This appeared as of November 20, 2008, in Yahoo News on the Internet. It demonstrates what the auto industry is in right now:
Plunging Shares GM's German-traded
shares fell 7.9 percent to the equivalent of $2.57 as of 11:09 a.m. in Frankfurt. GM has plunged 89 percent this year in New York
trading. Ford shares rose 3.2 percent in Germany. The stock has declined 81 percent this year in the U.S.
Now some of the top CEO's of the USA auto industry went to congress for a talk this week. According to Yahoo News they took private jets. As a matter of fact these auto companies own a fleet of jets.Hmmmm? Knowledge of this situation seems to present a problem to at least one congressman. To quote Yahoo News:
Democrats Gary Ackerman of New York and Bradley Sherman
of California criticized the auto chiefs for taking private jets to Washington to plead their case.
In addition, it is also suggested by some congressmen that maybe the auto executives need to take a deduction in salary or defer their salaries for a year. Yes, dear readers do keep in mind that these executives are making millions of dollars while their employees, at least some, are wondering if they have the prospects of having a job tomorrow.
To the executives at Ford, GM etc., good thinking guys taking private jets to congress. Why couldn't you go first class? Just how much do you care about your employees and your companies. Do you care enough to tighten your own belts a bit. Would you be willing to forfeit some of your salary to help the USA's economy and the world's thereby helping yourselves? I bet if one of your employees had this poor of reasoning they would get fired or at least a warning. What do you think Mr. Executive?
This information is all over the news. Really makes these executives look good. Wonder if the stockholders in these companies have enough sense to call an emergency meeting and do a little house cleaning. Most of the information in this blog is from Yahoo News. Read this for more information: http://news.yahoo.com/s/bloomberg/20081120/pl_bloomberg/am5z0hbbrp0u
So to close this facetiously, the world's economy is in good hands with executives like those in the banking and auto industry. Have no fear Mr. and Ms. World Citizen, your future is in good hands of caring leaders who have your best interest at heart!
I just wonder how many of these executives have really started from the ground up in a company. Did they all just step out of college into high paying jobs without the practical experience of building from the ground up or what. Remember the guy who saved the Chrysler company not too long ago? I believe he started as a salesmen. Yup just a lowly salesman. Makes one wonder, doesn't it? As for the author of this blog, well I probably would have as poor a performance record as these executives that may have contributed to this international economic debacle. I think there is a lot to say for starting at the bottom and working one's way up the ladder. How can they possibly know what it is to be one of the little people? How could they possibly know how to balance a budget and plan for bad times if they have never had to do so. Yes, it is obvious what makes this mess the world is in now. Ignorance is the main contributor.
Yet, I would really like to hear the explanations of these executives' actions from themselves. They probably think they owe no explanations. Well now, yes, they do. Take government funds be prepared to answer to the taxpayer. Guess what there are millions of us, just average citizens, who are taxpayers. Plus, if it is a publicly owned company, with stock holders, the stock holders can call an emergency meeting. They can see what can be done about getting rid of inefficient CEO's or CEO's. The one's who think it is necessary to make millions more at the expense of government and stockholders when the company is in trouble. The one's who take the millions even though they already have millions when their companies are in trouble.
Now some executives caught in this bind may say,"We did not see this coming! We had no idea! We have no control over the economy!" Well guys that is understandable. However, does it make sense to continue to live the high life when people and companies you are responsible for are hurting. If things are as dire as you say, then why not tighten your own belt a cinch or two. You could not possibly feel the pain as much as Joe Average Citizen who makes a miserly salary in comparison to yours.