Rick Wagoner is the CEO of GM.
Rick Wagoner recently asked Congress for a $25 beeeeelyon dollar bailout of the auto industry.
Rick Wagoner makes 14.4 million dollars a year.
Rick Wagoner flew to DC in his private corporate jet. Cost of this little jaunt: $20,000.
I'm a believer in the rights of companies to pay their executives whatever they want, but I question the sense of a man who is flinging cash around by the bucketfull while asking the American taxpayers to write him a check.
I know he's arguing, essentially that the auto industry is too big to fail. I counter 'too dumb to bail."
Show a little sense next time, Rick.
Friday, November 21, 2008
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3 comments:
On the one hand, a 20K plane ride is insignificant in the face of the auto industries' financial liabilities. But in terms of perception (which often trumps reality), I have to agree that the Big 3 reps could have exhibited a more austere bent. I hope we do something to ensure that the US increases its competitiveness in the industry. But if the Big 3 "dogs" won't hunt, then it's time to support companies that will.
I can't agree more with your last sentence. The plane ride was just the tip of the iceberg in terms of arrogance.
The way I see it, if you are asking the government to give you 25 billion dollars of the people's money, then you should show up with a solid plan explaining what, exactly, you intend to do with it, and how you intend to avoid coming back for more when it runs out.
Rick and his pals turned up without even some scribbling on the back of a cocktail napkin. They were assuming, that we would just hand them the cash because they came to ask for it.
The 20k plane ride was just a signpost, pointing the way to Arrogance City, Population: Rick.
Hear, hear. The American auto industry is a dinosaur. Let the comet strike it down. If any of them can evolve to a form that can work in the modern world, great; If not, it'll leave more space for the little guys like Tesla Motors who are actually innovating.
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