Rick Wagoner on CSPAN - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 20 Old 11-20-2008, 07:27 AM Thread Starter
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Rick Wagoner on CSPAN

Last night I watched the reply on CSPAN of the automaker buyout discussuion. Rick Wagoner really blew it in front of the panel. The panel made some VERY good points against the automakers.

Rick did not provide direct replies to the financial questions, taking a GM private jet there and asking for a handout, not willing to take a pay cut more than 50%, come on GM, you have to do better than this.

I've been on the fence about this bailout 'bridge loan' all along, I'm starting to fall towards the side to turn it down.

When do these 'loans' stop? Each town in America has their bread and butter industry, do we bail all of them out?

This sucks all around.

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post #2 of 20 Old 11-20-2008, 07:31 AM
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Quote:
Originally Posted by OverAnxious View Post
Last night I watched the reply on CSPAN of the automaker buyout discussuion. Rick Wagoner really blew it in front of the panel. The panel made some VERY good points against the automakers.

Rick did not provide direct replies to the financial questions, taking a GM private jet there and asking for a handout, not willing to take a pay cut more than 50%, come on GM, you have to do better than this.

I've been on the fence about this bailout 'bridge loan' all along, I'm starting to fall towards the side to turn it down.

When do these 'loans' stop? Each town in American has their bread and butter industry, do we bail all of them out?

This sucks all around.
Agreed

D.R.
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post #3 of 20 Old 11-20-2008, 07:34 AM Thread Starter
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I can't believe the GM senior staff is still even taking a salary - it is BS at it's best. Lee Iaccoca was the man

I voted against every elected official who voted in favor of the financial bailout in our area in November and I will do the same if this one goes through. Companies/businesses need to own up.

Both of my parents are lifetime GM employees and are still in jeapordy of losing their jobs very soon if the bailout goes through or not. I saw some stupid Ford worker on the news last night, she is foolish enough to think if this bailout goes through she will not lose her job. Wake up people... These companies need to clean house and change things big time. That is the only way out of this.

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post #4 of 20 Old 11-20-2008, 12:15 PM
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Personally I think if GM, Ford and Chrysler should get bailout money.

Executive salary isn't the issue to look at, but Entire Compensation is.
They can take a salary of $1 and still make millions (options, bonuses, etc).

In exchange for a bailout, I think part of the deal should be making the entire upper-level management team of each company either agree to an entire compensation package of $1 or be removed from their position.
That way you have people working to fix the problem because they CARE ABOUT IT and WANT TO, not just to make a paycheck.

Additionally, another part of the deal should be to completely replace the boards of directors of the three companies.

That would be a **** good fresh start if you ask me.

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post #5 of 20 Old 11-20-2008, 12:16 PM
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check the news...supposedly there's been an aid/loan package agreed upon in the senate....GM stock is on the rise It's a start...hopefully they can make it work.


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post #6 of 20 Old 11-20-2008, 12:27 PM
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I HATE the politics involved in this situation. Congress is focusing on Exec salaries and benefits which have absolutely NOTHING to do with the issue at hand. Compaired to the overall spending of each of these companies, the exec salary and the cost to fly the jet to DC (provided by the company and REQUIRED to be used for insurance reasons), is nothing. Are these men supposed to put on a show and act like paupers for the media? That's ridiculous.

Bottom line, they bailed out AIG, and IMO AIG had the most fraudalent practices I've ever seen. Why can't they bailout struggling automakers? Do they realize what's at stake? Why aren't they focusing on important issues? They should be asking for how the automakers plan to spend/invest the bailout money, not complaining because they make more money than them.
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post #7 of 20 Old 11-20-2008, 12:34 PM
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I HATE the politics involved in this situation. Congress is focusing on Exec salaries and benefits which have absolutely NOTHING to do with the issue at hand. Compaired to the overall spending of each of these companies, the exec salary and the cost to fly the jet to DC (provided by the company and REQUIRED to be used for insurance reasons), is nothing. Are these men supposed to put on a show and act like paupers for the media? That's ridiculous.

Bottom line, they bailed out AIG, and IMO AIG had the most fraudalent practices I've ever seen. Why can't they bailout struggling automakers? Do they realize what's at stake? Why aren't they focusing on important issues? They should be asking for how the automakers plan to spend/invest the bailout money, not complaining because they make more money than them.

^^^ I agree 1000%...it's effin BS.

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post #8 of 20 Old 11-20-2008, 12:38 PM
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With ya on that too...
I think they're just arguing over where the money would come from.

Stupid Congress!
Give them the money, and decide LATER where it comes from! GEEZ!

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post #9 of 20 Old 11-20-2008, 12:54 PM
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Are these men supposed to put on a show and act like paupers for the media? That's ridiculous.

No, it's not ridiculous at all. Since when is flying first class humiliating? Were they worried they would be assaulted? This just shows the level of hubris. It's embarrassing.
I agree with the gentleman that started this thread. Sometimes appearances are important, and without question this was a collossal PR blunder.
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post #10 of 20 Old 11-20-2008, 01:16 PM
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No, it's not ridiculous at all. Since when is flying first class humiliating? Were they worried they would be assaulted? This just shows the level of hubris. It's embarrassing.
I agree with the gentleman that started this thread. Sometimes appearances are important, and without question this was a collossal PR blunder.
Did you read the part about the use of the Private Jet being MANDATORY for these execs? If they flew commercial they would be breaking their contract with their respective companies. That's right, they're REQUIRED to fly on the provided private jet per their CONTRACT. There was no choice to be made. Congress isn't stupid (well...maybe they are), but they KNEW that.
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