So the auto bailout was postponed yet again today, which goes along with my life being postponed lately. I have been sick, barely able to do anything but watch Gossip Girl at 4pm. My apologies to all who it has affected. The person really affected is me, which is a lot NOT like the auto companies.
You see, in what many are claiming to be the cliffs of calamity in Detroit, their CEO’s all flew private jets over to D.C. for these meetings. I sure want my tax dollars going towards that. I know a lot of peoples jobs in Michigan, and a lot of other states that are home to suppliers, are at stake here, and I want this to turn out well for all those hard working people. However, this is not the case of this economy causing a dangerous situation for Detroit, but this economy presenting an easy escape from years of screwing up.
Gary Ackerman (D – Queens)
“Couldn’t you all have downgraded to first class? Or jet-pooled? It would have at least sent the message that you do get it.”
For years I have had issues with the U.S. auto manufacturers. They pay their CEO’s ridiculous amounts for constant failures, they took years and years to adopt green vehicles, they were blind to the fact that Toyota was doing innovative things and balancing their product offerings. These companies should all fire their entire management and hire a few Harvard Business graduates that can think in modern times. I know, I use that plan for everything, but why do people think that the leaders of companies who have come up in the old way and fail will succeed somewhere else? When will there be discrimination laws about companies having to interview 2 candidates under 40?
The current CEO’s also turned down a gesture of good will that was brought up to them. When asked if they would take a symbolic $1 salary, much like Lee Iaccoca did years ago to help revive Chrysler, Ford and GM’s CEO’s said no. GM’s Wagoner took home 14 million last year; Ford’s Mulally grabbed a cool 22 million. For the record, Chrysler CEO Bob Nardelli said he would take the $1 a year salary, but it was reported in 2007 that his salary would be $1 a year and then incentive based, so he is (and kinda isn’t) doing his part. Nardelli also is probably still living nice off that 201 million severance he got from Home Depot.
The U.S. “Big Three” in the past 3 years combined for 67 billion in losses, and it’s just the economy, right? I’m gonna spell this out for any Fortune 500 board members than might accidentally happen across my blog. No one, and I mean no one, is worth 15 million dollars a year. I don’t care who they are, or what they are doing, it CAN NOT be considerably more than the level of work you would get out of a person being paid 2 million. Give your CEO’s profit sharing all you want, I have no issues with that, but no base salary deserves to be that high.
You want to save these companies? Here is how. If you are a stockholder, write in your unhappiness with the board and CEO, the two public companies ARE accountable to all you millions of shareholders who have been fleeced in your stock value and owe it to you to stop spending money they don’t have. Cerberus should be able to figure out this thing for their own and save Chrysler, or sell it off in pieces to one of the Japanese auto makers. That is the other reality, Toyota or Honda can jump in the game and purchase on of these failing companies, though we may all be better off in a world without the original “Big Three”.
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