Big 3 CEO's (and UAW CEO) answering questions on CNBC (yesterday)

[Mr. Wyndham]

Originally Posted by Supermans

However they all will continue to fly around in their Gulfstreams using company money at $10,000 or more per flight..

Question about that, by the way ....

Congress says "come to Capitol Hill next week for a hearing". What do you think the chances are of you getting on a plane in such short notice to such an important assembly?

I'm NOT saying everybody should have a personal jet...but not everybody needs to be places...right NOW. Heard this point from somebody else...and it made sense to me.

[AngryAmish]

i wouldnt expect them to go earning $1 a year. not because i think they deserve their current salary, but for other reasons.

does alot of you think for some reason they live in 100k-200k house like most of us? they live within their means, much like we do. they just have a helluva lot more means.

they buy what they can afford...and most likely save-per percentage- the same we do per year. they would have to adjust theirs and their families lives completely, probably selling their home, etc. do alot of you really beleive they stockpile their money in gold bullion in case the apocalypse should happen? no. im willing to wager that their mortgage adjusts to about 25% their income per month just like ours. to ask people to adjust their lifestyle in the amount they asked is completely ridiculous.

in truth, the people asking them these inherently stupid questions are just covering their ass because they got burned by the execs that took the spa trip. they are not being "tough" or even making sure your tax dollars are "in good hands." they are positioning their public face to be clean for when election time comes.

i actually applaud the ceos for answering truthfully.

and in case you are wondering, yes. poloticians rank on my list of favorite people right in between traveling vaccum salesman and ambulance chasers.

[camaro5]

Originally Posted by Dragoneye

I get that -- I've said earlier it was stupid of them to say no....VERY stupid. But to think such a move can actually help the company when it comes down to it just isn't realistic, imo.

Absolutely. Maybe I misunderstood you, sir. It's a symbloic gesture (a priceless one), but it's not going to change the bottom line.

They needed to show a gesture of good will. Wagonner showed his MILLIONARE'S greed, now, let's show him the door.

[Mr. Wyndham]

Glad we're on the same page. That's exactly what I meant.

Originally Posted by camaro5

Wagonner showed his MILLIONARE'S greed, now, let's show him the door.

Technically...he's already shown some level of responsibility in this area. In 2006, (maybe 2005, as well) He and Lutz took a 50% pay cut and bonus slashes(memory's foggy...99% sure it was 50%). He also makes one of the lowest salaries for a CEO in the Industry...again, just saying! (I still think telling them no was rather stupid.)

[camaro5]

Originally Posted by Dragoneye

I get that -- I've said earlier it was stupid of them to say no....VERY stupid. But to think such a move can actually help the company when it comes down to it just isn't realistic, imo.

Originally Posted by Dragoneye

Glad we're on the same page. That's exactly what I meant.


Technically...he's already shown some level of responsibility in this area. In 2006, (maybe 2005, as well) He and Lutz took a 50% pay cut and bonus slashes(memory's foggy...99% sure it was 50%). He also makes one of the lowest salaries for a CEO in the Industry...again, just saying! (I still think telling them no was rather stupid.)

I'll probably calm down, I always liked the guy, before this.

His tallness creates cars I can fit in, I'm 6'4".

[Moose]

Originally Posted by Dragoneye

Wagoner is CEO of GM North America...it was his idea to get GM into China among other things...which is a big deal, actually...Overall...I think I like what he's done with the company.

Except for this last move....stupid, imo. Please the a$$holes up on the bench no matter what. They do hold your company's life in their hands...

Wagoner is far from "a moron", and to support Dragoneye's info, it was Wagoner who has made GM a HUGE success in China.

[Supermans]

Originally Posted by Dragoneye

Question about that, by the way ....

Congress says "come to Capitol Hill next week for a hearing". What do you think the chances are of you getting on a plane in such short notice to such an important assembly?

I'm NOT saying everybody should have a personal jet...but not everybody needs to be places...right NOW. Heard this point from somebody else...and it made sense to me.

They could have booked a flight within a weeks notice as this is not a busy time of year. Furthermore they could have still booked first class and gotten a limousine rental to come and get them at the airport and that would have looked much better than how they each arrived.. However I am not as upset about the flights they took or the lavish hotels they stayed at because that is to be expected from CEO's of major companies that feel the need to appear important and have certain luxurious lifestyles they are used to. There is nothing wrong with being successful and showing off your success because this is America, however during these times when your own company with thousands of employees who would be in much harder times with a paycut or worse being fired, it is up to the CEO or anyone else high above in the company to be frugal with expenses. Frugality seems to not be a word in the three automakers vocabularies when it comes to the top executives lifestyles and amenities. Just my two cents on this one and I do know my share of very wealthy people and not all of them are as selfish as I'm making them out to be and certainly not all of them have a blind eye to the impoverished or downtrodden in society. However unfortunately many do and it is those people I can't stand...

