I live in Michigan and though I have been against bailing out the big three automakers, my opposition has not been overwhelming because it could be devastating to our state. That is until now.
Reading this article, I think I have finally had enough and am leaning heavily towards no assistance. Let them sink and let someone else take their place. It could even be good for Michigan in the long run. For decades we have been on a seesaw with the auto industry. Up for awhile then down with them. We need a more stable job market in our state.
Back to the article though. Keep in mind that these companies are worried that they could run out of money this year. They won't have enough to pay their employees or suppliers. So what did they do to show their concern:
The CEOs of the Big Three automakers reportedly flew private luxury jets to Washington to plead for a $25 billion taxpayer bailout to save their debt-ridden industry — ringing up tens of thousands in charges even as they cried poverty.
Recipients of eight-figure bonuses in 2007, the corporate cowboys used their executive perks — which for GM's Rick Wagoner include the run of a $36 million Gulfstream IV jet — to arrive in style as they went begging before Congress.
Wagoner, whose flight reportedly cost $20,000 round-trip — about 70 times more than a commercial airline ticket — told Congress he expected about $10-$12 billion from the requested bailout.
Rick Wagoner has made it clear he has no intention of stepping aside from the company he has run into the ground. What is far more likely is he will get a bonus this year and Heaven forbid they should fire him, this would cost the company millions.
The arrogance of these Sons of a Bitches is overwhelming. Especially this: Wagoner...told Congress he expected about $10-$12 billion from the requested bailout He expected? What the Hell?
I think if we do bail them out, it should be under the condition that they clean house in Dearborn (Ford), downtown Detroit (GM), and Auburn Hills (Chrysler). Fire everyone. Start over. No big perks, sell the jets, bonuses for success only. If not, then no money.