Friday, January 8, 2010, 1:24PM ET - U.S. Markets close in 2 hours and 36 minutes.

Ben Stein How Not to Ruin Your Life

Ben Stein, How Not to Ruin Your Life

Private Jets and Vegas: Hardly Decadent

by Ben Stein

Email this Page IM this StoryBookmark this StoryAdd to your Del.icio.us accountDigg this StoryPrint this Story
Good (1638 Ratings)
2.73751/5
Posted on Tuesday, February 17, 2009, 12:00AM

In Biblical times, the Pharisees were a class of people who claimed superior religious and sacred status by virtue of their modest living and supposed lack of ostentation. Jesus railed against them as hypocrites because while they claimed to be humble, they really engaged in the worst possible sin: spiritual pride.

This subject comes to mind because of the New Phariseeism taking place in Washington under President Obama (and during the waning days of George W. Bush). Please understand that I like Obama and wish him success in his endeavors, especially in keeping this nation safe and prosperous. And I do not share the contempt that many in this country have for Congress.

But in the recent behavior of some of Obama's colleagues -- especially those in the Treasury and Congress -- we are seeing some extremely naive Pharisaical acts and attitudes that could cause real harm.

Fury in Washington

Let's start with the fury in Washington over the fact that executives of the (formerly) Big Three automakers flew to D.C. in private planes to plead for government aid. Much was made of this, as if it were a great and unforgivable extravagance.

This is not true. A private plane is really a flying office. It is a way for a busy executive to get from one place to another as efficiently as possible, to get as much work done as possible on the way, and to avoid down time.

The executive of an important company has immense responsibilities. His or her time is precious. To waste that time in an airport security line or dealing with flight delays is, quite frankly, a sin against the stockholders. Flying on a private plane is not a decadent act -- it is just a way to move a very valuable asset around to maximize its productivity. To keep executives from using these planes is as foolish as not allowing them to use cell phones or computers.

And I certainly never see the president, his cabinet members, or key members of Congress flying commercial jets.

Leaving Las Vegas

In another example of Pharisaism, Treasury is now requiring the businesses that receive taxpayer money to have fewer and more modest meetings in more dreary locales -- certainly not near the beach or in Las Vegas.

This is an extremely unsophisticated attitude. I attend many of these meetings each year. The attendees have to work very hard to earn a slot at these meetings. This process actually raises productivity.

Then, once the attendees get to the meetings, they have to get up very early each day, hear speeches from experts in their fields, take notes, have seminars about their notes, hear more speeches, and meet new people to do more business. Then, exhausted from a very long day, they are offered the chance to play golf -- and my experience is that most of them are far too tired to do so.

It's Not About the Showgirls

These meetings are not play. They are serious, extremely fatiguing toil. The men and women at the meetings in Vegas do not often gamble, and they don't hang out with strippers. The reason meetings take place in Vegas is because there are a lot of inexpensive, conveniently located hotel rooms and exhibition spaces there. It has zero to do with glitz, glamour, and showgirls.

Las Vegas and the other destinations for resorts are hard-working towns full of hard-working people. To see a bureaucrat at Treasury writing a letter that keeps meetings out of Las Vegas or Miami or Palm Beach is infuriating. Nothing useful is accomplished by this at all, and many of the people who help keep these towns afloat could lose their jobs.

We all want efficiency and frugality. But banning highly productive means of travel such as private planes is simply misguided. We all want people to work. But keeping them from having face time at large gatherings with their colleagues -- in essence, keeping them from being well-informed -- is a step away from productivity. And kicking the towns that accommodate these meetings is just plain cruel.

Email this Page IM this StoryBookmark this StoryAdd to your Del.icio.us accountDigg this StoryPrint this Story

Rate This story

Good (1638 Ratings)
2.5/5
Sign-in to rate!

