Alan Mulally Spanks the Senate

[RichardJensen]

Many more statistics are available. Each would demonstrate that the collapse of the US automotive industry would be a calamity for the entire economy. This is not a claim that any individual company is “too big to fail,” although of course that sort of claim seems to have been at work in some recent – and far more costly – actions taken in other sectors in response to the economic crisis. Rather, ours is a claim that a large swath of the industry rises and falls together, and that the industry collectively is too big and too important to fail. The linkages we have through our suppliers, dealers, workers and customers mean that there are very few isolated events in our industry. I would therefore urge you as you consider our request not to think of individual companies but rather of the industry – and the economy – as a whole.

 

Of course, bailouts of individual banks were undertaken to protect the industry as a whole, just as Mulally proposes as a reason for bailing out GM.....

[RichardJensen]

Source: http://media.ford.com/images/10031/111808_ARM_testimony.pdf p. 9

[rmc523]

Pretty good if you ask me....

[630land]

Should say '"Look, the Pinto was laid to rest 28 years ago, and we have made huge progress. Also, customers choose SUV's, no one was forced into them and import makes offer them too. SO why does AIG get a blank check and we are held to fire for old grudges?????"

[focus05]

Mulally to Congress: "Look, I wouldn't be here if Slick Rick hadn't f'ed things up over at GM and now threatens to destroy my supplier base. So, I don't need your stinkin' money, but I need you to do something with GM so it doesn't screw me over."

 

I wish journalists really did their research these days. Mulally's whole statement was less about Ford and more about keeping GM floating to save Ford. But, oh no, it's the Detroit automakers - not just GM (and to a lesser extent Chrysler). I wish Toyota would weigh in here, because they stand to lose a lot of money if GM goes belly-up.

[rmc523]

Mulally to Congress: "Look, I wouldn't be here if Slick Rick hadn't f'ed things up over at GM and now threatens to destroy my supplier base. So, I don't need your stinkin' money, but I need you to do something with GM so it doesn't screw me over."

 

I wish journalists really did their research these days. Mulally's whole statement was less about Ford and more about keeping GM floating to save Ford. But, oh no, it's the Detroit automakers - not just GM (and to a lesser extent Chrysler). I wish Toyota would weigh in here, because they stand to lose a lot of money if GM goes belly-up.

 

That's basically what he was saying, but you obviously can't just say that to the Senate.

[RichardJensen]

That's basically what he was saying, but you obviously can't just say that to the Senate.

You also can't say, "How'd you get to work this morning senator?"

[jpd80]

Tomorrow at the Los Angeles Auto Show, we unveil two all-new hybrids, the Ford Fusion Hybrid and the Mercury Milan Hybrid.

Both beat the Toyota Camry Hybrid in fuel efficiency by at least five miles per gallon.

The conventional versions of these new vehicles also beat the Camry in fuel economy.

 

:happy feet: :happy feet: :happy feet: :happy feet:

:cheerleader: :cheerleader: :cheerleader: :cheerleader:

Edited November 19, 2008 by jpd80

[V8 Ford]

I wish journalists really did their research these days. Mulally's whole statement was less about Ford and more about keeping GM floating to save Ford. But, oh no, it's the Detroit automakers - not just GM (and to a lesser extent Chrysler). I wish Toyota would weigh in here, because they stand to lose a lot of money if GM goes belly-up.

Who needs research when you have ideology. Ford and GM built SUVs ( !) while the Japanese carmakers did the right thing (by failing miserably at their attempts to enter than those segments).

[theoldwizard]

I general I think Alan did a good job on the hot seat. However, ABC's Good Morning America made a big point that Wagoner and Mullaly both arrived in Washington on private corporate jets. GMA made a big point that the cost of Wagoner flying that private jet to DC was probably close to $20,000 while a First Class Ticket on a commercial flight was less than $900.

 

"This is a slap in the face of taxpayers," said Tom Schatz, President of Citizens Against Government Waste. "To come to Washington on a corporate jet, and asking for a hand out is outrageous."

...

