Let’s say you’re three auto industry executives summoned to Washington to explain why you deserve billions of dollars in taxpayer money. You and your cronies have mismanaged your industry for years, but luckily for you and unluckily for the country too many parts of the economy rely on your continued existence. You watched AIG executives get strafed in the media for throwing lavish corporate retreats (with spa trips!) just after taking bailout funds. You know the public is hyper-sensitive to signs of waste, because middle class Americans are struggling to get by and it’s their money you’re seeking.
So what do you do? You take separate private jets from Detroit to Washington. You take three flights at an estimated cost of $20,000 each, despite the fact that coach flights are available for under $300 and first class flights are available for under $1,000.
You spend $60,000 when you could have spent $900. And then you go to Congress with your hand out.
Jesus H. Christ. Bailout funds for the industry should be contingent on new leadership taking over and old leadership being put in stocks.
