A couple of weeks ago, the heads of the three big auto companies (GM, Ford and Chrysler) showed up in Washington singing the old "Brother can you spare a dime" song. Trouble is, they showed up in private jets. Congress railed them and sent them packing back to Detroit without a dime to show.
Looks like this time they've learned a lesson and will drive instead. (see here). I know I will have folks who disagree, but I'm not sure that having them drive is better.
The question is, if you were a stock holder, how would you want Mr. Wagoner to spend his day, driving or conducting business. Oh sure, he could go in a big car, hire a driver and sit in the back and conduct business. I can see him shuffling papers, talking on the cell phone with a fax and computer on his passenger side desk at 70 mph. But doesn't it seem that he would be more productive in an office where he could walk around even if it was at 30,000 feet.
It certainly was bad PR to show up in a private jet and ask for money. But I think the congressional reaction was a little off key on this one.