Politicians Butt In at Bailed-Out GM (Insert Famous Line From Casablanca)

Wall Street Journal ^ | October 29, 2009 | Neil King, Jr

[C19fan]

Montana Rep. Denny Rehberg was no fan of the $58 billion federal rescue of General Motors Co., saying he worried taxpayer money would be wasted and the restructuring process would be vulnerable to "political pressure." Now the lawmaker says it's his "patriotic duty" to wade into GM's affairs.

Along with Montana's two Democratic senators, the Republican congressman is battling to get GM to reinstate a contract with a Montana palladium mine nullified in bankruptcy court. "The simple fact is, when GM took federal dollars, they lost some of their autonomy," Mr. Rehberg says.

[C19fan]

I am not sure whether to laugh or cry at the excuses the politicians come up with but it goes along the line they know what is better for GM than the managers for GM. This guarantees the taxpayers will not see one cent back from the bailout and highly likely GM and Chrysler will come back for more bailouts. ***Rhetorical Question***Is any of us shocked that is happening?

[cranked]

It’s our “patriotic duty” to boot all these moronic politicians out and let GM sink or swim.

[nascarnation]

GM is solid until Nov 2012.
After that, not so much.

[Huskrrrr]

Buying more Ford stock.

[softwarecreator]

"The simple fact is, when GM took federal dollars, they lost some of their autonomy,"

Yeah, about 99.5% of it.

[Red Badger]

The one who pays the fiddler calls the tune..................

[LibLieSlayer]

gmac yesterday... asked hussein for another 5.8 BILLION.

LLS

[Leisler]

And what a fine tune it is.

[scotiamor]

Just a thought - I wonder if democrat politicians secretly worked with GM before the dealership closure announcements to pick a few solid dealers to be “cancelled” even though GM would keep them just so the politicians could ride to the rescue by getting GM to “reverse” their “decision”.

[equalitybeforethelaw]

The only problem these nitwits have is government is the minority owner of GM, the UAW owns the majority interest and they got their shares for free!!! Don’t you feel proud that our country is so generous and wise?

[Leisler]

My kind of thinking!

I always work from the starting point that the fix is in, that what is seen is just show, that what they say is...isn’t. Unless proved otherwise. ( In which case I want an Appellate Cynic to review the evidence )

[NonValueAdded]

Three days later, Rep. Rehberg called for a congressional hearing on the voided contract. GM, he said at the time, "ought to be subjected to the same rigorous oversight we exercise over any other government agency."

This guy is a Republican????????? At least he called a spade a spade (see bold text in the quote).

GM truly is Government Motors.