Some disturbing happenings in Washington today as the CEO’s of GM, Ford and Chrysler made their appearances after flying to the capital in their posh luxury private jets to beg for $25 billion of our taxpayer money to avoid going into bankruptcy.
According to ABCNews, GM’s Wagoner’s flight cost an estimated $20,000 roundtrip from Detroit to DC. When asked during the testimony by a Congressman whether they considered downgrading to first class, or would be willing to sell their jets, the three of them just sat motionless.
“This is a slap in the face of taxpayers,” said Tom Schatz, President of Citizens Against Government Waste. “To come to Washington on a corporate jet, and asking for a hand out is outrageous.”
Looking at the video clip, I think a bigger slap is Ford’s CEO Mulally getting off the plane and into a Lexus LS!
Ford CEO Mulally arrives at Dulles and gets into a Lexus!
Personally, I think the government should let the three try to survive on their own. If they had built good quality cars that Americans want to buy, and not overpromised by negotiating absurd deals with the unions (who’d rather see the companies go bankrupt than give any concessions – another story in itself), then they might not be in as deep a hole as they are now. Bankruptcy may be a good thing – giving them a chance to get out of some these legacy costs. Heck, it worked for the airline industry, it can work for auto as well.
What do you think about the bailout for the auto industry?
Read the article and see the video
Related posts:
- The Real Repercussions of a Failed Auto Industry
- A Big Three Bail Out? Don’t You Have to Make Money to Stay in Business?
Tags: auto industry, bailout, corporate jet, Detroit, GM
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