Shocker: Fat cat CEOs fly on private jets!
When the chief executives of Ford and General Motors flew in to Washington yesterday to ask Congress for a $25 billion lifeline, they didn’t fly coach.
General Motors CEO Rick Wagoner arrived on his company’s cushy Gulfstream IV, ABC News reported. Ford CEO Alan Mulally flew in on a private company jet as well.
It costs about $20,000 to fly one of these jets round trip from Detroit to Chicago — far more than the $900 cost of a first-class ticket on Northwest Airlines, ABC said.
Wagoner told ABC he took the private jet because he’s a busy guy. Mulally declined to comment.
It’s not exactly news that corporate fat cats prefer to fly in style. And assuming all eight seats on the G4 were taken, the private jet only cost about $13,000 more than flying commercial.
But it might not be the best move by Big Auto as it tries to convince Congress that a $25 billion bailout would be money well spent. The two have already been criticized for their generous pay packages ($22 million for Mulally in 2007, $15.7 million for Wagoner).
What do you think? Is this a tempest in a teapot, or further evidence of Detroit’s poor business practices?
Photo: REUTERS/Kevin Lamarque (Auto industry leaders testify in Senate on Nov. 18)