Ford, the new United Airlines

Why aren't people buying American cars? Why aren't American car companies profitable? Are unions really the problem? Well, reader, let's start with this piece of news.

NEW YORK (CNNMoney.com) -- Struggling Ford Motor Co., which posted a record $12.7 billion net loss in 2006, gave its new CEO Alan Mulally $28 million for four months on the job, according to the company's proxy statement filed with the Securities and Exchange Commission Thursday.

Awesome! So, you see the United analogy if you are a long time reader here. I remember reading last quarter that Ford was losing more money than any company in history had. That is not me paraphrasing or exaggerating... those were the actual words. Now we know where the money is going, and it ain't to quality, brutha. The money isn't going to the workers either. They all got laid off. The money is going to the suits as a reward for losing $12.7 Billion. Why do I care about this? Because I, like you, am a Ford shareholder. How do you say? We are shareholders because we are taxpayers... and so it is you and I who will subsidize the inevitable bailout. Someone will be stuck paying the legacy pensions and health care of everyone who has ever worked at Ford (yeah, they struck a pretty sweet deal). The company doesn't have any money, so that money will come from the Fed. The Fed is you and me, and I am still pissed off about personally having to pay off the workers pensions for United Airlines after that company gave every penny they had left to their executives. I will leave you with this bit of awesomeness, from the same article:

Ford executives' use of corporate jets for personal travel cost the company almost $1 million in 2006. An earlier filing by Ford had disclosed that Mulally can request that his wife, children and guests be able to use Ford corporate jets at company expense, even without him being on the flight.