Today FedEx announced that it is cutting salaries in an effort to reduce expenses.
While other companies are losing millions of dollars and are still giving bonus to executives that don't deserve them, Fred Smith (FedEx CEO) announced that he, all the executive officers, and all salaried employees will take a pay cut. Fred Smith will take 20% cut, the officers will take 7.5 to 10% and every one else will take a 5% cut. There will also be no bonuses for any salaried employees.
Its refreshing that in this time of economic crisis some companies aren't begging for bailouts or giving money to execs for gross incompetence.