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December 04, 2008

Breaker-Breaker, Looks Like We Got Us A Convoy

So the CEO of GM made his pilgrimage via auto back to DC to genuflect and kiss Pelosi's ring (for his sake, I certainly hope he bathed and splashed on a extra dose of Paco Rabanne before coming within olfactory range of Harry Reid)

Two weeks ago Rick Wagoner flew to Washington on a corporate jet. This time the chief executive of General Motors Corp. made the trip in one of his company's black hybrid Chevrolet Malibus, driving part of the way.

and the other CEOs will be there today, so the Three Wise Men will be together again, except in a twist on the conventional telling of that tale our modern versions will be looking to get gold from the New Born King

Wagoner will be back in the spotlight Thursday and Friday, along with fellow CEOs Alan Mulally of Ford Motor Co. and Robert Nardelli of Chrysler LLC, when they appear before the Senate Banking Committee and the House Financial Services Committee to appeal for financial aid totaling up to $34 billion. Wagoner's plea will be the most desperate. GM submitted a plan to Congress on Tuesday that called for $18 billion in loans and warned that the 100-year old iconic American company won't have enough money to run its business without an immediate cash infusion of $4 billion.

All three CEOs made the trip to Washington in high-mileage hybrid vehicles—the types of cars critics say the Detroit Three should have been making more of instead of becoming enamored of higher-profit, less fuel-efficient vehicles like SUVs and Hummers.

Will one of our brilliant Solomonaic leaders in DC ask these "executives" how they can possibly plan to return to profitability when they've spent billions of dollars to develop a "high-mileage hybrid vehicle" that gets a scant 2 mpg better than it's gas-powered counterpart?

And they want at least $34 billion of my money?

Posted by Mr. Bingley at December 4, 2008 07:56 AM

Comments

I heard on the radio this morning that apparently one of the CEOs (It might have been GM's) was complaining about having to produce a "business plan" for Congress....he whined, "But they gave all that money to that insurance agency [AIG, I presume] and THEY didn't have to produce a plan."

That made my head explode just a little. CEOs with an entitlement mentality. No wonder our country is ****ed up at the moment.

Posted by: ricki at December 4, 2008 08:16 AM

Yeah, that's a great point, ricki. As other folks have pointed out, it seems that nowhere in their presentations do these cretins ever talk about when they might actually turn a profit. Let 'em sink. I have an American-made car: a Honda mini-van.

Posted by: Mr. Bingley at December 4, 2008 08:22 AM

I love this:

the types of cars critics say the Detroit Three should have been making more of instead of becoming enamored of higher-profit, less fuel-efficient vehicles like SUVs and Hummers

So, instead of going down the crapper with "higher-profit" vehicles, they should have gone down it faster with lower-profit vehicles? There's a business plan.

Posted by: Ken S, Fifth String on the Banjo of Life at December 4, 2008 09:33 AM

Heheh, excellent point, Ken.

Posted by: Mr. Bingley at December 4, 2008 09:45 AM

Maybe the Big 3 should go back to a business plan that works.......

Posted by: The_Real_JeffS at December 4, 2008 11:50 AM

They should let GM and Chrysler go the way of Nash, Hudson, DeSoto and Studebaker. Like Mr. Bingley I'll stick to my American-made Honda Accord.

Posted by: Gunslinger at December 4, 2008 07:16 PM