Posted on 12/03/2008 11:15:36 AM PST by george76
A top General Motors executive repeated claims Wednesday that the auto giant may not make it to New Year's Day if Congress doesn't approve a federal bailout for the beleaguered industry.
"We've seen … not only continued pressure in our business but the pace of deterioration has accelerated. October and November were just the worst levels we've seen post-World War II."
(Excerpt) Read more at cbsnews.com ...
Anybody who thinks that the country lacks sufficiently talented people who would happily do the same job for a tenth the pay is smoking something.
The auto industry spent nearly $50 million lobbying Congress in the first nine months of this year.
And people tied to the auto industry gave another $15 million in campaign contributions, CBS News investigative correspondent Sharyl Attkisson reports.
It’s not surprising that a lot of that money went to members of Congress from Michigan, where the auto industry is the biggest employer and politicians are passionate advocates for their constituents.
Take Sen. Carl Levin, who received $438,304 from the automotive industry. And in the House, Rep. Joe Knollenberg received $879,327. Rep. John Dingell got nearly a million from the industry. All have enjoyed generous support from the auto industry over their careers, with GM and Ford as their two top contributors. All support a bailout.
But nobody’s been a bigger advocate for Motor City interests than Dingell. And for him, the stakes aren’t just political, they’re personal.
“There’s an actual conflict,” said Ryan Alexander of the nonprofit group Taxpayers for Common Sense. “His personal financial health, you know, the wealth of his family is tied up in the car industry.”
Dingell’s wife Debbie once worked as a lobbyist for GM.
When she married the congressman, she became a senior GM executive at an undisclosed salary. And we found the couple has extensive GM assets.
Dingell’s current financial disclosure filed in May lists GM stock worth up to $350,000, options worth up to $1 million more, and a GM pension fund. In 2000, among the Dingells’ GM assets were stock options worth up to $5 million.
And in 1998, the congressman reported selling GM stock options worth up to $1 million dollars.
Dingell wouldn’t agree to an interview.
Taxpayer watchdog Alexander says the Dingell’s personal ties to GM are something the public should know about when the congressman casts his votes.
“They stand to benefit if the company doesn’t go under, if the company prospers,” she said. “And they stand to lose a lot if the company goes bankrupt.”
Nobody is placing bets on whether Congress will end up giving the car companies a bailout. But if investments in Washington politicians count as leverage, then the auto industry has plenty of clout.
I wish my business was big enough that I could go and ask for BILLIONS. Sigh i’m tired of being poor.
I loved it when Corker (i think it was him) told the committee that the market cap on the Big 3 was only $6 billion. AIG in comparison is $5 billion by itself. When Democrats go to kill the oil industry with their green laws, I hope they remember that Exxon Mobil has a market cap of $387 billion. How much money would they need?
Good post.
.
Thanks potlatch
Those enthic-people who vote against us do not deserve our business, social interaction, respect, our military &/or financial support (welfare) for their enthic-countries abroad
Let them experience consquences and responsibility and even loose some blood as America has supporting and defending them in the past
But - from some things I’ve read - Obama is totally supportive of the United Nations. Wasn’t there mention of him creating a ‘special appointee’ for it?
Looks like we will continue to dole out money to the world.
The leadership of that group is too arrogant to care.
Who is stupid enough to pay them that kind of money to make such a mess of a company?! I don't get it. Do they have buddies on the company board who have incriminating photos of them?!
Remember that old Seinfeld episode about Jerry fake crying?
"What is this salty discharge? I...I actually care!"
I went looking for it, but the only copy I found was from DU..and I wasn’t about to crosslink from them..;-)
If someone were to purchase GM, would they be free to terminate those union contracts?
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