|
|
Post by Joe Cocker on Oct 9, 2012 9:13:35 GMT -5
|
|
|
|
Post by ferrous on Oct 9, 2012 17:07:54 GMT -5
I don't like to copy and paste but this needs to be highlighted:
Quote:
President Obama pledged that the bailout would pull the company through bankruptcy in record time. The cash injection from Treasury accomplished that goal, but the corners GM cut to ensure a smooth transition left many parties unhappy.
“They didn’t care about the company long-term,” risk analyst Whalen said.
“The process was politically driven to be done as fast as possible, focused on securing short term support from the [United Auto Workers union].”
The allegation of union favoritism has dogged the Obama administration throughout the auto bailout. In addition to General Motors Canada’s debt, Treasury faced similar charges while handling the bankruptcy of Delphi, GM’s independent parts supplier.
“The government did a sloppy job with the bailout,” the bankruptcy expert said. “We have a fully functioning bankruptcy process based on centuries of common law, standard ways of doing things.”
“The federal government didn’t want pension plans to bear any costs associated with traditional bankruptcies … and now you’re faced with this.”
End quote
|
|
|
|
Post by danceswithdogs on Oct 9, 2012 21:34:40 GMT -5
Yep. It was all about keeping Obama's union buddies happy. To hell with the rest of investors and American people.
|
|
|
|
Post by sonnypie on Oct 10, 2012 9:35:11 GMT -5
Can you say "Buying votes"? Let's hope there are enough people wise enough to these socialists to vote them out. Remember: Ammunition. The new Gold for uncertain times.  |
|
|
|
Post by danceswithdogs on Oct 12, 2012 18:27:59 GMT -5
Ooooo....pretty shiny things.....
|
|
