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The Big Three Burning Through Cash While on Capitol Hill

November 19, 2008

Could I borrow $25 Billion, once again I forgot my diamond studded wallet on my private jet?  It seems that while the Big Three Auto makers were pleading for cash, their private jets were waiting for them down on the Tarmac.

Hotair via ABCNews reports:

The CEOs of the big three automakers flew to the nation’s capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy.

The CEOs of GM, Ford and Chrysler may have told Congress that they will likely go out of business without a bailout yet that has not stopped them from traveling in style, not even First Class is good enough.

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.

The jets cost $20,000 just to fly to and from Washington…and you want more of my money?  (Actually according to republican Congressman Knollenberg, It’s not my money…it belongs to Congress).  Moreover, Ford CEO, Alan Mulally, flies to and from Detroit from Seattle every week because he did not want to relocate to Detroit upon taking his job.  That is millions of dollars per year, because your CEO doesn’t want to move?  Really?!? 

I have an idea.  First cut off all of your fat and reckless spending, then come to me begging for cash.  Does no one else see how a Chapter 11 Bankruptcy filing could help this situation.  I guarantee the US Trustee would not allow the use of these jets, and any other negligent spending.  I bet he would force the Big Three to put the jets up for auction on ebay.  Chapter 11 would actually promote the possibility of long term growth.  An influx of cash would not discourage horrible fiscal policy, and in some ways validate said fiscal irresponsibility.  Romney  and AP are with me, why isn’t Congress?

-reagan21

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4 comments

  1. Nice site. Theres some good information on here. Ill be checking back regularly.


  2. Why because they are having a spend fest in Washington on our dime, so why shouldn’t they spend and ask for bailouts…


  3. […] The Big Three Burning Through Cash While on Capitol Hill « Trust, But Verify […]


  4. Let them fail; they have had many years to produce more efficient and less costly vehicles, but have refused for the sake of short term profits. The big 3 put themselves in this situation, so let them get themselves out of it through reorganization via bankruptcy. We all know, however, in about 2 months “The One” will make sure they get their bailout…



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