Maybe it was the combined 800 point drop in the DOW over the last two days, Perhaps it was their lack of a financial game plan, but it probably was a continued lack of financial sensibility, which made Congress yesterday turn down Chrysler, GM and Ford for the 25 billion bailout loan they were asking for. Each day of testimony was more frustrating than the previous over lack of a spending plan by either of the three car companies. But the 'nail on the coffin' had to be the many phone calls Congress members were getting over the separate private jets each CEO took to arrive in Washington D.C. for the hearings. Perception is everything.General Motors Corp(GM.N) will return two of its leased corporate jets amid intense criticism in Washington this week on the luxury travel arrangements of its chief executive. Really too little too late, as G.M CEO Rick Wagoner was in the capital to testify on the company's dire financial situation but then was blasted by lawmakers for flying on a private jet to ask for public funds and failing to make personal sacrifices in exchange for federal assistance.
Chief executives from Ford Motor Co(F.N), and Chrysler LLC, who were also there to plead for $25 billion in federal aid, came under fire too for flying to Washington in private jets.
Wagoner and Ford CEO Alan Mulally want to say they are required by their companies to fly by private aircraft for security reasons, according to company documents filed with the U.S. Securities and Exchange Commission.
A Chrysler spokesman said the automaker also leases or charters jets. He, however, declined to comment on whether the company was rethinking the use of private jets for executive travel, saying it was a "private matter."
Well if it is a 'private matter'..., then Chrysler CEO Robert Nardelli needs to take his broke butt back to Detroit and stop asking for Public Money. Hello! I myself am from Detroit and a lot of my friends are back in Detroit working for one of the "Big 3" automakers and frankly I'm embarrassed.
Congress has given them 12 days to return with a budget, a spending plan and vision for cars that will better compete in the world.