White House has been talking on bailouts for weeks now. With Ford, GM, and Chrysler all struggling the government is drafting bills to come to their aid. Senator Dodd, who is the Chairman of the Banking Committee is also proposing that GM CEO be removed as part of the deal. The deal would also eliminate all chartered or private aircraft, no bonuses for executives, not "golden parachutes", and no stockholder dividends.
As much as this article makes it seem like Chris Dodd and democrats are really attacking the CEO's and big executives within the auto industry we all know that these people will still be living the same life style they always have. Funded by the taxpayers this time. AIG executives have been seen flying private jets, staying in fancy spas, and renting out large banquets for parties.
Do these CEO's feel any guilt in having the hard working American tax payer, pay for luxuries most have never even experienced? Our politicians should force all three CEO's to step down. American car companies have not been investing in the future for a long time. They have been concerned with their SUV's, Trucks, and high margin vehicles. Forget about the hybrids, electric, and solar powered ideas of the future.
What kind of example does this give to companies in other industries? The banking industry had millions of peoples life savings, retirements, college savings, and mortgages. But do we really need to save the Ford Explorer? Companies have failed before because of poor decisions, and new and better ones have risen up. Whats to say someone else won't step up?
http://www.nytimes.com/2008/12/09/business/09auto.html?pagewanted=2&_r=1&hp
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