Quote:
Originally Posted by dave40co
If the auto companies want to build support for the loans then they should start issuing press releases of things they are doing to cut costs. It worked for Iaccoca.
I am against the bailout. I lived through the UAL bankruptcy as an employee. Amazingly people people still flew United. The employees lost the most. Exec's still received bonuses and golden parachutes. They still managed to find a way to get rid of many 15+ year union employees including myself. I kept my pension but at a half rate since the Gov. took it over. 20 years with the company and thats what I got.
It will be tough for many folks but they will survive as I have.
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My cousin works for NWA here in Detroit, and I appreciate where you're coming from.
That said, flying an airline is not the same as buying a car. You buy a ticket for a flight, take the flight, and when it's over, your stake, as a customer, in that transaction is over.
You buy a car, your stake as a customer continues as long as you own it. You have warranty concerns - the deal provides the warranty service, but the auto maker pays for that warranty service. You have concerns about spare parts under warranty. While it's under warranty, you have to be concerned about OEM sheet metal for collision repairs. After warranty, availability of OEM parts will affect resale value.
I'm sorry, but it's not the same thing. And any further drop in customers threatens viability even more.
And you're 100% right - all the airline employees took it on the chin, and the execs still got their seven and eight figure pay. You're 100% right. And you may not have heard about it in Oceanside, but the UAW denounced the airline execs, and the bankruptcy's effects on you guys, big time. For all the good it did, and for what it's worth.
On the subject of press releases, they a;ready do them, with the results of where their restructuring plans are at the time of the release. So it's nothing they can't give the government.