Ford CEO Mulally's corporate jet is a perk included for both he and his wife as part of his employment contract along with a $28 million salary last year. Mulally actually lives in Seattle, not Detroit. The company jet takes him home and back on weekends.

...

AIG, despite the $150 billion bailout, still operates a fleet of corporate jets. The company says it has put two out of its seven jets up for sale and is reviewing the use of others. Though there are no such plans by GM or Ford.

 

"It appears that the senior management of the automakers simply don't get it," said Schatz.

 

So Mark Fields has to fly commercial back home to FL but Mullaly still gets to use the corporate jet ! Schatz, is right. If you are going to plead poverty you had better not be standing there in your Johnston and Murphy wingtips. At least Mullaly doesn't use the same tailor that Nassar did.

[silvrsvt]

I general I think Alan did a good job on the hot seat. However, ABC's Good Morning America made a big point that Wagoner and Mullaly both arrived in Washington on private corporate jets. GMA made a big point that the cost of Wagoner flying that private jet to DC was probably close to $20,000 while a First Class Ticket on a commercial flight was less than $900.

 

"This is a slap in the face of taxpayers," said Tom Schatz, President of Citizens Against Government Waste. "To come to Washington on a corporate jet, and asking for a hand out is outrageous."

...

Ford CEO Mulally's corporate jet is a perk included for both he and his wife as part of his employment contract along with a $28 million salary last year. Mulally actually lives in Seattle, not Detroit. The company jet takes him home and back on weekends.

...

AIG, despite the $150 billion bailout, still operates a fleet of corporate jets. The company says it has put two out of its seven jets up for sale and is reviewing the use of others. Though there are no such plans by GM or Ford.

 

"It appears that the senior management of the automakers simply don't get it," said Schatz.

 

So Mark Fields has to fly commercial back home to FL but Mullaly still gets to use the corporate jet ! Schatz, is right. If you are going to plead poverty you had better not be standing there in your Johnston and Murphy wingtips. At least Mullaly doesn't use the same tailor that Nassar did.

 

So fucking what? what about all the money that our dear old sentors are wasting every day?

[jpd80]

Ford CEO Mulally's corporate jet is a perk included for both he and his wife as part of his employment contract along with a $28 million salary last year. Mulally actually lives in Seattle, not Detroit. The company jet takes him home and back on weekends.

Alan Mulally did not earn $28 million last year, that was for 2006 which included a sign on bonus

and $11 million to replace his surrendered Boeing stock.

 

I read that last year,he earned something like $2 million plus stock options.

Edited November 19, 2008 by jpd80

[Michael Reynolds]

I general I think Alan did a good job on the hot seat. However, ABC's Good Morning America made a big point that Wagoner and Mullaly both arrived in Washington on private corporate jets. GMA made a big point that the cost of Wagoner flying that private jet to DC was probably close to $20,000 while a First Class Ticket on a commercial flight was less than $900.

 

"This is a slap in the face of taxpayers," said Tom Schatz, President of Citizens Against Government Waste. "To come to Washington on a corporate jet, and asking for a hand out is outrageous."

...

Ford CEO Mulally's corporate jet is a perk included for both he and his wife as part of his employment contract along with a $28 million salary last year. Mulally actually lives in Seattle, not Detroit. The company jet takes him home and back on weekends.

...

AIG, despite the $150 billion bailout, still operates a fleet of corporate jets. The company says it has put two out of its seven jets up for sale and is reviewing the use of others. Though there are no such plans by GM or Ford.

 

"It appears that the senior management of the automakers simply don't get it," said Schatz.

 

So Mark Fields has to fly commercial back home to FL but Mullaly still gets to use the corporate jet ! Schatz, is right. If you are going to plead poverty you had better not be standing there in your Johnston and Murphy wingtips. At least Mullaly doesn't use the same tailor that Nassar did.

 

Please their CEOs of very large companies, what do you expect? At least they aren't throwing lavish 'educational' retreats like AIG has. Give me a break.

 

And 20K? I doubt it. Jet fuel aint that much, and it's not like they have to pay a special fee to use their own corporate jets.

