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Thursday, November 20, 2008

Flying In A Private Jet To Beg For Money

The US automobile industry is facing its biggest crisis ever and the head honchos of the Big 3 Auto makers (GM, Ford and Chrysler) are lobbying hard for a government bailout. The CEOs of these companies were in Washington DC recently to meet up with the government authorities. The 3 CEOs flew to Washington DC in their own private jets and this has attracted widespread criticism at a time when their companies are in dire need of cash. Critics say that the CEOs should have gone for commercial airlines or jet-pooling instead of flying in 3 different private jets from Detroit to Washington DC. 

Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money.

"There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they're going to be trimming down and streamlining their businesses," Rep. Gary Ackerman, D-New York, told the chief executive officers of Ford, Chrysler and General Motors at a hearing of the House Financial Services Committee.

"It's almost like seeing a guy show up at the soup kitchen in high hat and tuxedo. It kind of makes you a little bit suspicious."

He added, "couldn't you all have downgraded to first class or jet-pooled or something to get here? It would have at least sent a message that you do get it."

When contacted by CNN, the three auto companies defended the CEOs' travel as standard procedure.

Like many other major corporations, all three have policies requiring their CEOs to travel in private jets for safety reasons.

"Making a big to-do about this when issues vital to the jobs of millions of Americans are being discussed in Washington is diverting attention away from a critical debate that will determine the future health of the auto industry and the American economy," GM spokesman Tom Wilkinson said in a statement. (Link)

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2 Comments:

  • Whoa! It is alive!!!

    By Blogger Patrix, at 10:29 PM  

  • How much time is lost by the GM representatives when they have to check in for a flight two hours early, or when the GM representatives are not to talk about business during the flight due to insider trading concerns?

    The question is what is lost? When 12 people fly on a private jet it costs about $20,000. When 12 fly commercially to DC it costs about $12,000. Is a $8,000 savings worth the time lost?

    Isn't it really worth it in the long run?

    http://nomedals.blogspot.com

    By Blogger Jason, at 2:19 AM  

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