Big Three CEOs Flew Private Jets to Plead for Public Funds

Big Three CEOs Flew Private Jets to Plead for Public Funds

abcnews.go.com

All three CEOs - Rick Wagoner of GM, Alan Mulally of Ford, and Robert Nardelli of Chrysler - exercised their perks Tuesday by flying in corporate jets to DC. Wagoner flew in GM's $36 million luxury aircraft to tell members of Congress that the company is burning through cash, asking for $10-12 billion for GM alone.

(visit the link for the full news article)

Well I'll be... You think these guys could have carpooled/jetpooled. Let's take my G4, no, lets take my G4 it has Corinthian leather bucket seats from a 78' Cordoba.

Just another example of how these guys operate. $20,000 round trip for Wagoner vs. $837 round trip first class Detroit to DC. Mulally lives in Seattle and takes the corp. jet home every weekend.

Do you really think they should still receive a bailout?

abcnews.go.com
(visit the link for the full news article)

[edit on 19-11-2008 by jibeho]

I saw the question being asked on Bloomberg - it was quite amusing to watch the squirming taking place when they were asked about it. It's quite sad really that it didn't surprise me at all.

I think if the money is so important to keep the economy afloat, they should tell them. "Ok, you get the money but you three are fired with no severance pay or umbrellas whatsoever. I wonder what the big 3 would think of that?

I know for many smaller companies that may only have one jet as opposed to a small fleet, the jet is usually the first thing to cut when money is tight. They also impose strict travel restrictions throughout the company.

If the big 3 were serious about saving themselves they should try to cut back before asking for handouts.

It reminds me a couple I saw in a grocery store when I was in college. They were about my age at the time and were in front of me at the checkout. They weren't buying much but, I still remember what they bought. Smoked Oysters, shrimp, Black Diamond Cheddar and Table Water crackers. What's my point? They paid in good old fashioned food stamps back in the day when people would sell the stamps for pennies on the dollar just to buy some cigs. or cheap wine. That young couple could have filled half of their cart with groceries for what they spent on a paltry few items. They could have cared less just like the fellas in Detroit. They aren't serious yet. They won't get serious until they get locked out of the bread line.

This is crap, they should sell all their jets, yachts, luxury cars first use that money first. No I dont think that we should bail them out. Screw them they are probably bankrupt because they take home big bonus and make cars that suck. Gm and Ford do make our tanks and things for war though. But Crysler is now a german company, so germany should take care of Cyrsler.

I dont know why all these business are going bankrupt and asking the gov't for $$$. Why dont they just file banruptcy like they made the airlines do and move on. And why are they going bankrupt in the first place. If its because of corrupt business deals then let them die.

There is nothing wrong with being rich, but this is nuts. PRIORITIES PEOPLE!!! Personally I think these three could learn a thing or two by being forced to live off the janitors wages for a few months.

I know some people will try and defend them with a$$hat statements like "Well if you got it, flaunt it..." Yeah? You think? Well lemme tell you what all of us poor folk think of when we hear that, "Your house has been added to the 'We will raid your house when the SHTF and my kids are starving because you obviously have more then you need' list."

I never did get how these vampires could layoff 20,000 employees just to make sure they had enough money to still get thier 3 million bonus on top of thier millions in salary. It is sheer greed, plain and simple.

[edit on 19-11-2008 by ch1ldofthe70s]

This disgusts me and if they get their welfare check I will be even more disgusted!!

My grandfather retired from GM after working there for over 40 years. He now lives off his pension that he worked his arse off to get. So his pension could be in danger (though I dont know this for certain), yet the *#$%@ of GM are flying around in private jets that cost $20K per flight???!!!

This is the root of the problem indeed.

It's the old stuffed white shirt and tie managerial system.

Not only are they burning through cash like there is no tomorrow BUT when it comes to making "Executive" decisions , such as what type of new cars to design and build.

GM introduces what ? A new Camaro !
Chrysler introduces a new Challenger ?!

Meanwhile, people are on waiting lists to purchase those Toyota Prius.

So all in all, IF they were making the right decisions as far as what cars to design and build the companies would be afloat , plain and simple.

But they continue to mis manage AND continue to burn through cash like it's the 1960s again when they were still making record profits.


You or I would be fired for such negligence.

I say Fire them all...and Let them all go !

Um for the sake of accuracy, Chrysler is once again an American company. Daimler-Benz still holds a stake, I believe, but Cerebus capital management is the major owner of Chrysler which BTW is not even publicly traded anymore since Cerebus took it private.

(Back on Topic)

The fact that they wouldn't even share a corporate jet to go beg Congress for taxpayer money, shows the Hubris of the industry. Say what you want about Wal-Mart (and I say alot), they are notoriously cheap when it comes to executive expinditures-flying coach, sharing $49 hotel rooms, etc. It really pisses me off that they have the nerve to beg my elected representatives for money while they can't even pinch some pennies and fly commercial.

It is completely stupid but from what I've been reading on fox and CNN these companies DO have very clear guidelines that say that the CEO shall fly on a private aircraft for security reasons (at least that is one fall-back excuse for these goons)..

I couldn't help but laugh at the GM CEO get his butt handed to him today on live television. This is classic...


This isn't the "Big 3" asking for a government handout.. This is the worst run American auto manufacturers begging for billions more of OUR OWN dollars....As if somehow we should be the ones to sacrifice for their corporate negligence... This entire idea should have been shot down before these hearings every took place. This entire situation is completely absurd.

I think THIS does the best job at really getting down to the nuts and bolts of why this entire idea is idiotic. It's all about corporate greed and negligence (again)..

-ChriS

House Speaker Nancy Pelosi flys her big Government 737 jet to and from Calif weekly at taxpayers expense.
Big Boys from Auto Co fly their little bity Lear jets to DC at shareholders expense.

Now really, please, which one should we be complaining about.