[mettech]

It was a good show for the American 3 until they were asked: " How did you guys come up with the $25B number"?

 

They looked like the 3 Stooges trying to add simple numbers to come up 25.

 

When they were asked how are you going to pay it back.... again a big fumble.

 

I must add that Mr. Alan Mulally had his act together much better than Robert Nardelli and Rick Wagoner.

 

Mr. Nardelli is willing to do ANYTHING for the money. :shades: "I will work for $1/year."

 

From the answer that Mr. Wagoner gave, I'm not sure HE knows how much he makes per year.

 

 

For the price that each CEO gets, it was an embarrassment for the American 3.

 

And I must add, Ron Gettelfinger looked like a deer in the headlights.

 

It appears that the the UAW along with GM and Ford employees are unwilling to take a pay cut.

 

 

We will see how today's hearing goes. It appears to me that Dr. Peter Morici may have the right idea. Is he the new Ralph Nader?

[lfeg]

This guy has about as much knowledge as the average senator:

[MGallun]

my biggest issue is they are so willing to keep forking over billions to fucking AIG which is a shady as company anyways.

 

fuck the senators, its alot of their fault that this is all going on anyways., allowing GAS to get as high in price as it did, allowing the economy to go in the shitters, and not making their beloved banks do what they were supposed to do with all that money they are giving themmm loan it out to credit worthy people!!! they are getting buttloads of cash to spur the economy but they are hoarding it... i know somebody who works in finance dept of local ford dealer and they have to turn people away because banks wont loan to people below like 675 etc.. thats insane... they got the money to load out and they are hoadring it, so the dealers cant sell the cars.

 

ok, dont give big 3 some cash, but make the fucking banks you are giving money to to loan that shit out, not sit on it and line their own pockets, which iam sorry to say is happening bigtime.

 

some say its funny seeing the CEOs fumble and nit pick about personal planes etc.. when in reality its the money hungry senators fumbling..

[mlhm5]

I general I think Alan did a good job on the hot seat. However, ABC's Good Morning America made a big point that Wagoner and Mullaly both arrived in Washington on private corporate jets. GMA made a big point that the cost of Wagoner flying that private jet to DC was probably close to $20,000 while a First Class Ticket on a commercial flight was less than $900.

 

"This is a slap in the face of taxpayers," said Tom Schatz, President of Citizens Against Government Waste. "To come to Washington on a corporate jet, and asking for a hand out is outrageous."

...

Ford CEO Mulally's corporate jet is a perk included for both he and his wife as part of his employment contract along with a $28 million salary last year. Mulally actually lives in Seattle, not Detroit. The company jet takes him home and back on weekends.

...

AIG, despite the $150 billion bailout, still operates a fleet of corporate jets. The company says it has put two out of its seven jets up for sale and is reviewing the use of others. Though there are no such plans by GM or Ford.

 

"It appears that the senior management of the automakers simply don't get it," said Schatz.

 

So Mark Fields has to fly commercial back home to FL but Mullaly still gets to use the corporate jet ! Schatz, is right. If you are going to plead poverty you had better not be standing there in your Johnston and Murphy wingtips. At least Mullaly doesn't use the same tailor that Nassar did.

 

I get a little annoyed with BS complaints about wasting $25 billion. First, it's technically a loan. But even if it's completely lost, it's not all that much money. I mean, it's 2 months in Iraq.

 

However, if the whole idea is to minimize the suffering that workers will experience by one or two of D3 failing, is giving money to D3 the best way to do that?

 

With GM burning through $2 billion a month a $25 billion bailout will only last ~one year, even discounting for Ford and Chrysler.

 

D3 are projecting that car sales will be lousy until 2010-2011, so a bailout wouldn't even be an adequate stopgap measure, leading to a high likelihood that even more money will be requested by 2011. Perhaps, instead of propping up failing companies the $25b could be used to directly assist displaced workers.