699 Comments

Showing comments 6-35 of 699<< PreviousNext >>
Sort: first to last

  • Yahoo! Finance User - Tuesday, March 10, 2009, 11:21AM ET  Report Abuse

    • Overall: 1/5

    I usually respect the opinions of Mr. Stein, that being said I will have to strongly disagree with 95% of what he has said in this article - which from the looks of it is a blatant attempt at butt kissing to the top 2%. Private Jets might be fine for CEO's of companies which have historically performed, established realistic sales and market quota, and relied on business strategy in favor of riding out good waves during periods of unprecedented economic growth. Ford? Chevy? GM? Those three auto-makers have been supplying some of the worst cars we've seen in a decade. There was money in trucks while gasoline remained below 2.99 a gallon - however lack of responsible portfolio allocation and R&D allocation exposed all of those companies to major losses. How's that responsible to their stock holders and the people who "work for them" quotes intended because lets face it - in the recent years "union labor" became a joke in this country, where union practices and benefits garnered to members more resemble a criminal sindicate than a workers' rights groups. Put some Unions in chain restaurants, where employees sometimes have to deal with 14 hour days entirely spent on their feet with no break, and a laughable overtime rate (5.15 an hour * 150% isn't much)

  • Yahoo! Finance User - Saturday, March 7, 2009, 11:15AM ET  Report Abuse

    • Overall: 5/5

    Jessica Simpson gains 5 pounds and the liberal media is all over it like the world is about to end. A US soldier has his leg blown off in Afganistan and nobody cares.

  • primorska - Saturday, March 7, 2009, 5:02AM ET  Report Abuse

    • Overall: 1/5

    Love ya' Ben, but you got this one wrong. I've been to conventions. It's always about the "glitz, glamour, and showgirls."

  • james - Wednesday, March 4, 2009, 5:55AM ET  Report Abuse

    • Overall: 1/5

    most ceos should be detained more than just at airport security.

  • shandrew - Tuesday, March 3, 2009, 6:30AM ET  Report Abuse

    • Overall: 1/5

    I sold all my yhoo stock because they're still paying this fool.

  • Yahoo! Finance User - Tuesday, March 3, 2009, 3:34AM ET  Report Abuse

    • Overall: 1/5

    Ben Get a life... You suckered everyone by saying keep on investing blah blah blah... Your such a schmuck... Get on with reality ... stop acting like a republican!

  • Brian - Thursday, February 26, 2009, 3:31AM ET  Report Abuse

    • Overall: 5/5

    Summary: (1) Executives (coprporate and public) can make more efficent use of their time by traveling in private planes vs the sky-bus commercial airlines currently available (likely true). (2) Organizations benefit by periodically meeting together, and large organizations need places that can accomodate large numbers of attendees, such as Las Vegas, San Francisco, NYC, etc (true) (3) many/most attendees work hard at conference (probably) and (4) Congress and President fel pressure to look like they are doing something (besides spending money) so they impose new restrictions on companies that are in trouble for a variety of reasons to numerous and sad to list. I only ready about 20 comments, and most of the one star comments do not address any of this...the one or two exceptions mischaracterize the premise of the article before launching into a tirade about Mr. Stein moving to Dubai or how corporations and management are the cause of all the worlds problems. Where was I going with this...oh yeah. Lighten up, it's just words on a computer screen. Flaming the author whilst ignoring the article is just silly.

  • John C - Wednesday, February 25, 2009, 11:23PM ET  Report Abuse

    • Overall: 3/5

    Gee, Ben, you must not have have been attending the same meetings in Vegas as me. Are you sure you were in Vegas? With respect, I have to wonder if you have ever had a real job - that is other than observing other people and writing about them. Regarding the CEOs and their jets, I could make a pretty good case that most of them are so inept that putting them in an airport security line (without a cell phone) would actually save the shareholders money. I worked for a major oil company for 27 years, and I can tell you that for a lot of that time, total upper management salary amount was inversely proportional to corporate earnings. In other words, the more we paid people, the worse job they did. It was likewise with capital. You had to give them capital in small amounts. Otherwise, like a spoiled, callow adolescent, they blew it all in the first place they came to. Gee, Ben, wake up. You sound like a shill for corporate management. Never try to BS a BS'er.

  • Yahoo! Finance User - Monday, February 23, 2009, 2:51PM ET  Report Abuse

    • Overall: 1/5

    Ben's point is that we should just hand over taxpayer funds to the CEOs who ruined their companies and stop complaining when it's spent on private jets, Vegas trips, and bonuses. Ben forgets to mention that he gets paid by these same folks at speaking engagements. What a weasel.

