Click on ad for a larger version.Remind me again how this is supposed to work.
GM, now 60% owned by Washington, will take it's marching orders from Congress, the President... hell, maybe even your local postman. You think I'm joking?
Several House members have already started to complain about GM's dealership closings. On behalf of their constituents, local car dealers in this case, some congressmen are mixing politics with business and already hampering the new GM's ability to make money.
That portends well for the company's future profitability, as the government's management of Amtrack, social security... hell, even the post office, will attest.
Pinch me please, I want out of this nightmare.
A 'Dangerous Precedent,' and He Should Know
ReplyDelete"President Barack Obama 'strongly opposes' an effort in Congress to require General Motors Corp. and Chrysler LLC to restore relationships shed during bankruptcy proceedings," Bloomberg reports. We agree with the president, but it's a rather awkward argument for him to make:
The administration said [yesterday] in a statement that "the decision by Chrysler and GM to rationalize their dealer networks was a critical part of their overall restructuring to achieve long-term viability in order to save jobs in the long run."
The statement also said it would set a "dangerous precedent" to "intervene into a closed judicial bankruptcy proceeding on behalf of one particular group at this point."
Granted, "closed" and "at this point" technically distinguish this "precedent" from the one already set. But if Obama wonders where Congress got the idea that politicians can intervene in bankruptcy proceedings to help favored groups, he ought to look in the mirror.
WSJ, Best of the Web