GM, Chrysler make cuts to hold on for loans

[Chuck]

October was the worst U.S. auto sales month in 25 years, and November is looking only slightly better.

AP - November 21, 2008

If GM and Chrysler never thought about what might happen if it came to this - now they get to in a very painful way -- Ed.

When Chrysler was near death and awaiting a government bailout in 1979, then-CEO Lee Iacocca ordered drastic spending cuts and required all checks above $1,000 to be approved by a senior vice president.

Chrysler LLC and General Motors Corp. need to follow the same playbook now, industry analysts and management professors say, as they try to outlast the debate in Washington over whether they will get billions in government loans.

With no hope of getting credit elsewhere and auto sales at a 25-year low, both automakers are perilously close to having only the minimum amount of cash needed to operate....[Read More]

[JusBringIt]

But what they’re doing now may not be enough. Some in Congress criticized the CEOs for flying to Washington on separate corporate jets. GM is reducing its leased fleet from seven planes last year to three, but the stigma remains.

Let me fly in my jet to go beg money that comes from people who some arent even able to afford to fill up their 10 gallon tank of gas.

CEO's should all be cut. These industries should be turned over to the gov't to find suitable LEADERS.

[donee]

Hi All,

You know, this could be a buisness oportunity for the Airlines. They could lease the whole first class section of a regularily scheduled flight for a buisness contingent such as this. Although, these days, there are not any first class sections in the regional jets used for a flight, from Detroit to Washington.