> The GOP attack machine is in high gear with this pile of poop-paganda. > President Obama didn't force GM to take the taxpayer's money, but since > GM did request, and accept, a 17 billion loan from the taxpayers, Obama > has a responsibility to protect the taxpayers interest, which he did by > not extending additional loan without insuring GM has a sounder > business > plan for recovery, so GM has, at least, some chance to succeed.
Everybody knows that the CEO of GM was a scapegoat, even the Gov. of Michigan yesterday said as much. He'd dedicated 30 years of his life to the company and was simply unable -- with all of GM's obligations to the UAW contracts -- to make it work. Bankruptcy was the only thing that could have helped GM sort out its "bad" from it's "good" debts -- and needless to say it's the exact path Barack the Decider will end up taking them as well. It was a mistake to take the money and give the government this "in" to run their business. But the government has been forcing itself on banks and other industries, whether they want the "bailout" cash or not. But the truth is he was hung out to dry for a photo op so Barack the Decider can foster an undeserved image as champion of the taxpayer dollar. He's going to put GM through bankruptcy as well, and get credit for being some kind of business sage doing it. > Likewise, the shareholders of GM, and the GM board of directors could > have decided to sever relations with the government, and continued on > with their own choice in management. I don't think you understand what's going on at all. Bank of America was forced, against its will, both to take TARP money and to purchase Merrill Lynch to keep it afloat by the government. They said we don't want to do either, and the government said, "You don't seem to understand. You're not leaving this negotiation room until you agree." States that are trying to refuse stimulus money are being forced to take it anyway. This is not the land of the free anymore. > > Most institutions that make loans to companies in crisis, that are > being > restructure, place strict provision within the loan agreement for their > own protection. Or the government will make them an offer they can't refuse. > > Likewise, the Obama Administration has subjecting major banks to stress > test to insure the taxpayers are not throwing good money after bad. LOL... It both entertains me and terrifies me that you believe this. - Bob > > Regards, > > LelandJ > _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
