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» » News18 Shorts

Big 3 car firm CEOs beg for bailout in private jets

Nov 21, 2008 09:14 AM IST Business Business
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The big three automakers, Ford, Chrysler and General Motors are seeking a US $ 25 billion bailout.

But the way they arrived for the meet at Washington was definitely not the way to go about asking for money.

High flying took on a new meaning when the CEOs of top three auto giants arrived in a private jet to ask for a US $ 25 billion bailout.

The bailout for Detroit's big three automakers has hit a major road-block on Capitol Hill.

During Wednesday's testimony there was huge criticism from lawmakers because all three CEOs flew into town in private jets.

The public and the tax payers have not taken to it very lightly. Their argument is no matter what you think about bailing out the big three automakers and their CEOs, this just does not look good.

In fact, flying to Washuington in a corporate jet to ask for a 25 billion dollar bailout from the taxpayers is a public relations car-wreck!

The delicious irony of the whole thing is it is amusing to see private luxury jets flying into Washington DC and people coming off them with tin cups in their hand.

In the first place, corporate jets are infamous gas guzzlers. Flying in one from Washinton to Detroit could cost as much as $ 20,000 as opposed to the more economic and efficient commercial flight, which could cost cost a single passenger about $ 600 both ways.

In the second place, the more obvious question to some is whether a company on the verge of bankruptcy ought to ditch the jet as part of its cost cutting measures.

But there is no word from the car companies that they are planning to sell the jets in place now and fly back commercial.

Ford, Chrysler and General Motors later issued statements essentially saying that top executives are required to use company plane for security reasons.

GM further added that making a big ado about this when issues vital to the jobs of millions of Americans are being discussed in Washington, is diverting attention away from from a critical debate.

Obviously, it is not illegal. But it is not unethical too, as the car companies will have us believe. This was company business for the CEOs.

When on the one hand theses companies talk in worried tones about going bankrupt and that you go about haemmorhaging cash, to then fly here in your Lear jet is really pretty insulting to the taxpayers. But these are the perks of being CEOs.

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