why we will survive these days, and one day again, thrive.