STFU Award: Goes to GM Exec Fritz Henderson

What’s wrong with the following:

“There is not a Plan B,” said GM Chief Operating Officer Fritz Henderson. ” Absent support, the company can’t fund its operations.” GM said in letter to Congress that without government assistance, “the company will default in the near-term, very likely precipitating a total collapse of the domestic industry and its extensive supply chain, with a ripple effect that will have severe, long-term consequences to the U.S. economy.”

Here’s a guy who’s part of a management team asking the U.S. government – ie. me and you – for over $30 billion.  What Henderson seems to be saying is that if we don’t get our money things are going to be bad for a lot of folks and it’s on you.  How about this for Plan B, Fritz?  We’ll bailout Chrysler and Ford and Chapter 11 your ass.  Or, how about this Plan B?  You’re fired. 

What a jackass.  We’re being asked to bail his company out and he’s so arrogant that he’s going to lecture us about the dire consequences of GM going under.  We get it, Fritz.  Most of us here in the Midwest got it a long time ago.  We’d just like a little humility with the ask.

At Least The PR is Better – Big Three Headed Back to Congress

The bad news for the economy and taxpayers is that according to information released by the Big Three today, their asking price for a government bailout has gone up $8 billion in the past two weeks.

The good news is that they left the corporate jets back on the tarmac in Detroit.

According to a story by Reuters and widely reported elsewhere, all three CEOs of Ford, Chrysler and General Motors headed back to Washington on Tuesday.  All three were reported to be traveling on four wheels – hybrids in the case of Ford’s CEO Alan Mulally and GM’s CEO Rick Wagoner.  I haven’t been able to find out what Chrysler CEO Robert Nardelli drove to Washington, but I would’ve ripped up some pavement in the Crossfire.

Here is a good overview of what’s going on with the auto industry bailout.

Two things in all of this from the category of “Pisses Me Off.”

1.  Just two weeks ago these same three guys were before Senate and House committees asking for $25 billion.  They were upbraided by members of Congress for flying into town on three separate private jets and told to go home and come back with a business plan.  With their business plans in hand and new websites for Ford and GM they’re back.  So, what was up with the $25 billion ask when now their business plans request a combined $33-34 billion.  Did these cartards actually go to Capitol Hill two weeks ago and pull a number out of the air?  Talk about arrogance.

2.  Second is this quote from GM COO Fritz Henderson: “There is not a Plan B.  Absent support, the company can’t fund its operations.”  Hey Fritz, how about a steaming cup of shut the fuck up.  Are you threatening us?  People like you run your company into the ground and you want to begin laying the guilt trip on Congress and therefore the American people.  How about this for Plan B.  Let’s help Ford and GM and Chapter 11 your sorry ass.