"All three CEOs - Rick Wagoner of GM, Alan Mulally of Ford, and Robert Nardelli of Chrysler - exercised their perks Tuesday by flying in corporate jets to DC. Wagoner flew in GM's $36 million luxury aircraft to tell members of Congress that the company is burning through cash, asking for $10-12 billion for GM alone."

Wagoner (GM):
"While Wagoner testified, his G4 private jet was parked at Dulles airport. It is just one of a fleet of luxury jets owned by GM that continues to ferry executives around the world despite the company's dire financial straits."

"Wagoner's private jet trip to Washington cost his ailing company an estimated $20,000 roundtrip. In comparison, seats on Northwest Airlines flight 2364 from Detroit to Washington were going online for $288 coach and $837 first class.

After the hearing, Wagoner declined to answer questions about his travel."

Mulally (Ford):
"Ford CEO Mulally's corporate jet is a perk included for both he and his wife as part of his employment contract along with a $28 million salary last year. Mulally actually lives in Seattle, not Detroit. The company jet takes him home and back on weekends."

"Yet Ford continues to operate a fleet of eight private jets for its executives. Just Tuesday, one jet was taking Ford brass to Los Angeles, another on a trip to Nebraska, and of course Mulally needed to fly to Washington to testify. He did not address questions following the hearing."


"GM and Ford say that it is a corporate decision to have their CEOs fly on private jets and that is non-negotiable, even as the companies say they are running out of cash."


This is just another reason I say no to the auto bailout. It's so shameful that these execs still spend that much on travel, while at the same time whining that they're going broke & have to lay off so many employees.

When the economy is in the shape it's in now, especially when you're with a company begging the government/taxpayers for billions of dollars, you need to cut back on expenses & luxuries like the rest of us. I don't think the US taxpers should have to bail out these companies, just so their execs can keep living high on the hog.

Source for quotes

we've kowtowed to wall street, well known for its excesses---
whats the moral diff between wall street and these clowns?
(not that i'm for the bailout--- just sayin)

hiya frag!!! nice ta see ya!!

I'm not defending the Wall St. execs. They were/are also way too greedy.


But it takes balls to spend $20K to fly to Washington on a private jet to 'beg' for billions of dollars becuase you're going broke. There's just something so fundamentally wrong there.

CEOs get paid regardless of how the company as a whole is faring. And firing them would be more expensive than keeping them on.