Wednesday, February 11, 2009
- CEOs of Chrysler, Ford, and GM, respectively -- the Big Three U.S. automakers!
- The Big Three have a longstanding and deserved reputation for making lower-quality vehicles than foreign automakers!
- In high school, Rick Wagoner was named best all-around student in his class!
- Wagoner has an MBA from Harvard -- just like Grover Norquist, Enron CEO Jeffrey Skilling, and George W. Bush!
- Early in his career, while at GE, Bob Nardelli was known as "Little Jack," after GE CEO Jack Welch, a global warming skeptic who during his career at GE left his wife for a journalist who interviewed him for a story and laid off hundreds of thousands of workers -- and who continues to draw an $8 million annual retirement payment despite already having a net worth of more than $700 million!
- Wagoner's 2007 compensation was $15.7 million!
- After being ousted from Home Depot with a $210 million golden parachute, Nardelli signed on with Chrysler, where he's taking an annual salary of $1 -- but is receiving other compensation that he doesn't disclose!
- During the oil crisis of 2003-2008 -- as demand for big, inefficient vehicles tumbled -- the Big Three continued to focus production and marketing efforts on gas-guzzling cars, trucks, and SUVs!
- Big Three market share in the U.S. dropped from 70% in 1998 to 53% in 2008!
- After years of mismanaging the Big Three, traveled to Washington, DC, to request a $25 billion bailout from the U.S. Senate -- spending tens of thousands of dollars to get there via private jet, rather than a fraction of that on regular commercial flights!
- Who do they blame for their companies' pathetic performance in the marketplace? Unions!
- After being excoriated for their travel expenses on the first trip, traveled by car to a follow-up meeting with the Senate -- Nardelli in a hybrid, Mulally in a Ford Escape, and Wagoner alternating between a Chevy Malibu, a Chevy Cobalt XFE, and a Buick Lucerne!
- Wagoner and Mulally actually spent part of the nine-hour drive from Detroit to DC behind the wheel of the cars they were traveling in!
- When asked by U.S. Representative Paul Kanjorski (D-PA) how much money GM needed to survive, Wagoner all but said, "How much do you have?"
Posted by Joe Six-Pack at 6:29 PM