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 Posted: Wed Nov 19, 2008 10:09 pm Post subject: Big Three CEOs Flew Private Jets to Plead for Public Funds |
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Big Three CEOs Flew Private Jets to Plead for Public Funds
Auto Industry Close to Bankruptcy But They Get Pricey Perk
By BRIAN ROSS and JOSEPH RHEE
(ABC) November 19, 2008 The CEOs of the big three automakers 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.
The CEOs of GM, Ford and Chrysler may have told Congress that they
will likely go out of business without a bailout yet that has not
stopped them from traveling in style, not even First Class is good
enough.
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.
While Wagoner testified, his G4 private jet was parked at Dulles
airport. It is just one of a fleet of luxury jets owned by GM that
continues to ferry executives around the world despite the company's
dire financial straits.
"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."
Wagoner's private jet trip to Washington cost his ailing company an
estimated $20,000 roundtrip. In comparison, seats on Northwest
Airlines flight 2364 from Detroit to Washington were going online for
$288 coach and $837 first class.
After the hearing, Wagoner declined to answer questions about his
travel.
Ford CEO Mulally's corporate jet is a perk included for both he and
his wife along with a $28 million salary last year. Mulally actually
lives in Seattle, not Detroit. The company jet takes him home and back
on weekends.
Plants Closed, Company Jets Stay
Mulally made his case Tuesday before the committee saying he's cut
expenses, laid-off workers and closed 17 plants.
"We have also reduced our work force by 51,000 employees in the past
three years," Mulally said.
Yet Ford continues to operate a fleet of eight private jets for its
executives. Just Tuesday, one jet was taking Ford brass to Los
Angeles, another on a trip to Nebraska, and of course Mulally needed
to fly to Washington to testify. He did not address questions
following the hearing.
"Now's not the time to do that sort of thing," said John McElroy of
the television program "Autoline Detroit."
"Now's the time to be humble and show that you're sharing equally in
the sacrifice," McElroy said.
GM and Ford say that it is a corporate decision to have their CEOs fly
on private jets and that is non-negotiable, even as the companies say
they are running out of cash. |
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zzbunker@netscape.net
Guest
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| Posted: Wed Nov 19, 2008 11:31 pm Post subject: Re: Big Three CEOs Flew Private Jets to Plead for Public Fun |
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On Nov 19, 5:09 pm, gd...@yahoo.com wrote:
| Quote: | Big Three CEOs Flew Private Jets to Plead for Public Funds
Auto Industry Close to Bankruptcy But They Get Pricey Perk
By BRIAN ROSS and JOSEPH RHEE
(ABC) November 19, 2008 The CEOs of the big three automakers 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.
The CEOs of GM, Ford and Chrysler may have told Congress that they
will likely go out of business without a bailout yet that has not
stopped them from traveling in style, not even First Class is good
enough.
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.
While Wagoner testified, his G4 private jet was parked at Dulles
airport. It is just one of a fleet of luxury jets owned by GM that
continues to ferry executives around the world despite the company's
dire financial straits.
"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."
Wagoner's private jet trip to Washington cost his ailing company an
estimated $20,000 roundtrip. In comparison, seats on Northwest
Airlines flight 2364 from Detroit to Washington were going online for
$288 coach and $837 first class.
After the hearing, Wagoner declined to answer questions about his
travel.
Ford CEO Mulally's corporate jet is a perk included for both he and
his wife along with a $28 million salary last year. Mulally actually
lives in Seattle, not Detroit. The company jet takes him home and back
on weekends.
Plants Closed, Company Jets Stay
Mulally made his case Tuesday before the committee saying he's cut
expenses, laid-off workers and closed 17 plants.
"We have also reduced our work force by 51,000 employees in the past
three years," Mulally said.
Yet Ford continues to operate a fleet of eight private jets for its
executives. Just Tuesday, one jet was taking Ford brass to Los
Angeles, another on a trip to Nebraska, and of course Mulally needed
to fly to Washington to testify. He did not address questions
following the hearing.
"Now's not the time to do that sort of thing," said John McElroy of
the television program "Autoline Detroit."
"Now's the time to be humble and show that you're sharing equally in
the sacrifice," McElroy said.
GM and Ford say that it is a corporate decision to have their CEOs fly
on private jets and that is non-negotiable, even as the companies say
they are running out of cash.
|
Well, that was known a while ago, from the Druids of Economics,
That's why the Post GM Robotics, Post Ford Batteries, Post Wal-Mart
Speadsheets,
Post AT&T Optics, Elibraries, On-Line-Publishing, CD+rw, DVD-rom,
HDTV, Optical Computers, GPS, and Cruise Missiles, are also non-
negoitable. |
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aemeijers
Guest
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| Posted: Thu Nov 20, 2008 9:10 am Post subject: Re: Big Three CEOs Flew Private Jets to Plead for Public Fun |
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gd_dd@yahoo.com wrote:
| Quote: | Big Three CEOs Flew Private Jets to Plead for Public Funds
Auto Industry Close to Bankruptcy But They Get Pricey Perk
By BRIAN ROSS and JOSEPH RHEE
(ABC) November 19, 2008 The CEOs of the big three automakers 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.
The CEOs of GM, Ford and Chrysler may have told Congress that they
will likely go out of business without a bailout yet that has not
stopped them from traveling in style, not even First Class is good
enough.
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.
While Wagoner testified, his G4 private jet was parked at Dulles
airport. It is just one of a fleet of luxury jets owned by GM that
continues to ferry executives around the world despite the company's
dire financial straits.
"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."
Wagoner's private jet trip to Washington cost his ailing company an
estimated $20,000 roundtrip. In comparison, seats on Northwest
Airlines flight 2364 from Detroit to Washington were going online for
$288 coach and $837 first class.
After the hearing, Wagoner declined to answer questions about his
travel.
Ford CEO Mulally's corporate jet is a perk included for both he and
his wife along with a $28 million salary last year. Mulally actually
lives in Seattle, not Detroit. The company jet takes him home and back
on weekends.
Plants Closed, Company Jets Stay
Mulally made his case Tuesday before the committee saying he's cut
expenses, laid-off workers and closed 17 plants.
"We have also reduced our work force by 51,000 employees in the past
three years," Mulally said.
Yet Ford continues to operate a fleet of eight private jets for its
executives. Just Tuesday, one jet was taking Ford brass to Los
Angeles, another on a trip to Nebraska, and of course Mulally needed
to fly to Washington to testify. He did not address questions
following the hearing.
"Now's not the time to do that sort of thing," said John McElroy of
the television program "Autoline Detroit."
"Now's the time to be humble and show that you're sharing equally in
the sacrifice," McElroy said.
GM and Ford say that it is a corporate decision to have their CEOs fly
on private jets and that is non-negotiable, even as the companies say
they are running out of cash.
Pot Kettle Black. Being lectured by Congress about their air travel |
would mean a little more, if the Air Force didn't keep what amounted to
a private fleet of executive jets near DC, to ferry bigwigs around.
Many, if not most, of the trips are Congressional junkets. And the Fed
Gov is certainly in no place to be lecturing a corporation about bad
money management- they have been bankrupt for years, but nobody has the
guts to force THEM into receivership.
--
aem sends... |
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