Get paid $1, get a few billion dollars in return

Detroit's Big Auto is back to Washington to present plans in order to convince Congress they are worthy of a $25 billion loan. Ford CEO Alan Mulally is even willing to work for $1 per year if the company gets the government money.

My question is, Why isn't he paid $1 already when the company has been in trouble for years?! I have nothing against lucrative executive compensation, but when the company is on the brink of bankruptcy and ready to layoff thousands of workers, the least that executives could do is take a pay cut.