Barack Obama is now CEO of General Motors and Chrysler.
Barack Obama has taken over operations of General Motors and Chrysler Corporation and has issued ultimatums to both corporations...Do it my way or hit the highway.
GM CEO Rick Wagoner has "resigned" and is now the former CEO. Mr. Obama has installed a figurehead and told execs at GM to go back to the drawing board on their "viability plan". They have 60 days to comply. If, at that time, Lord Obama is not satisfied with the plan...he will "ALLOW" them to file for bankruptcy protection.
On the Chrysler front, the ultimatum from the all powerful Wizard of Washington is this: Merge with Fiat by April 30th.
An excerpt from Reuters:
"The president's plan for General Motors and Chrysler, announced yesterday, continues to get top billing in the press. Obama took a hard stance with the struggling automakers, giving GM 60 days to come up with a viable, not to mention drastic, restructuring plan, and Chrysler 30 days. If the companies fail to do this, he would allow them to file for bankruptcy. The New York Times reports that, as a result, the United Automobile Workers, which along with bondholders has thus far "balked" at the GM's demands, "will be asked to make even bigger concessions on a new wage and benefits contract and health benefits for retirees. Bondholders will most likely be forced to accept a deep discount on the price of their debt as well as agree to take GM stock in lieu of debt repayments." In addition, Chrysler must merge with Fiat by April 30, Obama said."
A revolution is taking place. The Constitution of The United States has been removed from a protective enclosure and placed in one of the White House storage closets. We have watched one President who seemingly had mastered the art of Abuse of Power go about his dismantling of The Constitution, and now watch another President who apparently wrote The Book on the subject trek further down the road than Bush would ever dare to travel.
We the People thought our loan (Yes, it was our money) to the automakers was just that...a loan. Now we discover that we are , in fact, the money folks in a Venture Capital firm and our CEO has taken over two of the companies that we are backing. Unfortunately, we don't seem to have any say in the day to day operations of AIG or the numerous financial firms that we "stimulated" to open up the credit markets and kick this "Economic Crisis" in the ass.
We are being duped on a scale that FDR could never imagine.
As we concern ourselves with the mundane and trivial, the power of the Federal Government grows in leaps and bounds.
Are you concerned?
You should be.
Meanwhile, in related news, executives at AIG could not be reached for comment concerning recent events with the automakers...the AIG execs were too busy laughing their collective asses off.
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