Posted on 03/31/2009 3:46:09 AM PDT by Scanian
Senator Corker calls the car company takeover “a power grab.” And it also seems to be a grab for the mere sake of asserting the government’s muscle. If this report is to be believed, then this is all an elaborate charade to hide . . . yes . . . a good old fashioned bankruptcy proceeding:
The Obama’s administration’s leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter.
The move would in essence split both companies into their “good” and “bad” components. The government would like to see the “good” GM to be a standalone company, according to an administration official. The “good” Chrysler would be sold to Fiat SpA, assuming that deal is completed, this person said.
GM and Chrysler have had bankruptcy attorneys devising plans for such a move in recent months.
President Barack Obama’s task force has told both companies that the administration prefers this route as a way to reorganize the two auto makers, rather than the prolonged out-of-court process that has thus far frustrated administration officials.
So if they are going to use bankruptcy to “cleanse” debt and rewrite labor agreements why not, you know, just do it? Why make this all about the president throwing his weight around and personally firing the head of a major corporation?
(Excerpt) Read more at commentarymagazine.com ...
I also think it has something to do with forcing “greener” cars onto the market. But what muddles that theory is the “trash talking” they did about the Volt in their “official” evaluation of the company.
It is puzzling that the troubled companies had not filed for Chapter 11 bankruptcy proceedings in order to reorganize into a viable enterprise. This option has been available since the start. Instead I read that GM had been telling the US government that the company would rather file for Chapter 7 bankruptcy if the taxpayers did not ante up more money to keep going on the route to failure.
Was GM afraid to take the matters into its own hands because of the many and questionable interrelationships between management and unions? GM has been headed for a "train wreck" for many years now because of its increasing inability to compete.
BO is beginning to look like a sociopathic thug.
It is probably a combination of things, but I wonder if zerO just couldn’t admit that all the bailout money was wasted, there was no way to get the UAW to agree to cutting legacy costs, he couldn’t be seen as the enemy of the union, so the blame is to be outsourced to bankruptcy court after this elaborate Kabuki dance.
It is actually very dangerous, politically, for him to elevate himself, as the government, in this manner at this time. He is going to be called on the bankruptcy coming after billions were flushed away. He is going to have criticism and maybe defections from the union rank and file.
I was told that on NPR yesterday, union workers were calling in criticizing the plan and zerO. They all supposedly said that it was going to be the death of GM.
The Narcissist strikes again.
The only good part of all this is while his attention is on this major problem, he cannot find another problem to cause as the teleprompter might blow out.
Vince
The volt still uses that evil carbon and most users would be likely to just use it as a regular gas fueled car..
Beginning to??? Did you just regain your vision or something???
LLS
And so he gets the unions to rally 'round nationalized health care as a replacement -- their only hope, and change.
What we're dealing with is a very skilled flim-flam man, aided and abetted by the media, who will continue explaining to those who desperately want to believe that what he said isn't what he meant, and what he meant isn't what he said.
Actually, I don’t think 0bama gives a hoot in hell about the billions of taxpayer dollars flushed down this commode. He only cares about advancing his socialist agenda, and staying on the good side of the UAW.
In order to do that, he must appear to have expended Herculean effort to “save” both GM and Chrysler before pushing them into BK.
It’s time to take back the country.
This is an unnecessary comment. Guess you just feel like being a jerk today? It's alright. Everyone is a jerk at some point.
There are some things going on behind the scenes here that we aren’t privy to. But we can speculate. We see how the Thug in Chief just shows up places and leans on people.
I’m not well versed on this subject yet, but i can tell when something stinks. And this looks like BO made the unions an offer they couldn’t refuse. The CEO or the union. What’s it gonna be? Why that CEO was forced out is a mystery to me. What was he planning? Was it something that would’ve endangered the life of the autoworkers union?
Has this lamer 0bama ever changed the oil on a car? How about the brakes. Did he ever change a flat? His hands have never done any manual labor.
He makes me want to puke
Yet he and his ilk would impose a wage scale that would demand that someone digging a ditch with a shovel would be paid more than a guy running a backhoe because it’s “harder work”.
Every paragraph sounds like BO.
Notice that it’s not “arrogance” that drives him,
it’s inadequacy.
Yes, i did notice that. The “arrogance” is just the mask he wears to cover up those feelings of inadequacy.
It was a joke... and that is the truth... so I apologize for hurting your feelings.
LLS
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