ABC News reports:
Big Three CEOs Flew Private Jets to Plead for Public FundsWell, I guess if you think you'll get a $25 billion government bailout, there's nothing wrong with flying in private jets.
Auto Industry Close to Bankruptcy But They Get Pricey Perk
Still . . .
Hat tip: Drudge Report
3 comments:
Between the arrogance and greed of management and the unreasonable demands of the corrupt unions, the American automobile industry has effectively committed suicide. I would much rather drive an American truck, but as long as the companies refuse to manufacture a reliable product for a decent price, I'm very happy with my Toyota Tundra. My daughter is a proud member of the IBEW and also drives a Toyota truck; she has been threatened by Union goons, but they've never seen stubborn until they've tangled with my little girl! The most reasonable answer to all of this dust-up is for the auto companies to declare chapter 11, fire all the top management, and tell the Unions the contracts are no longer valid. If they can start over, they can be competitive.
Tarheel Hawkeye
These guys just DO NOT GET IT, do they?
They don't even have enough concern for public opinion to try to make a good impression.
A piece in the WSJ pointed out that about $500 Billion has been spent on R&D and capitalization by GM and Ford over the past decade. The market cap of these two companies is about $6 billion. They want $25 billion to save their butts.
An analogy would be to invest $50 in a business every year for a decade, then learn that the value of your $500 investment had dwindled to $6. Then, you are told that you need to put in another $25 to protect your $6 (for the time being, anyway).
I'd rather take my chances with those fabulous offers that nice folks from Nigeria keep sending me in emails.
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