Friday, November 21, 2008

The Audacity of the Big 3 Auto Gang

Plain and simple, they're bullies. High priced bullies. Of course we're talking about the heads of GM, Chrysler and Ford. Consider the fact that just the other day, they all flew off to Washington, cap in hand and expected another rubber stamped bailout from Congress. Yes, all the billions they have received in the past from American taxpayers just haven't been good enough for them to stay afloat.

This time their call for $25 billion in handouts was at least met with some resistance. In question, was the fact that each executive flew into Washington on company owned private jets. You would think that if a company truly had 'cut to the bone' to find savings, private jets would have been gone a long time ago. Perhaps even more intriguing was the fact that ABC News revealed that Ford not only has a private jet for their CEO, they have a fleet of eight to fly around their top ranking officials.

When governments hand over tax dollars to private firms it stinks. It's no different than letting government officials play the stock market with our money.

However, when taxpayers learn that their dollars are going to firms that haven't even tried to cut luxurious perks, it stinks even more. Good for Congress for at least holding out momentarily, hopefully they'll stick to their guns. With any luck, Canadian lawmakers will do the same!

LA Times Story - http://www.latimes.com/business/la-fi-bailout20-2008nov20,0,1807355.story
ABC News Story - http://www.abcnews.go.com/Blotter/WallStreet/Story?id=6285739&page=2

1 comment:

geoff w said...

Taxpayers of Canada should put out a press release pleading for a bailout package - to compensate for the bailout packages the government are contemplating.

Bailouts all around!

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