  • Kim - Monday, February 23, 2009, 11:54AM ET  Report Abuse

    • Overall: 5/5

    I love Ben and he is right. As usual congress and president fail to recognize they are the real problem. The best thing they could do for us is stay out of our lives.

  • m - Monday, February 23, 2009, 11:11AM ET  Report Abuse

    • Overall: 1/5

    These 'Chosen' executives managed to lose trillions while flying their private jets and doing lush 'working' vacations. They deserve to be behind bars doing hard time, not having Ben, 'sucking up once again', Stein becoming maudalin over their recent loss of private flying toilets. Ben you are a no-nothing sell out. A worthless economist and commentator. Please retire.

  • John - Sunday, February 22, 2009, 9:39PM ET  Report Abuse

    • Overall: 1/5

    Ben, I can count on one hand the number of times I have disagreed with you, but your read on peoples reaction to private jets, exclusive golf outings and "working vacations" in exotic locales misses the point. Of course these execs are busy and hard working. When you have reached the rarefied levels of highly compensated execs and politicians who have immense clout and power, the everyday hassles of the rest of us can be mitigated by the perks of their positions. We don't have their responsibilities or the financial wherewithal to avoid some of the more common irritants that go hat in hand with our career requisites. I will never forget however, the two star general who came to brief our wing about a large mission change heading our way. I was heading out on a short trip (temporary duty or TDY in military speak) the next day, flying coach on the most connection ridden trip our travel office could find that was also the cheapest. Imagine my surprise when I found myself with our two star heading back to Washington with me. I shook his hand and expressed shock that a high ranking officer would be forced to ride coach and not take the most direct flight back to the pentagon. He was very personable and always took an interest in speaking to junior officers. His simple reply spoke volumes about his character and sense of responsibility. He told me that it was important for the people who payed taxes to see that their military leaders (he was in full uniform) cared about their hard earned tax dollars and how they were spent, and to know that when it came to the perks of power, that uniformed personnel were good stewards of the public's money. This simple decision(played out many times a year that this general officer had to travel commercially) spoke volumes about this man's sense of fair play and the perception of right and wrong. To go with an outstretched palm begging for billions in taxpayer money to save them from themselves and their business miscalculations while sipping champagne on a private jet enroute DOESN'T send much of a positive impression about stewardship at all. Image can often have a bigger impact than substance. Are they busy, yes. Too busy to do the right thing by the people they are asking for help, NO!

  • erikh - Sunday, February 22, 2009, 10:43AM ET  Report Abuse

    • Overall: 1/5

    Amazing that B.S. still has a job writing this drivel, when so many are on the verge of living on the street... Including some, I'm sure who listened to his advise!

  • Yahoo! Finance User - Saturday, February 21, 2009, 8:36PM ET  Report Abuse

    • Overall: 2/5

    Executives should be able to fly in whatever plane the want and have meetings whereever they want EXCEPT when they take taxpayer money. thats to price of a bailout,Ben.

  • Dustin - Friday, February 20, 2009, 9:52PM ET  Report Abuse

    • Overall: 5/5

    While I don't readily agree with the corporate jets idea, I do have some input in regards to business trips to Las Vegas. I am a Las Vegas local and our economy is based largely on tourists. Tourists for both work and play. The income we get from these corporations holding conferences in Las Vegas means a lot of money and jobs for the people living here. For anyone who has lived in Las Vegas or been to Las Vegas, you know that most of the 'hotel' rooms on the Strip are little better than any roadside motel. The business accomodations are top notch though. Every major hotel/casino has large conference rooms and the fight for their business. This means great value for your dollar when you plan a business trip here. Again, the rich spending stupidly has put our whole country in jeopardy, but a business trip to Las Vegas is hardly the cause of all of our woes.

