Friday, November 21, 2008

Bailout for Detroit? Heck No!

Link to blog post by Seth Godin

Not only should Congress encourage/facilitate the organized bankruptcy of the Big Three, but it should also make it easy for them to be replaced by 500 new car companies.

Or perhaps a thousand.

That's how many car companies there were 90 years ago.

What we don't need are giant companies with limited choice, confused priorities, private jets and a bully's attitude.

Link to Business Week article
that mentions:

Three different members of the House of Representatives pointed out on Nov. 19 that the three CEOs and the union chief were flown to Washington in separate, private planes.

For the second straight day, members of Congress asked the CEOs if they would limit their own salaries. The suggestions ranged from $1 million a year as suggested by one congressman to $1 a year for the next year or two as suggested by another. Only Chrysler CEO Robert Nardelli agreed, while GM's Wagoner and Ford's Mulally sidestepped the question.

From another article, when Ford CEO Alan Mulally was asked about dropping his salary from $21.6 million (last year) to $1:
I understand the point of the symbol, (but) I think I'm OK where I am.

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