Chief executives from General Motors Corp, Ford Motor Co, and Chrysler LLC pleaded on Wednesday for $25 billion in federal assistance to help pay their suppliers, workers and other expenses at a time when car sales have plunged along with a souring economy.
But skeptical lawmakers blasted them for flying private jets to Washington and failing to make personal sacrifices in exchange for federal assistance.
"It's almost like seeing a guy show up at the soup kitchen in a high hat and tuxedo," said Rep. Gary Ackerman, a Democrat from New York.
"Couldn't you have downgraded to first class or something, or jet-pooled or something to get here?" Ackerman asked the executives at a hearing held by the U.S. House Financial Services Committee.
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Read the entire story in Trading Markets.
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