:cb: pakistani politicians also do the same thing but are they more professional in asking for qarz-e-hasna.
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
Hypocrits are everywhere.
They had no excuse. Thousands of people lost jobs and no change in their behavior.
It could be that they thought they will bring bags full of money safely in the plane.:D
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
hey rick wagner is my brother's boss !
long live GM
Well, that probably was one of the reasons that their appeal for bailout was rejected.
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
Well, they're due to go back in December i believe. I heard the radio show host @ NPR saying that they ought to go in a automobile, and present a real plan in order to fetch some aid from Govt. Charity starts from home.
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
While flying private jets was obviously a PR debacle for these automakers, it is very common in US corporate culture to have private jets. Media and politicians jumped on it and made it a poster child for corporate waste.
Personally I don't get this "fair weather capitalist and when things get rough, become a socialist" mindset. Why should tax payers bailout any automaker. If they have such a good business model, why don't banks lend them money? May be this is the perfect storm where banks have no liquidity and so automakers need treasury bridge loan, but we all know that all three automakers are incurring constant losses.
They need to focus on getting smarter and building cars that people actually want to buy. Also make their cars more reliable and fun to drive. Of the top of my head, Caddilac CTS is probably the only US made car in recent days that I liked driving. Its a shame. German, Japanese and Korean car makers are also hurting due to poor economy but they are not begging for money from their government. Or so I hope. :)
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
Yup, US autos are getting knocked off the charts left and right. Even with the incentives being offered to the potential buyers, people still opt for foreign makes mainly because of their durability and reputation.
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
Help me understand.... what qiyamat will come if one or all three automakers file for Bankruptcy protection? Isn't this exactly why we have bankruptcy laws in the United States? Why should tax-payers bail out anyone?
And these UAW guys need a solid kick in their rears. They have practically run these companies to ground,a nd even in the face of obvious bankruptcy, UAW has made not a single meaningful concession. Just for the arrogance of UAW, I think there should be no bail-out at all.
Re: GM/Ford/Chrysler CEO’s Fly Private Jets to Ask for Public Funds
I read something about Ford CEO pledging a $1 salary…what was that all about? If you’ve heard or read about it.. Ahh here you go. Found the article.
Salary cuts: As part of its plan, Ford announced that the salary of Ford CEO Alan Mulally would be cut to $1 a year if Ford (F, Fortune 500) actually borrowed money from the government.
General Motors (GM, Fortune 500) said that CEO Rick Wagoner also will accept a $1 salary. Chrysler LLC CEO Robert Nardelli is already being paid only $1 a year, according to the Chrysler plan.
Mulally had a base salary of $2 million and total compensation of $21.7 million last year, according to the company’s filings.
Wagoner received base pay of $1.6 million and total compensation of $14.4 million.
Closely-held Chrysler does not disclose executive pay.
http://money.cnn.com/2008/12/02/news/companies/automakers_plans/index.htm?postversion=2008120210
But is that enough? Is this going to make the company improve overall?
Help me understand.... what qiyamat will come if one or all three automakers file for Bankruptcy protection? Isn't this exactly why we have bankruptcy laws in the United States? Why should tax-payers bail out anyone?
And these UAW guys need a solid kick in their rears. They have practically run these companies to ground,a nd even in the face of obvious bankruptcy, UAW has made not a single meaningful concession. Just for the arrogance of UAW, I think there should be no bail-out at all.
The threat of "economy will sink into depression" if bailout not offered. Just like we all wanted to not bail-out financials because it was THEM who created this situation. What automakers are facing is crisis because of THEM (financials) as they are not able to get more customers, so if THEY are rescued then we will need to bailout others. Few days later home builders will demand rescue, then probably retailers (Circuit City alread dead).
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
Old news.
Ford sold its all 5 jets worth 35 million each, and gm and chrysler are also selling em, and this time they drove 9 hours to washington, and GM's CEO drove Chevy volt :d
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
^^ Man, that got to be the cheesiest move ever. I am still surprised who made them CEO. Dignified thing would be to take a commercial flight, business class. What they did looks like an obvious topi drama.
I mean for god sake, you are CEO of world biggest corporations. First you were so stupid that you all flew in private planes to ask for a bail out. Now you acted even more stupid that you drove 9 hours one way to ask for money. Its like begging for god sake. What a weird display of low self esteem and a total lack of leadership.
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
^^ Lol like Micheal Moore says... these CEOs need to be changed...
Old news. Ford sold its all 5 jets worth 35 million each, and gm and chrysler are also selling em, and this time they drove 9 hours to washington, and GM's CEO drove Chevy volt :d
That would've been the wise thing to do first time. They became a laughing stock and talk of every radio talk show for a week.
The point though is that their cars are sitting around getting stale, while Japs and European cars sell like hotcakes. They really really to come up with either newer, more efficient designs and gadgets and keep the price low so everyone can have a navi, xenon and all the other good stuff which you otherwise would pay a large amount to get. That might do the trick. Durability and trust is another sticky point with consumers when it comes to GM/Ford/Chrysler, etc., and frankly not all American cars are bad but it's the label that sells.
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
Its not durability, American cars are pretty durable, its perceive quality. Product that not only is a good quality product but looks like a quality product
American cars dont even come close to Toyota for instance when it comes to perceive quality which is number 1 reason of customer when he buys a car.
I mean, when you push the car's quarter panel with your knee and it gives away, there is nothing wrong with the car, but it just gives the impression of cheap quality.
when you open the hood and can see weld marks under the hood, or open the door and can see the wires visible behind door hinges, that all makes a car look like a product of cheap engineering though functionality wise there is nothing wrong with the car.
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
I say keep Gitmo open and use it for "rehabilitation" of CEOs that forced their companies to get bail outs. We could call them "economic terrorists"...
My tarot cards said tomorrow would be a huge down day, about -500 points.We'll see if I have the Jedi power
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
What you thinks guys, is their any good news coming regarding big 3 before monday ?
Personally i feel as the new Job Losses data is available congress can't take risk ..
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
So they get the loan but let's face reality early, the big 3 are all going bankrupt and all 3 will soon be a memory.
There is nothing a way more bankrupt, inept and mismanaged congress can do about it. A 14% shark loan from the Fed loan will only put 1,000 more nails in 3 hermetically sealed coffins. They won't be the only 3 automaker's going the way of the buffalo, either.
The problem is clear when you watch these terribly weak CEOs + UAW rep on the stand testifying to a double digit IQ congress:
- No leadership skills or acts
- No responsibility to determine own destiny
- No decisive vision or action
- Nothing but helplessness, negativity, and whining
- Three socialists who believe failure is the only option
It is no wonder the world must start over. These men are an embarrassment to the American corporate. Someday this testimony video will be used to illustrate leadership failure.
Re: GM/Ford/Chrysler CEO's Fly Private Jets to Ask for Public Funds
Nawh, chances are even after the bail out, the companies might still go under because the economy is in recession.