This is probably good news, but what about Nardelli

[Lynnie]

taking over warrantees







subsidizing purchases



propping up the bubble



keeping the bills paid

There is some good news in this - the hard line stance taken to force these companies to restructure. I'm actually impressed they did this, I wasn't expecting it from this administration. The devil is in the details however, we wont know for months what hard decisions they actually have to make. In the mean time the American taxpayer will continue to fund these failed businesses with loans. Hopefully we aren't making a losing investment.

So, does this strategy replace BK? If so, we should abolish the US Bankruptcy Court, Code, Judges, etc.... and have the government get into each of our pocketbooks in this fashion. You're right about the 'devil in the details.' I presume it will be more of us bailing them out and they will generate a whopping 100,000 in new car sales this year......for a country of 300,000,000, that's .0003 - still not enough to keep them in business. But, am optimistic that this will work!

 

[FloridaBuckeye]

Wagoner's pension!

GM CEO gets $23 million estimated pension - Autos- msnbc.com

How is anyone worth that much????

 

[Lynnie]

GM CEO gets $23 million estimated pension - Autos- msnbc.com

How is anyone worth that much????

I am worth that and much more, thank you very much! And, I didn't run a massive corporation amuck and beg for tax payers to bail us out via spending millions before Congress! Hmph.....I usually get over things pretty quickly, but I'm still kinda' sore over those Congressional Hearings!

 

[scooterbug44]

When I first say the reports I thought it would be AIG part deux, but this is apparently a more reasonable long term payout of pension that he has actually earned/accrued.

Not saying he's worth that, but it seems less crazy. One would THINK there could be some pucking clauses added about how if you F up so poorly that the government takes over and fires you, you don't get these things.

 

[30ashopper]

When I first say the reports I thought it would be AIG part deux, but this is apparently a more reasonable long term payout of pension that he has actually earned/accrued.

Not saying he's worth that, but it seems less crazy. One would THINK there could be some pucking clauses added about how if you F up so poorly that the government takes over and fires you, you don't get these things.

I don't think you can blame him entirely. He enherited a mess that stetches back to the 70's and even before that. I wouldn't have wanted his job. I think he was too soft - but his choice was unltimately the fault of the board and the voters. With GM I think its all about looking forward and hoping they finally get a chance to fix the mess that's been building for decades. This crisis might be just what they need, assuming congress doesn't screw it up.

 

[FloridaBuckeye]

assuming congress doesn't screw it up.

That is the part that bothers me!!

 

[Lynnie]

assuming congress doesn't screw it up.

That is the part that bothers me!!

UGH

 

[scooterbug44]

I am not blaming him for the entire thing, just once again questioning basically paying millions to the chauffeur for crashing the limo. Not 100% their fault, but they did probably have a bit to do with it (best analogy I could thing of at the moment as pilot and plane didn't seem to work)

 

[Lynnie]

Cap'n and ship?

 

[scooterbug44]

Cap'n and ship?

Yes, much better!