Auto Executives Will Have To Give Up Their Private Jets

One of the conditions of the auto bailout is the elimination of private corporate jets. Guess they probably shouldn’t have flown them to Washington to ask for a tax payer bailout. Whoopsie!

The NYT says:

To gain access to the loans, G.M. and Chrysler must agree to a range of concessions, including limits on executive pay and the elimination of private corporate jets.

Ford, which is not seeking government aid at this time, can carry on business as usual.

The various cuts at the troubled companies are likely to be steep and universal— because under the terms of the deal the automakers have until March 31st to become “financially viable” in the opinion of the Obama administration — or the loans will be called in and the government will be paid before any other creditors when the companies go into bankruptcy.

Bush Approves $17.4 Billion Auto Bailout [NYT]