“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. ‘We want to continue the vital role we’ve played for Americans for the past 100 years, but we can’t do it alone,’ Wagoner told the Senate Banking Committee. 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.” [Link]
While it is unlikely that the government will be able to prevent itself from handing these companies whatever capital they need to stay afloat, these organizations have become to vast to operate with any sense or responsibility. Societally we need to be embracing new companies in technology based markets who will create jobs and bring money into our economy. We’ve become to reliant on being middle men between the production and consumption of other countries. Production and economic stability are directly related and we need to get back to it.
How much time is lost by the GM representatives when they have to check in for a flight two hours early, or when the GM representatives are not to talk about business during the flight due to insider trading concerns?
The question is what is lost? When 12 people fly on a private jet it costs about $20,000. When they fly to DC is costs about $12,000. Is a $8,000 savings worth the time lost?
Isn’t it really worth it in the long run?
http://nomedals.blogspot.com
Worth may be $1, but worth is a worth.