Big Three Automaker CEOs Flew Private Jets to Beg Congress for Bailout Money
By Mike Adams, November 19, 2008 | Key concepts: Auto industry, U.S. economy and Financial bailout
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It's classic automaker behavior: Waste money even while you're begging the government to bail you out. It also demonstrates the problem with the big three automakers: A culture of vastly overinflated salaries and benefits that they all think they're "owed" by the nation.
The problem with U.S. automakers isn't the economy, the problem is that they pay ridiculously high salaries for union workers who are being offered six-figure bonuses for quitting their jobs! It's a culture of out-of-control spending combined with really crappy cars (if you've ever owned a U.S.-made car, you know what I'm talking about).
Detroit doesn't need a bailout, it needs a radical revolution. It needs drastic pay cuts, quality improvements and efficiency optimization. Handing it a bailout will prevent it from doing exactly the things it needs to compete in the global auto market.
From Abcnews.go.com: The CEOs of the big three automakers flew to the nation's capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy.... more
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