Posted on 11/21/2008 8:44:55 PM PST by Doofer
DETROIT (AP) -- Ford Motor Co. may sell its fleet of five corporate jets after top executives of the three Detroit automakers were harshly criticized by members of Congress this week for their travel expenses.
In a statement issued Friday, Ford (F, Fortune 500) said it is exploring all options for the fleet, which it said has been reduced from nine in 2005.
"Ford's top priority is to continue making progress on our transformation plan, and we do not want anything to distract us," spokesman Mark Truby said in a statement. "We are exploring all cost-effective solutions for our air travel."
The announcement comes just days after Ford CEO Alan Mulally, Chrysler LLC CEO Robert Nardelli and General Motors Corp. (GM, Fortune 500) CEO Rick Wagoner traveled to Washington on separate corporate jets to seek $25 billion in government loans to help them make it through the worst U.S. auto sales downturn in 25 years.
Congress, though, abandoned a vote on the bailout after a disastrous appearance in which the automakers were criticized for lavish corporate travel, as well as for having poor business plans and high labor costs that some members said would keep them from being competitive with Toyota Motor Corp. (TM) andHonda Motor Co. (HMC)
Senate Majority Leader Harry Reid, a Democrat from Nevada, said in Washington that "these guys flying in their big corporate jets doesn't send a good message to people in Searchlight, Nev., or Las Vegas or Reno or anyplace in this country."
Corporations typically lease planes, buy them or charter aircraft to transport executives and other employees. Many require executives to travel by corporate jet for security reasons and so they can meet with other executives and do work while traveling.
(Excerpt) Read more at money.cnn.com ...
Who is left that will buy the jets ?
Just like a bailout..if they get the bailout and continue to make cars, who is going to buy the cars ?
Maybe that's part of a sly strategy. If they sold the jets to a dealer for oh, $5 million, and wait 6 months, the market might get so bad that they can buy their own jets back for $4 million; making a million in the process! The dealer could then go to Congress and say they're running out of cash and need a bailout...
“I didn’t like their fancy, expensive suits. I want all car executives wearing sackcloth and ashes until they stop begging for my money. Maybe they can also ring a bell and announce “unclean, unclean” so that people can avoid them.< /almost sarcasm>”
Blue coveralls and baseball caps. LOL
“Who is left that will buy the jets ?”
I think Southwest bought one or two 737’s off Ford a few years ago IIRC.
It’s easy. Have a flunky drive a hybrid to Baltimore, have the CEO fly into BWI on the corporate jets, deplane, get in the car and drive, with much fanfare into WDC for the next hearing. Simple.
Honda builds airplanes now. Specifically, fuel-efficient small corporate jets, complete with Honda-developed jet engines:
Yes, that's right. Honda makes airplanes. So should a Honda exec get called to Washington to testify (they're not going to be asking for a bailout, that's for sure), flying commercial would be a BAD thing for them because it would show no confidence in the Honda product.
Honda maintains a rather large corpjet fleet, as well.
The Greensburg, Indiana airport was expanded considerably to be able the Global Express and BBJ’s from Honda Aviation.
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