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Post Number: 1
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MADDOG
Group: Moderator
Posts: 7821
Joined: Aug. 2003
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Posted on: Mar. 31 2009,8:09 am |
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It's just another step closer. Obama has basically appointed himself CEO of GM now. By the so called forced redignation of Wagner, Obama has annointed himself in charge of yet another corporation. Face it. He's at the helm and calling the shots. Sure the administration would like us to think he resigned. His resignation was based on the condition that the Obama administration would continue financial aid to GM. In plane language this is a firing, but not a firing by the Board of Directors of GM or its stockholders, but a firing by the President of the United States — it is unheard of. This is a private ailing company. Let it fail under the rules of capitalism and go through the normal Chapter 11 procedures that other businesses go through.
“We want to have a successful U.S. auto industry, but it’s got to be one that is realistically designed to weather this storm and to emerge at the other end much more lean, mean and competitive than it currently is. And that’s going to mean a set of sacrifices from all parties involved.”
Sounds like he's is the determining factor on how a company will run itself. If you want the government handout we'll provide, this is how you're going to run your company. Now, when the "Giver" of life loans GM this money and in three to four months their problems aren't solved. When they then will face more hard times ahead ujless the government gives them more money, is Obama going to just keep feeding the kitty or tell American workers that he's no longer going to provide for them and lay them off?
GM and Wagner were dealing with one of the bigger problems in the auto industry-organized labor. God forbid that Obama is going to let that happen to his UAW buddies.
And speaking of the Union, why didn’t Obama fire the President of the UAW? The nut that needs to be cracked is the $28 billion GM owes to bond holders and the $20 billion it owes to the Union pension and health care fund. It sounds like this was more of a bailout for the Unions because of Obama’s close ties to them and the support he got from them or he wouldn’t today be Commander in Chief/CEO of Corporate America.
Under the terms of a loan agreement reached during the Bush administration, GM and Chrysler were pushing the UAW to accept shares of stock in exchange for half of the payments into a union-run trust fund for retiree health care. They also wanted labor costs from the union to be competitive with Japanese automakers with U.S. operations.
Another first in American history.
The Obama administration has determined that Chrysler is not a viable stand alone company. Under his plan, the government will provide money to force forge a merger with Fiat. If they don't, he won't give them any more money.
No other president in history has ever forced an American company to sell to a foriegn one.
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-------------- Actually my wife is especially happy when my google check arrives each month. Thanks to douchbags like you, I get paid just for getting you worked up. -Liberal
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Post Number: 2
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Spock of Vulcan
Group: Members
Posts: 1160
Joined: Nov. 2008
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Posted on: Mar. 31 2009,8:45 am |
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And you would prefer indecision, to keep giving them free money forever to stay afloat?
I thought your GOP masters wanted a forced bankruptcy? Make up your mind, lol.
And who do people blame?
http://news.yahoo.com/s/nm/20090331/pl_nm/us_obama_poll_economy
-------------- I will see my dreams come alive at last. I will touch the sky. Go where my heart will take me. I have the faith to believe. I can reach any star...I've got faith... faith of the heart ~Star Trek Enterprise~ "Live, long... and prosper..."
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Post Number: 3
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Common Citizen
Group: Members
Posts: 4818
Joined: Jul. 2006
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Posted on: Mar. 31 2009,8:47 am |
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Kind of puts the ball in Fiat's court doesn't it. They can probably hold out and dictate the best deal possible that will benefit the Italian company.
As it relates to the Obama administration and in the words of the famous philosopher, Ashton Kutcher, "You got punk'd"
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Post Number: 4
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Spock of Vulcan
Group: Members
Posts: 1160
Joined: Nov. 2008
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Posted on: Mar. 31 2009,8:50 am |
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Yes Ashton Kutcher, yeah he's so famous I've never heard of him before.
I think it was Bush that got punked, as I recall, lol.
-------------- I will see my dreams come alive at last. I will touch the sky. Go where my heart will take me. I have the faith to believe. I can reach any star...I've got faith... faith of the heart ~Star Trek Enterprise~ "Live, long... and prosper..."
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Post Number: 5
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Post Number: 6
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Post Number: 7
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Liberal
Group: Moderator
Posts: 11451
Joined: Aug. 2003
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Posted on: Mar. 31 2009,10:01 am |
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Unheard of?
QUOTE In a September 7, 2008, jointly released statement, then-Treasury Secretary Henry Paulson and then-Federal Housing Finance Agency director Jim Lockhart announced that as part of the government's decision to take Fannie and Freddie into conservatorship, "New CEOs supported by new non-executive Chairmen have taken over management of the enterprises." A September 17, 2008, Washington Post article reported of the Bush administration's decision to bail out AIG, "The terms of the rescue package allow the government to replace [chief executive Robert] Willumstad, and a source familiar with the matter said last night that Willumstad would be succeded [sic] by Edward Liddy, former chief executive of Allstate." On September 17, 2008, the Associated Press likewise reported Willumstad's removal as a part of the bailout deal. http://www.mediamatters.org/items/200903310005?f=h_top
-------------- The people are masters of both Congress and courts, not to overthrow the Constitution, but to overthrow the men who pervert it!
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Post Number: 8
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Post Number: 9
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GEOKARJO
Google This!!!
Group: Members
Posts: 7799
Joined: Aug. 2003
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Posted on: Mar. 31 2009,11:37 am |
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Post Number: 10
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Wareagle11B
Group: Members
Posts: 1457
Joined: Mar. 2004
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Posted on: Mar. 31 2009,1:57 pm |
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Please pay attention to the 2nd paragraph where this horror story starts. Liberal or Conservative this oughta scare the holy $hit out of everyone.
Scary
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-------------- I care not what others think of what I do, but I care very much about what I think of what I do! That is character!
Teddy Roosevelt
www.warriorlegacyfoundation.org
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