FC Posted April 1, 2009 Report Share Posted April 1, 2009 "Well, at least now we know who's running General Motors. The Obama White House, in an extraordinary expansion of the government's reach, Sunday demanded and got the head of Rick Wagoner, the automaker's embattled chief executive. In doing so, the president brushed aside GM's board of directors, selected by shareholders and entrusted with the power to hire and fire executives, and assumed that role for himself. ... Shareholders can read the handwriting on the wall -- this isn't their company anymore. That's the risk you take when you go hat in hand to Washington. It ought to be a red flag for other companies and industries that might be thinking a federal bailout is the answer for surviving the recession. President Barack Obama is using the $13.4 billion in federal loans as leverage to re-create GM in the image of a Washington with little apparent affinity for manufacturers. ... The president also needs a scalp to wave before both a Congress growing queasy about federal bailouts and the automaker's bondholders, who aren't happy about granting a huge discount on their GM debt. The trick now is to find someone to run the automaker. Good luck with the headhunting. How many top-notch corporate executives will jump at the chance to lead a company that is sinking like a rock? Who will be willing to share the corporate suite with federal bureaucrats? And by the way, the job pays a buck a year, and if you need to fly, it better be coach. Running a tobacco company has to have more appeal." --The Detroit News Quote Link to comment Share on other sites More sharing options...
montea6b Posted April 2, 2009 Report Share Posted April 2, 2009 That's the risk you take when you go hat in hand to Washington. Yep. Can't really complain when you're asking for help and get in a way that you might not have exactly wanted. The team that led them into this mess aint the ones to lead it out. I've got no problems with this from what little I know. "Shareholders can read the handwriting on the wall -- this isn't their company anymore." I think every taxpayer ought to be issued an appropriate amount of GM stock. Quote Link to comment Share on other sites More sharing options...
karlunity Posted April 2, 2009 Report Share Posted April 2, 2009 Once you start letting the feds sign the check, they own you. He who supplies the gold supplies the rules. Way back when, they were pushing the "voucher system" for pvt schools. The fella I worked for told the voucher people "thanks but no thanks". He told me, when I asked, "Karl, you start taking government "aid" and at first, it is very nice, bigger pay checks, more things for the classroom,..but over time, once you become dependent on that money and you will, the strings start getting pulled. You get lists of "suggested books and lesson plans that are eligible for funding"and before you know it, no prayer in school and government inspection and "required" curriculum. " Nope "free money" is just too expensive". He is long gone now...but his wisdom lives on...to bad for GM he never ran that place. karl Quote Link to comment Share on other sites More sharing options...
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