GM Gives Up Two Corporate Jets
Struggling General Motors, which was blasted and mocked for using one of its corporate jets to fly chief executive Rick Wagoner to Washington this week to beg Congress for $25 million in bailout cash, is preparing to give back two of its leased corporate jets, the company said today.
GM started the year with a fleet of seven(!) leased jets, gave back two in September and is preparing to shed two more, bringing the GM fleet down to three jets.
GM said the company was already preparing to give back the two additional jets even before this week's hearing.
"We understand the symbolic issue of people showing up in Washington in corporate jets," GM spokesman Tom Wilkinson told Dow Jones. "We're very sensitive to that."
Why the private jets to begin with?
GM's board -- like many corporate boards -- requires its top executives to fly on company planes for their own security. Further, GM said, the smaller jets can fly company execs to places not easily accessible by commercial flights.
-- Frank Ahrens
