Friday, November 21, 2008

Detroit's Big 3 CEO's: The Gang Who Can't Straight Shoot

When will the companies getting tax dollar handouts from the Federal government learn to set aside their arrogance and realize that asking for money from the government is essentially asking for a loan from their customers.

I wish that Rick Wagoner would take the money that he spent on a short corporate jet flight to Washington D.C. and pay off the balance of my car loans. I might be able to go buy another Saab from his company. I wish AIG would use the money they spend on corporate client junkets to pay off a few monthly mortgage payments for my neighbor who is having a pre-foreclosure "for sale by owner" closeout sale.

The Consumerist and ABC News say that the big three auto CEOs "flew to the nation's capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy."

That makes for another WTF? moment, doesn't it?

Just because your company is on the verge of bankruptcy— you have a contract. You don't give up perks and waste valuable time flying First Class, do you?


From The Consumerist and ABC, complete with some additional commentary from Human Race Horses!

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.

"We want to continue the vital role we've played for Americans for the past 100 years, but we can't do it alone," Wagoner told the Senate Banking Committee.

(HRH: I can't keep my ass out of public transportation unless you give me a shitload of dough!)

While Wagoner testified, his G4 private jet was parked at Dulles airport. It is one of eight luxury jets in the GM fleet that continues to ferry executives around the world despite the company's dire financial straits.

(HRH: Nice PR, dude!)

ABC estimated that the trip cost GM $20,000, as opposed to a first class ticket on Northwest Airlines flight 2364 from Detroit to Washington — which would have cost about $800.
Amazingly, private jets are a luxury that even free-spending AIG is reconsidering.

(HRH: way to go, AIG, sort of)

AIG, despite the $150 billion bailout, still operates a fleet of corporate jets. The company says it has put two out of its seven jets up for sale and is reviewing the use of others. Though there are no such plans by GM or Ford.

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