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GM ditches jets, but. . .

November 22, 2008

Excerpt from ABC News:

“General Motors said today that it is putting two of its five corporate jets out of service because the planes are not being used enough. The top three executives at GM, however, will continue to use the private luxurious jets for all of their business and personal travel, despite a flurry of criticism over the perk following an ABC News report this week.”

“…Tom Wilkinson, a spokesperson for GM. Wilkinson said the downsizing is “strictly in response to the planes not being used” and not a reaction to the harsh treatment CEO Rick Wagoner and others received from Congress…”

“…despite the downsizing, Wagoner and the two other top executives at GM will still fly private for all business and personal travel, a board stipulation according to Wilkinson, for security reasons.”

Read the whole story here.

As I said in one of my comments, change starts with oneself. It is clear that General Motors have failed their first test.

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3 Comments leave one →
  1. November 22, 2008 2:36 pm

    Why don’t they just use NetJets 😀

    Probably for the same reason why you buy rather than rent/lease?

  2. LC Teh permalink
    November 24, 2008 11:00 am

    About these fat-cats out front… I can’t seem to forget those news pictures published about Myanmar during the storm disaster showing some army generals standing before rows of citizens squatting before them. The most obvious part was the generals’ fat bellies in contrast against the gaunt faces of the citizens. Same conditions, different settings.

    Yeah, profiting from other people’s misery. Maybe I should tell my broker that, hehe. 😀

  3. November 25, 2008 9:41 am

    Lee Iacocca took a salary cut down to $1 a year in face of similar situation years back. How come there are no heroes like him anymore these days? And it’s just to ditch some luxuries. Maybe that’s why we are now in deeper shit…

    According to these automaker executives when they faced the Senate, they’ve identified the problem. The problem is the financial crisis. Its not them. John McCain used exactly the same line to justify his lost election. He lost it because of the financial crisis. Its not him.

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