Back in Town
The boys were back in town on Thursday.
The town was Washington. The boys are the three morons from the auto makers, who between them have lost $3 billion since they were last before Congress - two weeks ago.
Leaving their corporate jets in Detroit and driving to Washington, the chiefs of the Big Three automakers, including Ford Motor Co CEO Alan Mulally, pledged to refocus on higher fuel efficiency vehicles and lower production costs.
It's a fascinating thing to see up close just how dumb some of the highest paid executives in the country are. These guys made utter fools out of themselves before Congress last month, flying into town in their jets and dodging questions about taking pay cuts like the idea had never occurred to them before it was raised by posturing Congressmen.
Now, they're falling all over themselves to act embarrassed and humbled.
The chief executives of General Motors Corp and Chrysler LLC said they would consider restarting merger talks if needed to win their slice of up to $34 billion in emergency U.S. government aid."I would be very willing to look at it seriously," GM CEO Rick Wagoner told the Senate Banking Committee on Thursday, adding that merger talks earlier this year were dropped on concerns GM did not have the financing to merge with Chrysler.
Chrysler CEO Robert Nardelli said his job would likely be the first to go in a merger with GM, but if that would save Chrysler and its workers "I would do it."A real hero.
In the hearing, the CEOs said they would accept some sort of oversight board as a condition of a bailout. They also vowed to reshape their business models. For instance, GM -- the world's largest automaker -- plans to sell its Saab unit and drop its Pontiac and Saturn labels. All three automakers dismiss filing for bankruptcy protection, but some lawmakers are exploring the possibility of conditioning federal aid on an speedy court restructuring of one or more of the Detroit manufacturers.They shouldn't be helped - and it especially shouldn't happen without a bankruptcy style restructuring - with new operators, possessing new technologies and products, taking over.