General Motors Inc. is sort of the anti-Ross Perot, the company that informs you that no matter what the circumstance, it still needs a boatload of money just to make getting up in the morning worth it. The automotive giant (ish) asked for $18 billion in federal loans, one-and-a-half times the size of what it asked for a few weeks ago, amid a 41% decline in auto sales in November. But the thin...
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It isn’t just the auto-makers looking to sell off corporate jets. Apparently, financial firms are, too. This time, it’s Citigroup, which has put two corporate planes up for sale through a Maryland-based airplane broker, CityFile reported. The Web site couldn’t find a price, but described Dassault Falcon 900 jets as including mahongany woodwork, leather seating and ...
After drawing fire for how they got to last month’s hearings, the chief executives of Ford Motor Company and General Motors have said they are selling their corporate jets and driving down to Washington to present their turnaround plans to Congress. Rick Wagoner, the chief executive of G.M., will make the trip in an eco-friendly Chevrolet [...]
The auto companies appear to be reacting to intense criticism of their CEOs' use of corporate jets to call on Congress two weeks ago.
Multinational corporations, for several quarters, saw their earnings grow as a result of the weakness of the U.S. dollar. Since the dollar reversed course and began to strengthen in the mid-summer, this advantage has eroded. After reporting third-quarter earnings, the guidance issued by many multinational companies was based on certain assumptions of the dollar’s strength. Some of those c...
Filed under: Deals, Viacom (VIA), CBS Corp 'B' (CBS), Electronic Arts (ERTS), Activision Inc (ATVI)Sumner Redstone, the executive chairman of both CBS (NYSE: CBS) and Viacom (NYSE: VIA), has been having a difficult time during the recession. Because of financial pressures, he's been forced to sell stock assets to cover some of his debt problems. Now comes word that he's jettisoned his controlli...
Filed under: Ford Motor (F), General Motors (GM), Employees, Financial CrisisThe Big 3 CEOs are trying to turn lemons into lemonade.After being pilloried by members of Congress for flying in separate corporate jets to beg for a $25 billion bailout from the federal government, Rick Wagoner of General Motors Co. (NYSE: GM), Ford Motor Co.'s (NYSE: F) Alan Mulally and Robert Nardelli of Chrysler L...
DETROIT (AP) -- This time, GM Chief Rick Wagoner will drive a company car to Washington instead of flying by corporate jet as he seeks a government bailout, a spokesman says....
Filed under: Ford Motor (F), General Motors (GM), Toyota Motor Corp. (TM)General Motors Corp. (NYSE: GM) and Ford (NYSE: F) are going in front of Congress today to ask for $25 billion worth of taxpayer money. (It seems they won't be flying in separate private jets.) GM will announce a reopening of its UAW contract and the winding down of its Hummer, Pontiac, Saab and Saturn brands. Ford will tr...
For Lenny Dyskstra, the extra cost is worth it and he'll never fly commercial again.