Swap Bernie Madoff's prison stripes for pinstripes and put him in charge of General Motors
The day after Bernie Madoff was carted off to prison for 150 years, some horrifying numbers have come out of General Government Motors.
The Washington Post reports:
If a new General Motors emerges from bankruptcy as planned, U.S. financial aid for the company will expand to nearly $50 billion, but neither the government nor the company is forecasting how much of the public money will be repaid.
The Post story continues:
The stake will be worth enough to fully cover the government’s direct investment only if GM’s stock rises above $68 billion. Even at its recent 2000 peak, GM’s stock was worth only $56 billion.
So let’s see if we’re following this:
The government will pour $50 billion into General Motors. They’re forcing them to make cars no one wants to buy. They’re slashing the advertising budget, which will make it less likely that anyone will know what they have to offer. And they’re eliminating dealers, which will make it tougher for the people who might want their cars to find them. And somehow, someone in Washington, DC thinks this is a good plan.
Bernie, meet Barack. Barack, meet Bernie.
Source: Washington Post via Conservative Grapevine
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Birds of a feather. Jailbird and catbird.
and the shareholders are the union employess, so my question is this — when the government gives gm the money, the now worthless stock is worth something, can the union employees now sell the stock they were gifted by the government?
I will never ever ever buy a GM car (and I’ve owned several of them in the past)