Memo to CEOs: Ask for a bailout, and your company will be reduced to a caricature.
Recent congressional hearings on the plight of GM, Ford, and Chrysler have illuminated a few important issues—like how the Detroit executives travel when on business. Populist politicians and gotcha journalists delighted at the prospect of rich CEOs riding corporate jets to ask for taxpayer money. There was a little talk about jobs and cars and the foundering economy, too. But you might have missed that part, or gotten confused by a welter of misperceptions that emerged from the spectacle of supplicant CEOs trying last-ditch tactics to save their companies.
As the automakers careen toward bankruptcy, here are some of the myths complicating the debate over the future of the Detroit Three:
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