[OUR72GTO]

The shareholders of the common stock have lost 90 % in the last year....they should demand the entire top management team walk out the door. Without compensation.
These goofs apparently can't run a peanut stand. Bring LEE back. They run a car company....they should have driven to the meeting

[Moose]

I'll add my .02 regarding the executives; while we can discuss their means of transportation, or where they stayed, etc., etc., the BIG PICTURE is the financial situation of "the Big 3".

I don't mean to sound flippant here.

I'm just a little "touchy" after watching the ^&%$ing media coverage of the executives arrival, when what they should be covering is the story of what will happen if these companies are allowed to go under.

[OUR72GTO]

Originally Posted by Dragoneye

Glad we're on the same page. That's exactly what I meant.


Technically...he's already shown some level of responsibility in this area. In 2006, (maybe 2005, as well) He and Lutz took a 50% pay cut and bonus slashes(memory's foggy...99% sure it was 50%). He also makes one of the lowest salaries for a CEO in the Industry...again, just saying! (I still think telling them no was rather stupid.)

So the guy who ran a dead bank for 3 weeks got 18 million as severance.

They are paid to run a company well......if they don't, they should not get paid at all....just like the rest of us.

[camaro5]

BTW -

Something that blew me away, sorta...

Ron Gettlefinger UAW Pres. was asked to rank the 3 companies in order of financial condition -

Best to worst, he said:

Ford

Chrysler

GM - dead last. They are hurtin' people.

[Scott@Bjorn3D]

News was just flashed on bottom of financial tv NO Bailout for Big 3. It has been decided. They tried to get the votes but came no where close.

[GTAHVIT]

Originally Posted by Dragoneye

Question about that, by the way ....

Congress says "come to Capitol Hill next week for a hearing". What do you think the chances are of you getting on a plane in such short notice to such an important assembly?

I'm NOT saying everybody should have a personal jet...but not everybody needs to be places...right NOW. Heard this point from somebody else...and it made sense to me.

Agreed,

You don't think each and everyone of those politicians can charter a jet at a moments notice???

Cmon everyone. Learn to look through the rhetoric and vote buying posturing.

CEO salaries aren't enough to make a difference. We all know that. So, you want to see a symbolic show of sacrifice? Before you jump all over the CEO's lets look at what is to be politically gained by a politician who can get them to agree to a 1$ salary. If you don't think that the politicians made that proposal so they would look good to voters, then you aren't looking at the bigger picture.

Most politicians make choices based on what will keep them in office. If they believe their voters hate the evil CEO and his salary, they will use this opportunity to show that their constituency is heard. If politicians believe their voters hated the last "bailout" bill. They will think twice about another similar mistake. I wonder who contributed more to politicians campaign funds. Banks or the auto industry. Or how bout the UAW? Do you think they contributed more to campaigns than the auto industry?

Is it the Auto industry's fault that they can build cars more inexpensively in another country? Or is that our government's fault? Or is it the Union's fault. In fairness: Is it the CEO's fault?

All I'm asking is that you look below the surface of all the rhetoric. It's never as simple as these hearings appear to be. There is much more at play than what you see on the surface. Don't be so quick to blame the CEO. Do Politicians give their salaries back when they screw up? Shouldn't each member of our Government take a pay cut for more than doubling Government spending? Did our esteemed politicians ask the banking industry to accept 1$ dollar salaries in exchange for the "bailout". Don't forget that the auto industry is asking for a LOAN. The expectation is that it will be paid back. Doesn't that deserve some credit?

Think about it.

[TAG UR IT]

It's going to be a sad, sad Christmas for thousands of families nationwide. Poor little kids who don't get presents because some congressman thought they did what was best for the country. Those jerks need to look in the mirror....They just sat back and let it happen...saying they REFUSED to help OUR country....WHEN THEY CONTINUE TO POUR BILLIONS INTO OTHER COUNTRIES . We can't continue to hold the hands of everyone else....we need to get our feet planted firmly on the ground first.

I've got quite a few ways this gov't can save some cash... I'll hold onto my beliefs since this is not the place for them.

It is a sad day, folks. GM will go bankrupt. Say it. GM will go bankrupt. Not looking good at all....-and I have the faith that they will do everything they need to keep it together.