Detroit automakers give up private jets
Posted
Jun 19 2009, 01:07 PM
by
Kim Peterson
Rating:
Remember when the chief executives for Detroit's automakers flew in private jets to ask Washington for $25 billion in taxpayer money? Those were the days.
Private planes are now history for General Motors (GMGMQ). A bankruptcy judge is allowing the company to end its leases for all seven of its corporate jets and hangar space at a Detroit airport, The Washington Post reports. Now, company execs will have to -- gasp -- fly commercial.
"We're all flying Delta," a company spokesman said. In a court filing, GM said that those airplane leases "are not necessary or valuable" to its business activities.
In a more honest assessment of the situation, GM spokesman Tom Wilkinson said "the use of private jets was a political hot potato." You mean a company in bankruptcy doesn't need seven luxury planes?
Chrysler has also dumped its planes, and Ford (F) is trying to sell its five jets, the Post reports.
Related reading:
Big Three CEOs stage a PR comeback?
Come on, is driving to Capitol Hill really necessary?
Obama squashes Citigroup's $50 million luxury jet