CEOs trying to “save an industry” drive themselves to Washington
Articles — By forcechange on December 2, 2008 2:23 pm
The AP reports that Ford CEO Alan Mulally and GM CEO Rick Wagoner planned to drive to Washington to ask Congress a second time for a bailout. Chrysler says CEO Robert Nardelli will not travel by corporate jet, but won’t disclose his arrangements due to “security reasons.”
While we’re not huge fans of the bailout, and even less fans of the CEOs of these companies, we still think the private jet fiasco was overblown. Now, instead of spending their time trying to right their sinking ships, the CEOs are driving their cars to Washington. Really?
Our only concern is– we’d feel more comfortable defending the CEOs’s use of private jets during this crisis if we were confident that they were actually spending all of their time working to fix their companies. However, given the sad state of their companies and the public relations nightmares they’ve allowed to occur under their watches, who knows how hard they are actually working? How capable can these guys be if they think driving from Detroit to Washington is a good idea? If they can’t fly private, how about commercial? It still must be faster than driving.
One thing is for sure though– they will now spend a good portion of their time this week driving to and from Washington instead of in the office. Is it naïve to think they at least hired a driver so they could work in the backseat?
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The Big three have been doing bad business for years now. we have to take a stand and say enough is enough. there is no way this bailout plan will work, it is only a temporary bandaid. The unions have to be broken and that will not happen till they file bankruptcy. There are too many debt obligations along with massive amount of pension obligations for this to work. Re organize big three, file for bankruptcy and cut the fat.
Ford Motor Co., Detroit’s says it’s OK for now. Although it is seeking up to $9 billion in bridge financing, but says it hopes to complete turnaround without accessing the loan should Congress agree to make the funds available. But it wants the ability to access up to $9 billion in government credit. They also said that if GM fails it could take the entire domestic auto industry down with it.
So FORD needs GM?
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