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CEOs of Big 3 Automakers Fly Via Private Jet to Ask for Billions in Bailout Cash

g under pg under p Surfing The far side of THE Sombrero Galaxy Posts: 18,209
edited November 2008 in A Moving Train
ABC News: 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.

Smart thing to do for these guys and wil they get the money???? BRILLIANT!

CEOs of Big 3 Automakers Fly Via Private Jet to Ask for Billions in Bailout Cash

Peace
*We CAN bomb the World to pieces, but we CAN'T bomb it into PEACE*...Michael Franti

*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti

*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)


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Comments

  • know1know1 Posts: 6,794
    I really like the tough questions they are asking these guys and I hope we do not bail them out (I think it's a foregone conclusion, though).

    However, I find it EXTREMELY HYPOCRITICAL for these politicians to drill them about being more cost conscious and basically talk down to them for asking for handouts when all the government gets is handouts and they are not fiscally responsible at all. Time and again they raise taxes. Isn't that the same as coming back to the people for a handout?
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • lalalalaaaaaaaalalalalaaaaaaaa Posts: 2,445
    know1 wrote:
    I really like the tough questions they are asking these guys and I hope we do not bail them out (I think it's a foregone conclusion, though).

    However, I find it EXTREMELY HYPOCRITICAL for these politicians to drill them about being more cost conscious and basically talk down to them for asking for handouts when all the government gets is handouts and they are not fiscally responsible at all. Time and again they raise taxes. Isn't that the same as coming back to the people for a handout?
    Totally hypocritical. The fact that Congress is even considering these bailouts with our current deficit is just insane. These companies can survive on their own...the largest stockholders just don't want to take a big hit. They want to stay rich, and the best way to do that is to go to their local welfare office (i.e. Congress).
  • Strangest TribeStrangest Tribe Posts: 2,502
    Let 'em die!!!! No one bailed out International Harvester 20 years ago. Now we have Case IH.... a much better company and product....
    the Minions
  • know1know1 Posts: 6,794
    Hey - there have been plenty of car companies over the years that we haven't bailed out. Anybody still making Edsels or AMCs? Maybe they'll come to congress and ask for a handout to get the old gang together....
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • Kel VarnsenKel Varnsen Posts: 1,952
    know1 wrote:
    Hey - there have been plenty of car companies over the years that we haven't bailed out. Anybody still making Edsels or AMCs? Maybe they'll come to congress and ask for a handout to get the old gang together....


    Edsel was a Ford Brand, like Lincoln, and AMC was bought out by Chrysler, although I see your point.
  • g under pg under p Surfing The far side of THE Sombrero Galaxy Posts: 18,209
    The bailing out of America will never end if they're bailed out. We'll be right back here in less than 5 years, they need to change their business strategy to compete in the auto industry.

    Peace
    *We CAN bomb the World to pieces, but we CAN'T bomb it into PEACE*...Michael Franti

    *MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
    .....song_Music & Politics....Michael Franti

    *The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)


  • polarispolaris Posts: 3,527
    the titles are like almost identical ...

    http://forums.pearljam.com/showthread.php?t=309472
  • know1know1 Posts: 6,794
    Kel Varnsen wrote:
    Edsel was a Ford Brand, like Lincoln, and AMC was bought out by Chrysler, although I see your point.

    Yeah - I meant to look up a couple that have failed, but the point is that some have.

    Let's face it - they're going to bail them out, but it's a big mistake, IMO.
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • JaneNYJaneNY Posts: 4,438
    I can't believe I'm on the same side as some of you on this, but I agree - I'm not really for a bailout here, at least not without some serious restructuring plan. No one's going to bail out my business if I go under. I think the people who work for the car companies are out of line with the rest of the country in terms of compensation for what their level of skill is. If the companies go bankrupt, they'll be able to restructure, and probably re-hire people but re-negotiate compensation, including that of people at the managerial level.

    edit - and it certainly wasn't politically expedient to show up in private jets. As a non-wealthy small business owner, I live modestly. Conspicuous consumption is not classy or prudent and does not generate good will.
    R.i.p. Rigoberto Alpizar.
    R.i.p. My Dad - May 28, 2007
    R.i.p. Black Tail (cat) - Sept. 20, 2008
  • CommyCommy Posts: 4,984
    bah, the auto industry is supplying a terrible product. Its time they get to work on all those battery patents they've been buying and make a realistic product. Hybrids.