  • Dan - Friday, February 20, 2009, 5:05PM ET  Report Abuse

    • Overall: 1/5

    The part "We all want efficency and frugality, but banning highly productive means of travel such as private planes is simply misguided." What is misguided is the mind of Ben Stein. What Ben is saying that all the perks given to CEO's, along with pay given them, ESPECIALLY when they helped screw up the economy, or put their industry/corporation into a bind that calls for federal bailout, and to keep recieving bonuses/salary/perks beyond the means of the average taxpayer is ok. Ben, please do us a big favor. Take your money, your views on the economy, and move to Dubai. Your ideas pertaining to the economy have only shown that you have no real clue as to what is going on in this country, and for that matter, have no clue as to what the average investor is going through during this DEPRESSION. The idea that the American Taxpayer should bailout large corporations, that have consistently thumbed their noses at Presidents, that have called for higher vehicle fuel mileage standards, and expect the people are going to keep buying lousy cars is a joke. Furthermore, for people like Ben Stein to act like we have to bail them out for their lousy decisions, and actions when they WERE TOLD that things were getting bad with the economy is a joke also. Ben Stein thinks that we contribute constantly to the glitz that the top corporations that are running on life support, and allow their executives to be paid any old way they should be at the taxpayers expense. BOTTOM LINE: It is obvious that Corporate America still doesn't get it. Just keep laying off half a million a month, and expect them to bail your corporations out via their taxes in the form of Federal Spending, especially while Corporate America lives high on the hog. Well, all we show the global community is that America is FAR from ready to doing what is needed to get itself out of the hole that it is in. So Ben Stein will have to fly First Class on a plane like everyone else, and pay for his own livations while going to meetings in Vegas, Palm Beach, and other hotspots in this country. Also, this misnomer that these meetings are all work and no play is ANOTHER misnomer. Why else would these so-called work meetings be in Vegas, Palm Beach, and Miami? Is supposedly Boston, Chicago, or for that matter Washington D.C. too common for these people? Stop trying to kid the people who are bailing you out Ben, because we the people, bailing people out like you Ben, didn't believe you last year, and don't today. We pray for the day, that you feel the pain that many are today feeling. You made the mess Ben...quit complaining!!

  • Yahoo! Finance User - Friday, February 20, 2009, 4:44PM ET  Report Abuse

    • Overall: 1/5

    What "increased productivity" is he talking about? Does any of this CEO's have anything good to show us? How about some good results? I don't think so.

  • Yahoo! Finance User - Friday, February 20, 2009, 4:37PM ET  Report Abuse

    • Overall: 5/5

    I agree 100%, Ben. Most people don't see the big picture. They're envious of these corporate big-wigs and assume all of them must be greedy and evil (when, in reality, it's just MOST of them!). I am not a corporate big-wig. Just a hard-working, middle class employee of the meetings industry who has seen her income drop precipitously, her department reduced dramatically, and her laid off husband search for work in vain. The problems with our economy won't be resolved by damaging one industry (or city)to teach a lesson to another. The meetings industry employs more people than the automotive industry in the US. Where is our bail-out?

  • Robert K - Friday, February 20, 2009, 4:23PM ET  Report Abuse

    • Overall: 2/5

    Interesting view Ben, but there are far better and real inequities to champaign than fat cats slurpping the cream while the rest of us deal with economic curdles.

  • Yahoo! Finance User - Friday, February 20, 2009, 4:03PM ET  Report Abuse

    • Overall: 1/5

    After tons of nonsense proven to be wrong, he is still talking??

  • Jeff - Friday, February 20, 2009, 3:34PM ET  Report Abuse

    • Overall: 1/5

    Bottom Line: This is SURVIVAL. No excuses CEO luxuries..

  • Yahoo! Finance User - Friday, February 20, 2009, 3:28PM ET  Report Abuse

    • Overall: 3/5

    The point of this article is that many people are quick to attack without stopping to think. You are ignorant if you think that the only individual who uses a private plane in a company is the CEO. Many of these large companies have a necessity for a private plane so they can get people to places quickly. Now, whether or not a plane is leased, owned, or chartered depends on what makes sense compared to commercial flight or driving. I think Ben is trying to convey that instead of looking at things that increase productivity and efficiency, lets look at the more blatant abuses like fraud, $50 million bonuses, golden parachute clauses to protect bad CEOs, Union greed, etc.

