During the 1980s the Chrysler Corporation faced a financial crisis so great that many feared that it would go bankrupt. One step that chairman Lee Iacocca took during this period was to reduce his own salary to $1 a year, following a principle that he called "equality of sacrifice." Iacocca reasoned that he could not ask the average worker to make a sacrifice that he himself was not making. In a sense, he hoped to win over the employees in his company by showing that he was one of them.
Today in the Word, Aug. 2003, p.22