Big Three CEOs fly to Washington by private jet

Even with their companies in despair, Big Three CEOs still travel in style. Lawmakers are scolding the Big Three auto CEOs for flying to Washington, D.C. in private jets while asking for taxpayer money. Rep. Gary Ackerman, D-New York, states that there is "irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hands, saying they're going to trimming downa and streamlining their businesses." The CEOs of Ford, Chyrsler, and GM have all decided to fly their luxury private business jets to beg for taxpayer money to bail out their companies. Rep. Ackerman added, "At least they could jet-pool or something." Many lawmakers and citizens alike are angry that none of the companies have decided to fly commerical to their destination; the CEOs are still wasting their money on luxuries they cannot afford. The companies did not disclose how much the jets and their operation costs. However, they defended their statements by stating that "company policy requires CEOs to travel in private jets for safety reasons." An analyst has estimated that a round trip between Detroit and Washington, D.C. would cost around $20,000. Many shareholders felt that this is money wasted on luxury when the company cannot afford to do so.

Personally, this is a huge waste of money when the Big Three are desperately short of money. $20,000, while not a huge sum in their budget, is still a lump of money that could be better utilized. Even if the CEOs flew first-class, their flight fee alone would be reduced by at least $15,000. When taxpayers see that their money being wasted on expensive private jets, they are bound to oppose a bailout. The Big Three's defence was that it was company policy for CEOs to take private jets for the safety reasons. However, taxpayers would feel differently than the CEOs or the companies about this policy. They are paying $20,000 for what could be a $500 trip. They waste $20,000 to beg for taxpayer money. I believe that the bailout shouldn't be granted, as more than $10 million will probably be wasted, such as the travel of this jet. That is why this is a stupid decision. It definitely will affect the outcome of the $25 billion bailout.

http://www.cnn.com/2008/US/11/19/autos.ceo.jets/index.html?iref=mpstoryview