Grand Theft Auto Bailout: The Day After
Amidst all the hysterical editorials aboot how Republican’s have doomed the American auto companies to fail, I came across one editorial that lays out why this bailout would never work in the first place. Take it away Investors Business Daily…
If Mulally, Nardelli and Wagoner truly felt that they had the skills necessary to right these sinking ships, they would have properly asked for handsome pay packages that included a great deal of equity upside should they succeed.
That they’re willing to work for nothing shows they don’t honestly believe they can fix what is broken. Based on their childish compensation requests alone, it’s a certainty that the money handed them will be wasted.
There are still some questions that I would like answered, such as why exactly I need to bailout Chrysler when they’re owned by a hedge fund that can bail them out themselves, or if the any democrats will excuse themselves from voting…what with the massive financial stake they have in bailing out the UAW.
As for now, I guess it’s all eyes on President Bush. How’s that for scary?
UPDATE: Amen to Tom Couburn, who gave a conference call on this and all other things fiscal…
Management signed those contracts, because a strike would have impacted their bonuses. Short-term management thinking led to those uncompetitive labor costs at the Big Three. The failure of last night “solely lies with UAW,” Coburn said. The UAW refused to give a date on concessions, and without concessions, the Big Three can’t compete.
UPDATE DEUX: I’m becoming a big fan of Bob Corker.
He's the Bible in one hand, a bottle of Crown Royal in the other, and we all know Jesus didn't turn the wine into Dr. Pepper...
Funny, how the senators like to help those rich friends but the heck with the working class. They represent the import auto makers from their states not the interest of America or the working class. They are selling out America for their own egos and special interest.
We have to bail out the auto companies because the wall street has us in such a mess, the failure of the auto industry would be the straw that broke the camel’s back.
What happen to being for America and for America’s interest.
Japan would not let their companies go down the tube. Nor would Korea or China or Europe. Lets do one for the home team, for once.
Your ignorance of the auto industry and its impact leads me to seriously question you ability to form realistic opinions on the other events that you comment on. It is becoming more and more clear that you are not nearly as astute as you present yourself. Your credibility is sinking quickly.