    If the gov't is bailing them out so they can continue to make terrible priducts that get 12mpg fuck that....if the bailout has restrictions, and incentives for alternative fueled vehicles, then maybe it is a good thing.

    But what I've seen from the last bailout is there is no accountability. In fact there was a tax break for banks written into the last bailout...a ridiculous tax break., If JP Morgan bought another bank for $15 Billion, they could save $5 billion, with the new tax credits. Its giving companies incentive to consolidate power, to end competition...all bad for us working class.

    And then you have AIG in its scandal, spending almost $1 million at a spa and hotel.

    There's no accountability in these bailouts. they're not bailouts, they're handouts.
  • lalalalaaaaaaaalalalalaaaaaaaa Posts: 2,445
    Commy wrote:
    they're not bailouts, they're handouts.
    haha, I was just about to post this when I was halfway through reading your post. It's true though. We need to stop calling them "bailouts"...what a BS term that is. It's welfare for rich people who don't need it.
  • youngsteryoungster Boston Posts: 6,576
    g under p wrote:
    Smart thing to do for these guys and wil they get the money???? BRILLIANT!

    CEOs of Big 3 Automakers Fly Via Private Jet to Ask for Billions in Bailout Cash

    Peace

    I was on the fence with regards to the bailout but after reading this, I think it's a bad idea. It's like a guy dressed in a suit asking for spare change. How can you take them seriously? Let them go bankrupt and rebuild the industry from the ground up and maybe they will learn how to run a business properly.
    He who forgets will be destined to remember.

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  • g under pg under p Surfing The far side of THE Sombrero Galaxy Posts: 18,209
    cropduster82 wrote:
    I was on the fence with regards to the bailout but after reading this, I think it's a bad idea. It's like a guy dressed in a suit asking for spare change. How can you take them seriously? Let them go bankrupt and rebuild the industry from the ground up and maybe they will learn how to run a business properly.

    I agree sometimes one has to take 2 steps back to jump 3 steps foreward then one will end up being ahead.

    Peace
    *We CAN bomb the World to pieces, but we CAN'T bomb it into PEACE*...Michael Franti

    *MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
    .....song_Music & Politics....Michael Franti

    *The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)


  • unifiedsceneunifiedscene Posts: 462
    Saturnal wrote:
    Totally hypocritical. The fact that Congress is even considering these bailouts with our current deficit is just insane. These companies can survive on their own...the largest stockholders just don't want to take a big hit. They want to stay rich, and the best way to do that is to go to their local welfare office (i.e. Congress).

    Exactly. I believe the stock market is the source of all the problems we have in this country. It is the seed of our downfall.
    she was underwhelmed, if that's a word
  • spongersponger Posts: 3,159
    I spent a few moments today trying to figure what was going through their minds when they decided to fly their fancy jets into Washington.

    Obviously, it's a stupid move, but these aren't stupid people. They have fancy degrees and they fought tooth and nail to the top of the ladder. Sure they made some really bad business decisions, but that doesn't mean that they're stupid.

    Anyhow, what I think is that they thought they should treat it like they were going to ask for a loan at the bank. Of course, if you've ever asked for a business loan from the bank, you know that it's important to maintain the appearance of financial stability so that the bank trusts you with their money.

    Maybe these jokers thought that if they flew in on fancy planes, Washington would see them as still having the savvy for running a major corporation -- that they still had the "right stuff" for being captains of industry.
    reigning champion

    http://forums.pearljam.com/showthread.php?t=272825
  • g under pg under p Surfing The far side of THE Sombrero Galaxy Posts: 18,209
    Big 3 Owner's Manual

    Peace
    *We CAN bomb the World to pieces, but we CAN'T bomb it into PEACE*...Michael Franti

    *MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
    .....song_Music & Politics....Michael Franti

    *The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)


  • nuffingmannuffingman Posts: 3,014
    sponger wrote:
    I spent a few moments today trying to figure what was going through their minds when they decided to fly their fancy jets into Washington.

    Obviously, it's a stupid move, but these aren't stupid people.
    Sorry, I can't agree with you on this. These ARE stupid people and the world is full of them.

    My wifes job is looking after the enormously wealthy and there private jets. This week a major company in the UK announced layoffs but the big wigs are still flying all over the place in a $50 million jet. Also stupid people.
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