General Motors Cuts Back On Jets
General Motors has announced that they are paring down their corporate jet fleet. General Motors started this year with seven jets in their corporate fleet but the Detroit News reports that they turned in two in September and plan to jettison two more as a result of drastic cutbacks in travel expenses. The Big Three automakers all faced angry words from lawmakers on Capitol HIll when their CEOs flew in on private jets to ask for federal aid. Regulatory filings reveal that General Motors spent 256,793 on personal use of the company's aircraft by CEO Rick Wagoner, Chief Operating Officer Fritz Henderson and Vice Chairman Bob Lutz,. Ford spent $752,203 last year on CEO Alan Mulally's personal use of the company's aircraft using the jet for all business and personal travel for security reasons. Ford also spent $29,107 last year on first-class commercial airfare for Ford Americas President Mark Fields' to fly to and from his Florida home. Chrysler doesn't own any corporate jets but leases or charters planes per trip as needed and says they try to fill the jet whenever possible including giving children rides to Detroit hospitals from other cities. The corporate jet has been seen for years as a necessary perk for CEOs who frequently travel but like lavish holiday parties, luxury boxes at sporting events, and corporate retreats, the private jet now serves as a symbol of greed and foolish expense.