Tuesday, December 2, 2008

It's Big Three Automaker Bailout Day

This from GM's CEO:

Some members of Congress had criticized the chief executives for traveling to the first set of hearings by corporate jet. Company spokespeople for Nardelli and GM chief executive G. Richard Wagoner Jr. said the top executives would not fly on company planes this time, but they would not disclose the mode of travel.

Nope, we stupid taxpayers just need to shut-up and hand over the money, it's none of business what Wagoner does as king of GM. Mr. Wagoner, once again shows us why GM is in such a bad way, and why bailout is very bad idea for these guys. If only we could replace some of them before the bailout.

Update: Kevin Drum says it all.

There just has to be a better way of handling this than forking over giant wads of cash with very few strings attached. GM doesn't need surgery, it needs to be rebuilt. That won't happen if they get an $18 billion bailout from Uncle Sam.

Kevin is absolutely right about this too. It looks like GM is trying to find ways to go under in order to dump it's labor union workers - than, reorganize after they discard their workers using massive bailout non-viability failings as a tool against a (a very stupid) Democratic congress with a double-sided axe against the labor unions too. So the GM bailout is getting uglier and uglier by the minute.

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