Jack & Jill Politics

Going to DC to ask for a bailout?  Here’s the keys to the Jet…

Are corporations totally DERANGED? This does not make sense to me.  If you need money to bail out your company, traveling on the private jet and continuing to collect multi million-dollar salaries, is NOT THE WAY TO GO.  From ABCNews, (Hat Tip AmericaBlog):

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.

The CEOs of GM, Ford and Chrysler may have told Congress that they will likely go out of business without a bailout yet that has not stopped them from traveling in style, not even First Class is good enough.

All three CEOs – Rick Wagoner of GM, Alan Mulally of Ford, and Robert Nardelli of Chrysler – exercised their perks Tuesday by flying in corporate jets to DC. Wagoner flew in GM’s $36 million luxury aircraft to tell members of Congress that the company is burning through cash, asking for $10-12 billion for GM alone.

“We want to continue the vital role we’ve played for Americans for the past 100 years, but we can’t do it alone,” Wagoner told the Senate Banking Committee.

While Wagoner testified, his G4 private jet was parked at Dulles airport. It is just one of a fleet of luxury jets owned by GM that continues to ferry executives around the world despite the company’s dire financial straits.

“This is a slap in the face of taxpayers,” said Tom Schatz, President of Citizens Against Government Waste. “To come to Washington on a corporate jet, and asking for a hand out is outrageous.”

Now, if I’m coming to DC to ask Congress for a bailout, if I had to fly, I’d fly COACH on Southwest Airlines and stay at one of the chain hotels with the bare necessities.  I’d eat my meals at Wendy’s or Mickey D’s. And I damned sure wouldn’t roll up on the Hill sporting $5000 suits, in a chauffered car after spending a night in a $1000 or more a night suite at the Willard or Mayflower Hotel.  In other words, I would look like I needed the help I’m asking for.

I’m already on record about bailing out Wall Street, and I think the auto industry could probably use a bailout more than Wall Street – considering Wall Street’s buddy, Hank Paulson, is earmarking 52% of the $700 billion towards paying CEOs their annual bonuses for incompetence and ruining corporations, not to mention putting millions of people on the unemployment line right before the Holidays.  The fringe Senator from Oklahoma, Jim Inhofe, actually has it right when he suggested that the $700 billion be cut off until Wall Street can prove it needs the money and give an account of how and where it will be spent.

Peep this, if you haven’t spit out your coffee in anger yet:

Wagoner’s private jet trip to Washington cost his ailing company an estimated $20,000 roundtrip. In comparison, seats on Northwest Airlines flight 2364 from Detroit to Washington were going online for $288 coach and $837 first class. (Emphasis mine)

This comes on the heels of giving a hand out to AIG, and then finding out they spent $350,000 on an executive goondoggle, not to mention the Finance CEOs will still get their bonuses this year. America really can’t afford to keep bailing out corporations that still live like Fat Cats and people like me are going to the unemployment line in droves.

I hope Rep. Henry Waxman and Senator Inhofe will be all over this like a fly on shyt.