Remember Jetgate? Back in the pre-bankruptcy days of late 2008, when the Big Three CEO's were traveling to Washington to plead their case for funds, Ford's Alan Mulally, General Motors' then-CEO Rick Wagoner, and Chrysler's former chief Bob Nardelli were publicly chastised for flying in corporate jets to the tune of $20,000 per round trip.
Two years earlier, Ford president Mark Fields became a target of outrage when a Detroit-area TV station discovered that his employment contract included $50,000-$70,000 worth of private jet service per week to ship Fields between Dearborn and his home in Florida.
Now this: The New York Times is reporting that Ford spent spent $178,571 on personal air travel for Mulally last year. While Ford no longer has a fleet of corporate jets, according to the report, it pays a charter service to transport Mulally and his kin. And that's not all. Since this benefit is classified as "security measures," Mulally gets off the hook for paying taxes on it, as he doesn't have to report the benefit as income, according to the Times. Mulally received nearly $30 million in compensation last year, according to other reports.
While Ford refused comment, the article calls out the company for using this "common corporate tax trick" that it says robs the federal government of tax revenue from CEO's like Mulally, meaning that taxpayers are essentially subsidizing his perks.
While the report concerns various corporate executives, it singles out Mulally, suggesting that any potential danger to Ford's CEO has to be less than that posed to Supreme Court Justice Ruth Bader Ginsburg, who flies commercial airlines. The Times also says that former Apple CEO Steve Jobs "received no security services from Apple last year before he died."
Two years earlier, Ford president Mark Fields became a target of outrage when a Detroit-area TV station discovered that his employment contract included $50,000-$70,000 worth of private jet service per week to ship Fields between Dearborn and his home in Florida.
Now this: The New York Times is reporting that Ford spent spent $178,571 on personal air travel for Mulally last year. While Ford no longer has a fleet of corporate jets, according to the report, it pays a charter service to transport Mulally and his kin. And that's not all. Since this benefit is classified as "security measures," Mulally gets off the hook for paying taxes on it, as he doesn't have to report the benefit as income, according to the Times. Mulally received nearly $30 million in compensation last year, according to other reports.
While Ford refused comment, the article calls out the company for using this "common corporate tax trick" that it says robs the federal government of tax revenue from CEO's like Mulally, meaning that taxpayers are essentially subsidizing his perks.
While the report concerns various corporate executives, it singles out Mulally, suggesting that any potential danger to Ford's CEO has to be less than that posed to Supreme Court Justice Ruth Bader Ginsburg, who flies commercial airlines. The Times also says that former Apple CEO Steve Jobs "received no security services from Apple last year before he died."
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