Heckuva Job on the Auto Bailout, Rattie (Car Czar Rattner, thuggery)

Forbes ^ | 6/2/2010 | Dan Ikenson

[Qbert]

Puffing out his chest in Tuesday’s Washington Post, Steven Rattner, former-head of President Obama’s auto task force and architect of GM’s and Chrysler’s restructurings, asks, rhetorically: “Isn’t it time to agree that the auto rescue has been a success?”

Rattner’s declaration of “Mission Accomplished”—based on one calendar quarter of mediocre financial results—is a galling display of arrogance and deception, and betrays a disturbing cluelessness about the broader costs and consequences of the government’s heavy-handed intervention.

Rattner’s verdict rests on the singular consideration that “a year after the government-sponsored bankruptcies of GM and Chrysler, both patients are alive and progressing well toward recovery.” But that’s like hailing the stable medical condition of a drunk driver after an accident, while ignoring the injuries to the family in the vehicle he struck. 

The impact of the auto intervention on its victims doesn’t factor into Rattner’s analysis.

[Oceander]

A "Success??" Only if you want to consider it a successful grand larceny. Stupid effing thief.

[VRWC For Truth]

“Isn’t it time to agree that the auto rescue has been a success?”

It's been successful in convincing me to not buy any gov't motors car in my lifetime. Economically it's a loser.

[taildragger]

Ok, the strip the capital away from bond holders in a new type of bankruptcy and then declare that capital the equity of the Unions and Uncle Sam. Uncle Sam then gives them gobs of cash. They supposedly declared a dividend (which is evil in their eyes) last qtr. But back to the New "Equity" holders. They go IPO and they sell their stock to pay off the VEBA ( the UAW ) and Uncle Sam or the new shareholders will still be on the hook for the pensions, So are you not in a sense, buying a helll of a lot a debt because they never went through a traditional bankruptcy and shut down the Pension?

So tell me how this does not violate the accounting equation, FASB rules?

And with Ford paying off their "VEBA" tell me how all the rocket scientist on Wall St still think GM will be a better deal than Ford with their IP after all I late out above?

Beam me up Scotty we have reached ludicrous speed...

[rogue yam]

ping

[Oceander]

Also, the more succinct, updated version:

[SonOfDarkSkies]

“Isn’t it time to agree that the auto rescue has been a success?”

Well, with those huge profits now generated by GM and Chrysler and the complete payback of taxpayers loans plus interest, I guess it is!

By the way, Rattboy, how great are those profits?

[Venturer]

Didnt GM pay back a portion of their loan with the money they borrowed?

That’s success?

[paul51]

“Isn’t it time to agree that the auto rescue has been a success?”

A perfect example of the thinking of inept fools that have absolutely no clue about business, economics or finance yet wield enough power to force us all to live with the consequences of their actions

[SonOfDarkSkies]

And I’ll bet they did it at Obama’s direction.

[Joan Kerrey]

“Isn’t it time to agree that the auto rescue has been a success?”

---

Toward the end of May I bought a new Sonata, my sister bought a Subaru and she’s a liberal and my nephew bought a Ford.
So, we don’t see the success they think they’ve accomplished, not in our family anyway.

[Qbert]

"... Uncle Sam or the new shareholders will still be on the hook for the pensions...". If it's the latter, I hope they have their IPO disclosures in bold 20 point font, because I don't know who in their right mind would ever want to buy that stock.

[TwelveOfTwenty]

Rattner’s verdict rests on the singular consideration that “a year after the government-sponsored bankruptcies of GM and Chrysler, both patients are alive and progressing well toward recovery.”

As I see it, one of those patients was lost, and is now little more than a foreign owned nameplate.