More on GM
Here's the thing guys, if the government were really serious about wanting Detroit to restructure, they would have done something that would have allowed them a legal avenue to force that. Like bankruptcy. This forced agreement with a foreign automaker (Chrysler and Fiat) is just wierd, and a 60 day restructing for GM? Okay how are they going to do that? The albatross around their neck is the UAW and without a court order those guys aren't conceding anything of real value. So what exactly is GM going to restructure? They have no legal authority to leverage with their shareholders / union contracts.
So what is this except more of a dog and pony show? The GM CEO quits, Geithner will appoint someone in his place (or at least approve of who the board or whomever picks) and then we'll give them billions more. That's not a restructuring, that's a sacrifice at the alter of the Federal Government.
And another thing that's got me going this morning ... he can't speak without a teleprompter and he won't answer a question he doesn't know in advance. Great. But hey, at least he looks good on TV, right? Him and his 500 person entourage going to London need to lay off the CEOs of this country who fly on private planes, too. They look like the biggest hypocrites at the moment.
So what is this except more of a dog and pony show? The GM CEO quits, Geithner will appoint someone in his place (or at least approve of who the board or whomever picks) and then we'll give them billions more. That's not a restructuring, that's a sacrifice at the alter of the Federal Government.
And another thing that's got me going this morning ... he can't speak without a teleprompter and he won't answer a question he doesn't know in advance. Great. But hey, at least he looks good on TV, right? Him and his 500 person entourage going to London need to lay off the CEOs of this country who fly on private planes, too. They look like the biggest hypocrites at the moment.
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