GM, Ford and Chrysler act like AIG while asking for a handout
Remember when the government gave AIG $85 billion to keep the company afloat and then AIG management went on a $440,000 junket to a spa hotel? Well, our three biggest car manufacturers are looking to pull an AIG.
The CEOs of all three car companies flew to Washington on private company jets to ask Congress to give them tax payer money for their companies. According to The Washington Monthly, GM CEO Rick Wagoner, arrived 
in Washington on the company $36 million Gulfstream IV jet. Alan Mulally, Ford CEO, gets use of private jets as part of his $28 million contract. Ford owns eight such jets to ferry top management around the world. Robert Nardelli, CEO of Chrysler also arrived by private corporate jet.
These three men were asking for $25 billion in taxpayer money for their companies. What a racket. Rather than cut salaries or perks offered to their executives, they fly to Washington on their corporate jets to ask for taxpayer money.
These are the same guys that have been telling Washington and American car consumers that their companies are not able to make cars that will meet more stringent mileage and environmental standards. Yet, Ford offers ten vehicles in Europe with gas mileage that ranges from 38.5 mpg to 62.8 mpg.
Most of these car models aren’t offered in America although they all get better gas mileage and spew less CO2 than many of the American car models that Ford makes.
GM had record sales in Europe in 2007 “outpacing all competitors”. The majority of those sales were from the Opal/Vauxhall portion of GM. Opal/Vauxhall cars aren’t sold in America through GM dealerships. Vauxhall models have gas mileage that starts at 25 mpg and goes up to about 63 mpg. Gee, why can’t they build cars like that in America?
Dana Millbank of The Washington Post noted that several congressional leaders questioned the executives about their salaries and perks. Rep. Brad Sherman (D- California) asked the car makers the following questions with the following response:
I’m going to ask the three executives here to raise their hand if they flew here commercial,” he said. All still at the witness table. “Second,” he continued, “I’m going ask you to raise your hand if you’re planning to sell your jet . . . and fly back commercial.” More stillness. “Let the record show no hands went up.
Rep. Patrick T. McHenry (R-NC) had this to say:
I’m not an opponent of private flights by any means, but the fact that you flew in on your own private jet at tens of thousands itself dollars of cost just for you to make your way to Washington is a bit arrogant before you ask the taxpayers for money.
Funny, the big three American car makers can seem to make cars that will get great gas mileage and meet more stringent European emissions standards, but not in America.
With their inflated arrogance and sense of entitlement, all they seem to be able to do in America is whine and ask for money, when they aren’t flying around in their private jets!
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November 20th, 2008
This is sick. I pity the workers who will loose their jobs because their bosses have their snouts in the trough.
November 20th, 2008
I wouldn’t give them a single cent (more than we already have)
Is this not the second 25 billion-dollar bailout?
Let them go bankrupt! Only the strong survive.
November 21st, 2008
Didn’t the concept of the State sponsoring inefficient businesses fall out of fashion with the fall of Communism?
November 21st, 2008
You can buy Opel/Vauxhall equivalents in the US. The Saturn Vectra is exactly the same as the Opel Vectra. Many other Chevrolets, Pontiacs, etc are clones of Opel models. I drive a 2004 Malibu Maxx that is just like an Opel or a Saab under the sheet metal. It is very fast, comfortable, and reliable, even with 110,000 miles on it. It still gets 32 mpg on the highway with regular gas. Diesel versions are not easy to get yet in the US but are the European models with the best MPG.
They would not build corporate jets if the nation’s biggest corporations did not need them to save the valuable time of their leaders. They did not buy the jets when the corporations were on the ropes. It would be difficult to get a good price for the corporate jets these days so they may as well get some use out of them. I agree that all U.S. corporate top officials are overpaid relative to their foreign counterparts. Another good reason to raise the tax rates for our wealthiest people, back to where these were in 1979.
November 21st, 2008
And you think that AIG does not have a corporate jet(s)?
What about the missing 2 Trillion dollars that is not accounted for from the Fed Reserve?
Flying in on their jets is the least of the problem.
November 21st, 2008
They should stop flying private jets. What Hypocrites. That would be like Al Gore flying private jets while he lectures everyone about…..oh wait.
November 24th, 2008
lol i just find it funnii that they were so deprate to fly all the way out there like that and if you dont have alot of money atleast look like it i mean private jets? what a bunch of losers
November 24th, 2008
lol i just find it funnii that they were so desprate to fly all the way out there like that and if you dont have alot of money atleast look like it i mean private jets? what a bunch of losers
April 10th, 2011
Yeah bookmaking this wasn’t a risky decision great post! .