[battyr]

I general I think Alan did a good job on the hot seat. However, ABC's Good Morning America made a big point that Wagoner and Mullaly both arrived in Washington on private corporate jets. GMA made a big point that the cost of Wagoner flying that private jet to DC was probably close to $20,000 while a First Class Ticket on a commercial flight was less than $900.

 

"This is a slap in the face of taxpayers," said Tom Schatz, President of Citizens Against Government Waste. "To come to Washington on a corporate jet, and asking for a hand out is outrageous."

...

Ford CEO Mulally's corporate jet is a perk included for both he and his wife as part of his employment contract along with a $28 million salary last year. Mulally actually lives in Seattle, not Detroit. The company jet takes him home and back on weekends.

...

AIG, despite the $150 billion bailout, still operates a fleet of corporate jets. The company says it has put two out of its seven jets up for sale and is reviewing the use of others. Though there are no such plans by GM or Ford.

 

"It appears that the senior management of the automakers simply don't get it," said Schatz.

 

So Mark Fields has to fly commercial back home to FL but Mullaly still gets to use the corporate jet ! Schatz, is right. If you are going to plead poverty you had better not be standing there in your Johnston and Murphy wingtips. At least Mullaly doesn't use the same tailor that Nassar did.

 

I agree that the government should not be giving a bail out if the company management and employees are not willing to make a sacrifice. Any such sacrifice must start at the top.

 

On the other hand, the government is offering billions in hand outs. All the companies have to do is show up at a certain time to explain why you need it. Does it make sense to not show up because either you can't get there in time by commercial jet, or that you are late from airline delays. Also it is hard to have a confidencial business meeting on a commercial jet.

[old_fairmont_wagon]

There are executive jet time-share companies that the big 3 could use to have access to corporate jets at a fraction of their current acquisition and upkeep costs. Its an area of real savings for many companies that have given up their corporate jets over the last few years. Similar quality of service but at less than 1/3 the price they were paying before. Only difference, you can't have GM or Ford painted up on the tail. It would have been a useful marketing tool for the big 3 to have used that service to get their execs to the meeting and, once slammed on its costs, they could point out how they've gotten rid of their own jets and are using this new, less expensive service to realize the same benifits.

[battyr]

There are executive jet time-share companies that the big 3 could use to have access to corporate jets at a fraction of their current acquisition and upkeep costs. Its an area of real savings for many companies that have given up their corporate jets over the last few years. Similar quality of service but at less than 1/3 the price they were paying before. Only difference, you can't have GM or Ford painted up on the tail. It would have been a useful marketing tool for the big 3 to have used that service to get their execs to the meeting and, once slammed on its costs, they could point out how they've gotten rid of their own jets and are using this new, less expensive service to realize the same benifits.

 

They could get a time-share jet that is shared with GM and Chrysler. They can all fly up together.

[one2gamble]

You also can't say, "How'd you get to work this morning senator?"

 

 

you could, it would hurt your chances for free money but you could

[OHV 16V]

you could, it would hurt your chances for free money but you could

 

Actually.... No, it might not. You'd be gambling on the odds for 2 different scenarios:

 

1. Those old fucks would even be able to remember how they got to work.

 

2. They didn't pass-away in the time between the asking of that question and their reply.

:D

[smok]

http://www.abcnews.go.com/Blotter/WallStre...5739&page=1

 

This is not very smart, given the situation. Idiots.

 

BTW, what is Mullaly driving? Watch the video.....Is it a taurus? what is it?

[MGallun]

http://www.abcnews.go.com/Blotter/WallStre...5739&page=1

 

This is not very smart, given the situation. Idiots.

 

BTW, what is Mullaly driving? Watch the video.....Is it a taurus? what is it?

 

hah, and the governments babies AIG and Fannie etc are throwing parties.. nobodys making noise about that now are they?????

 

cant tell what kind of car.. video not working.

[NickF1011]

hah, and the governments babies AIG and Fannie etc are throwing parties.. nobodys making noise about that now are they?????

 

cant tell what kind of car.. video not working.

 

Well, Mullaly arrived to congress driving a new Fusion hybrid, if that's what the video was...