  • Yahoo! Finance User - Friday, February 20, 2009, 2:41PM ET  Report Abuse

    • Overall: 1/5

    This coming from a man who hasn't worked and honest 8-5 in how long. You to deserve to enjoy the spoils of your riches but I live and work in the REAL WORLD....so shut up!!

  • Yahoo! Finance User - Friday, February 20, 2009, 1:06PM ET  Report Abuse

    • Overall: 1/5

    Ben, you don't get it. If we could have the CEOs flayed in a public square, we would. F them.

  • Yahoo! Finance User - Friday, February 20, 2009, 12:51PM ET  Report Abuse

    • Overall: 1/5

    Ben lost so much money on bad bets on financial stocks, emerging market funds, and REITs that he's trying to line up some speaking engagements by kissing CEO butt. Sure, we're all a bunch of Pharisees for asking that companies be diligent in spending OUR TAXPAYER BAILOUT funds.

  • Yahoo! Finance User - Friday, February 20, 2009, 12:36PM ET  Report Abuse

    • Overall: 5/5

    Absolutely true and for those of you that are negative to this article, I would urge you to check out an economics 101 book from your local library.

  • myqee2008 - Friday, February 20, 2009, 12:15PM ET  Report Abuse

    • Overall: 2/5

    Aw, poor Ben Stein. Seminars and meetings all day? Life can be cruel.

  • Yahoo! Finance User - Friday, February 20, 2009, 12:12PM ET  Report Abuse

    • Overall: 5/5

    I love the CEO haters. Just a shame they don't have the smarts or have the right people like them enough to put THEM in a position of power making lots of money. Go ahead and hate...you aren't hurting anyone but yourselves.

  • Yahoo! Finance User - Friday, February 20, 2009, 11:34AM ET  Report Abuse

    • Overall: 5/5

    Agree, thanks.

  • Yahoo! Finance User - Friday, February 20, 2009, 11:14AM ET  Report Abuse

    • Overall: 1/5

    Cry me a river!!!

Showing comments 6-35 of 699<< PreviousNext >>
The columns, articles, message board posts and any other features provided on Yahoo! Finance are provided for personal finance and investment information and are not to be construed as investment advice. Under no circumstances does the information in this content represent a recommendation to buy, sell or hold any security. The views and opinions expressed in an article or column are the author's own and not necessarily those of Yahoo! and there is no implied endorsement by Yahoo! of any advice or trading strategy.

More From Ben Stein

The Baby-Boom Retirement Crisis And How to Beat It

Let Ben Stein show you how! Stein outlines the steps you can take today to assure your future tomorrow.

Don't leave middle age without it!
Only $16.77 plus S&H

More from Yahoo! Sources

  • CNN Money
  • Consumer Reports
  • Kiplinger
  • The Motley Fool
  • Business Week
  • Wall Street Journal

Sponsored Links

Free 2010 Credit Report and All 3 Scores
Free 3-bureau Credit Report – includes Transunion, Equifax, Experian.
FreeCreditReportsInstantly.com
Financing - Bank of America®
Take Advantage Of Low Refi Rates For Home Loans Up To $3 Million.
www.bankofamerica.com
Buy Stocks for $4
No account or investment minimums. No inactivity fees. Start Today.
www.sharebuilder.com
Refinance Now at 3.7% APR
$160,000 mortgage under $752/mo. Free. No Obligation. Get 4 quotes now.
MortgageRefinance.LendGo.com
Try Forex Currency Trading at Forex.com
Free $50,000 practice account with real-time charts news and research.
www.forex.com
Don't Pay For School - Free Scholarships
Sign Up for Free Scholarship Guide. Millions Are Available For You.
ProgramAdvisor.com/FreeScholarships

Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). International historical chart data and daily updates provided by Morningstar, Inc. Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.

Yahoo! Answers is provided for informational purposes only, and no Q&A is intended for trading or investing purposes. Yahoo! shall not be responsible or liable for the accuracy, usefulness or availability of any Q&A information, and shall not be responsible or liable for any trading or investment decisions based on such information. View Complete Answers Disclaimer.