Big Three Auto Execs Flew in Luxury Jets to Seek Multibillion-Dollar Bailout (Congress, wages)
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The CEOs of the Big Three automakers reportedly flew private luxury jets to Washington to plead for a $25 billion taxpayer bailout to save their debt-ridden industry — ringing up tens of thousands in charges even as they cried poverty.
Recipients of eight-figure bonuses in 2007, the corporate cowboys used their executive perks — which for GM's Rick Wagoner include the run of a $36 million Gulfstream IV jet — to arrive in style as they went begging before Congress.
Wagoner, whose flight reportedly cost $20,000 round-trip — about 70 times more than a commercial airline ticket — told Congress he expected about $10-$12 billion from the requested bailout.
"This is a slap in the face of taxpayers," Tom Schatz, president of Citizens Against Government Waste, told ABC News. "To come to Washington on a corporate jet, and asking for a handout is outrageous."
read more click on the link above.
Isn't flying commercial less expensive and showing they try to save some money.......I know everybody like it better if you don't have to pay and others will pay for you!!!
The Big 3 doesn't need a bailout. It's ridiculous to think that the $25 billion could rescue any of them, long term.
The shape they are in now, is the result of decades of bad decision-making and a complete lack of interest and respect towards embracing greener and less gas-guzzling vehicles. Totally irresponsible.
As-a-result, they should go bankrupt. That's what happens when bad business decisions are made, and things don't sell. Welcome to the real world!! No bailouts! Let the cards fall where they may, is what I say.
I believe this is somewhat their companies' policy. Well, they are just following the policy unlike the AIG execs getting tanned in San Diego while at the same time also receiving over 100 Billion dollars from the feds.
The CEOs of the Big Three automakers reportedly flew private luxury jets to Washington to plead for a $25 billion taxpayer bailout to save their debt-ridden industry — ringing up tens of thousands in charges even as they cried poverty.
Recipients of eight-figure bonuses in 2007, the corporate cowboys used their executive perks — which for GM's Rick Wagoner include the run of a $36 million Gulfstream IV jet — to arrive in style as they went begging before Congress.
Wagoner, whose flight reportedly cost $20,000 round-trip — about 70 times more than a commercial airline ticket — told Congress he expected about $10-$12 billion from the requested bailout.
"This is a slap in the face of taxpayers," Tom Schatz, president of Citizens Against Government Waste, told ABC News. "To come to Washington on a corporate jet, and asking for a handout is outrageous."
read more click on the link above.
Isn't flying commercial less expensive and showing they try to save some money.......I know everybody like it better if you don't have to pay and others will pay for you!!!
The Big 3 doesn't need a bailout. It's ridiculous to think that the $25 billion could rescue any of them, long term.
The shape they are in now, is the result of decades of bad decision-making and a complete lack of interest and respect towards embracing greener and less gas-guzzling vehicles. Totally irresponsible.
As-a-result, they should go bankrupt. That's what happens when bad business decisions are made, and things don't sell. Welcome to the real world!! No bailouts! Let the cards fall where they may, is what I say.
The CEOs of the Big Three automakers reportedly flew private luxury jets to Washington to plead for a $25 billion taxpayer bailout to save their debt-ridden industry — ringing up tens of thousands in charges even as they cried poverty.
Recipients of eight-figure bonuses in 2007, the corporate cowboys used their executive perks — which for GM's Rick Wagoner include the run of a $36 million Gulfstream IV jet — to arrive in style as they went begging before Congress.
Wagoner, whose flight reportedly cost $20,000 round-trip — about 70 times more than a commercial airline ticket — told Congress he expected about $10-$12 billion from the requested bailout.
"This is a slap in the face of taxpayers," Tom Schatz, president of Citizens Against Government Waste, told ABC News. "To come to Washington on a corporate jet, and asking for a handout is outrageous."
read more click on the link above.
Isn't flying commercial less expensive and showing they try to save some money.......I know everybody like it better if you don't have to pay and others will pay for you!!!
I listened to the hearings on the radio today and some of Congress were asking them very sarcastic questions in reference to their private jets. I'm sure that it made them squirm. Makes you wonder how people that reach such high positions on the corporate ladder can be so stupid. I suppose it is just their arrogance that makes them think that they are worthy of such extravagance while begging for a handout.
I only hope that the American people can see that these bums that are so quick to point their finger at labor, union, pensions, and health care when it is they who are really the reason for the Big 3 failure. Just like the AIG exec's going on their extravagant vacation when their company was in the dump, the Big 3 exec's flew separate jets at a time they should have flown coach and used the local public bus in D.C.
If you are wondering what's happening in America today look no further that the people who run big business.
I listened to the hearings on the radio today and some of Congress were asking them very sarcastic questions in reference to their private jets. I'm sure that it made them squirm. Makes you wonder how people that reach such high positions on the corporate ladder can be so stupid. I suppose it is just their arrogance that makes them think that they are worthy of such extravagance while begging for a handout.
thus they will get it no doubt.... they are thinking if AIG can fail and ceos/execs walk away with bags of money and go on lavish trips while every one else below them suffers why not.. sad but true and since these people are wealthy they probably are putting their hands in the pockets of many politicians
If you are going to DC to beg for money flying commercial sets an example.. even if you are in front of the plane.
Here is a lesson on a bailout in Britain of British Carmaker, British Leyland http://www.nytimes.com/2008/11/18/bu.../18car.html?em
Quote: “The British Leyland experience is a relevant and cautionary one,” said John Casesa, a principal in the automotive consulting firm Casesa Shapiro Group in New York. “The government got in the business of trying to make a winner out of a structurally flawed company. That’s the risk in the U.S. as well.”
I don't see the Big 3 making it without major changes to make them more competitive (wages, etc) with other car firms..
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