by Frank James
It was the question the chiefs of the Big Three automakers knew was coming and they were ready. How did they get to Washington and how did they plan to return home?
They knew it was part of the penance they'd have to pay for being so disconnected to public appearances that they separately flew to Washington on their private jets in November to ask for a taxpayer bailout of their companies.
It was Sen. Richard Shelby, a Republican from Alabama, who, hours into the hearing, asked the question.
SEN. SHELBY: You flew up here before, I understand that. And you drove up here. Did you drive or did you have a driver? Did you drive a little and ride a little? And secondly, I guess, are you going to drive back? Because if you are, some of us might want to ride back with you.
SEN. DODD: Where'd you stay? What did you eat? (laughter from the audience.)
SHELBY: Now wait a minute Sen. Dodd. I'll let you ask that question. The chairman wants to make light of it. But I can tell you this, are you planning to drive back? In all the press releases, I saw you drove up here.
All the auto CEOs said they drove to Washington and planned to drive back. All three, Bob Nardelli of Chrysler, Alan Mulally of Ford and GM's Rick Waggoner all split the driving duties with other drivers with Waggoner saying he planned to drive back himself tomorrow or Saturday.
It turned out to be one of the few moments of levity in a lengthy hearing that was generally fairly sobering.
Comments
Makes you wonder how all o the Congress got to Washington for the hearig.
Posted by: Inky | December 4, 2008 3:24 PM
Inky,
For once, I agree with you. This decision should not be based on how the CEO's get to Washington.
That may be our only agreement.
These senators seem to have developed a 'tin ear'.
When Daddy Warbucks asked for $700Gb for Wall Street, it was done post haste at double time.
When more liquidity was needed, somebody pushed a button and $800Gb MORE was created instantly.
But let some companies that actually produce a product ask for a paltry, by comparison, $25Gb and it just can't be done! How did you get here? What did you have for lunch?
We just can't afford it!
Posted by: C.Morris | December 4, 2008 3:35 PM
The auto heads had to sit there in November and be ridiculed about how they traveled to D.C. Yes, they flew on their corporate jets, just like the bankers and Wall Street thieves did in October. But, hey, THAT was OK! The Wall Street thieves are the Masters of the Universe! Nothing but the best chariots for Big Finance as they set about to loot our nation's treasury.
Posted by: Herding the Republican elephant off stage | December 4, 2008 3:59 PM
I'm more interested in the BIG 3 board of directors suspending year end bonuses than how the CEOs traveled for Public Relation reasons(this trip). Companies without bailouts are living without a bonus.
Posted by: taxpayer2 | December 4, 2008 5:07 PM
File, baby, file!
Posted by: Bankrupt R Us | December 4, 2008 7:40 PM
let them go bankrupt, reorganize their debt and liquidate their assets to the highest bidders. half-priced hummers for everyone.
Posted by: crud | December 4, 2008 11:37 PM
We cannot let GM DIE--it will harm the mom and pop businesses. And file baby file--what a classist thing to say.
We bail out the money traders--the bankers.
No questions to them.
But the bigger issue is the PATENTS for energy technology and distribution ala
WHO KILLED THE ELECTRIC CAR?
http://www.sonyclassics.com/whokilledtheelectriccar/
And what about all the lawsuits GM has filed to stop safety regs (they once fought the TURN signal for crying out loud).
Posted by: Shelby should travel home on horseback | December 5, 2008 8:12 AM
I don't want to sound anti-Union and there's obviously plenty of blame to go around, but the UAW took out a full page ad in the NYT this morning (what's that cost, $85K?) extolling, "We're not bankers" in big letters (which I'm sure is not appreciated or even rational in New York these days) Maybe it should have read, "We're not bonkers."
Posted by: Kenny Bunkport ✌ | December 5, 2008 9:38 AM
With all the perks Congress enjoys I think their questioning is miss placed.
Posted by: Paul | December 6, 2008 9:08 AM
One thing I forgot to add, where else but Congress, can you commit a crime, be convicted and still receive a pension for life?
Posted by: Paul | December 6, 2008 9:10 AM
"file baby file--what a classist thing to say.
We bail out the money traders--the bankers.
No questions to them."
You don't think the auto executives and the banking executives are of the same class?
Reorganization under bankruptcy protection is not death; it is rebirth under market conditions (including the protection of employees under all employment laws) and an obligation to bargain in good faith with its unions. It just relieves them of legacy obligations they cannot afford, including excessive executive compensation agreements.
Posted by: Bankrupt Are US | December 6, 2008 2:55 PM