Chrysler ultimatum, does this make sense?

BBShark

Garage Monkey
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OK, so Obama fires General Motors CEO Rick Wagoner. That should fix things:nuts:

Also, the government has given Chrysler the ultimatum that they merge with Fiat or no more money. Think about what that does to their barganing position! The value of Chrysler (to Fiat) just went down the tubes. Imagine if you had to sell your business in 30 days to one specific company or face backruptcy and this was mandated by the government. They have been basically thrown under the bus and they have NO barganing position. This makes no sense to me.

ARTICLE BELOW:

President Obama has just finished his press conference on the government's determination of the viability of General Motors and Chrysler, and the gist is that both automakers have failed to convince the feds that their business plans deserve further investment. Obama and his task force will give GM enough working capital to survive another 60 days and prove its viability, though no dollar amount was given. Chrysler, meanwhile, is being given another 30 days and working capital up to $6 billion to finalize a partnership deal with Fiat. If a deal can't be made and another partner is not found, Chrysler will get no more federal aid. Also, Fiat won't be allowed to take a majority stake in Chrysler until the automaker repays all the money it has borrowed from the government so far.
 
What makes no sense to me is that BILLIONS of dollars are being spent/thrown away and people like you and me are paying for it. Then there's the corporate exec's and their excessive rewards (for failure).:tth::tth::tth:
Don't get me started on this crap. I am having a hard enough time just paying my mortgage. Fuck Chrysler, GM, AIG and the rest of them, I did not put them where they are and I don't want to pay for their failure.
My home equity is going down.
My property taxes are still going up.
My income this year and last has suffered.
Throw them all under the fucking bus, they deserve it. I got my own worries.:tth::tth::tth:
 
Also, the government has given Chrysler the ultimatum that they merge with Fiat or no more money. Think about what that does to their barganing position! The value of Chrysler (to Fiat) just went down the tubes. Imagine if you had to sell your business in 30 days to one specific company or face backruptcy and this was mandated by the government. They have been basically thrown under the bus and they have NO barganing position. This makes no sense to me.

Good point...

Don't look too hard for sense in any of Obama's moves...you won't find it.
 
did you guys not believe Obama when he told "Joe the plumber" he was going to spread the wealth around? do you not think when unions spend tens of millions of dollars to get someone elected there isn`t a payoff? You have seen Washington in action do you not think each and everyone of them is a crook? because I sure do.
 
did you guys not believe Obama when he told "Joe the plumber" he was going to spread the wealth around? do you not think when unions spend tens of millions of dollars to get someone elected there isn`t a payoff? You have seen Washington in action do you not think each and everyone of them is a crook? because I sure do.

I"'m tell you a little story, dunno I ever told it here, maybe once in PRC over the years....it's about me growing up in Wash Dc area, lived there 53 years....

I remember being in like 5-6th grade, and dad coming home really REALLY pissed one night...6pm, set your watch always on time, that was Dad, anyway I was in the living room mom/dad in the kitchen.....dad was rocked pissed, he shouted, 'I WON'T PAY the bastard'....I don't care if the whole damn plan goes down the toilet, I will not pay Senator X (I forget the name) but what it was about is that Dad was in the Insurance business, so he being GOOD at the game, knew the actuary tables and rates and margins of error and shit as good as anyone in the game at the home offices....risk assessment .....so he slaves over the bid for the US Dept of Interior, that's park and shit, land management/whatever.....thousands of workers/families....Dad was big into bulk merchandising of insurance, entire companies, associations, industries, sell to thousands at one shot, spread the risk around, same theory as what insurance is all about.....say like if they wrote the whole damn neighborhood full of houses for homeowners here, with ONE company, covering the entire layout, EVERYONE....bet my premium would be 1/2 what it is NOW.....type thing....

so anyway, he had the best plan, but some hill 'senator' had his hand out, it simply would not happen as he either paid that bastard or no go.....

our family would probably have been millionaires IF that had happened, but you know, Dad/mom was old school church every sunday types, and would not have ANYTHING to do with that type crap....so....they went with a lesser plan who DID pay senator X......

SO talking of crooks in DC, and then adding in Chicago background to the mix.....tell ME WTF is going on....Bullshit little EVA, I KNOW what is going on.....

Miami vice theme.....'the payoffs, ripoffs, things no body saw'....

:crap:
 
This whole deal with GM and Chry is BIG news here in Kokomo. We have 3 Chrysler plants and 1 Delphi plant.

The Delphi plant here in town has all but came out and announced there will be no more production after 2011 when the UAW contract is up. There will just be a small amount of R & D at this delphi plant IF they are even still in business by then.

The Chrysler plants here are having at least 1 week down time every month and talk of maybe 2 months off this spring for the plant I am in. People in this plant say they are NOT giving up a dime they have worked for and if there is ANY pay cuts they should be at the top not on the employees. :confused:

There is a NEW 100 MILLION building sitting in the next county over that was going to be a joint venture between Chry and Getrag, the deal fell through just about the time the building was completed. The building sits empty and the county is 10 million in the red for all the road and utilities work they had to do for the plant. The county has a lawsuite against Chry and is trying to get some of the bail out money to cover its dept.

I really have a feeling things will get a lot worse around here before they get any better. I have a feeling I will have to end up moving south to find a job in my field. I think the Gov went about helping the car companies all wrong (as they did AIG and others). If they wanted to help them he should have helped them through the people. How about a car coupon for any US citizen that wants to buy a US car. The Gov will pay 60% of the cost of the car and the customer would pay 40%. This would not only help the car company with cash flow, it would also help get rid of the thousands of unsold cars sitting around. I also believe this would help get the economy back on track, people would be spending. I am NO financial wiz and I am sure somebody has a reason this would not work BUT it still seems like a better plan that just writting a check every couple months for a "loan" that we all know will NEVER be paid back.
 
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did you guys not believe Obama when he told "Joe the plumber" he was going to spread the wealth around? do you not think when unions spend tens of millions of dollars to get someone elected there isn`t a payoff? You have seen Washington in action do you not think each and everyone of them is a crook? because I sure do.

I"'m tell you a little story, dunno I ever told it here, maybe once in PRC over the years....it's about me growing up in Wash Dc area, lived there 53 years....

I remember being in like 5-6th grade, and dad coming home really REALLY pissed one night...6pm, set your watch always on time, that was Dad, anyway I was in the living room mom/dad in the kitchen.....dad was rocked pissed, he shouted, 'I WON'T PAY the bastard'....I don't care if the whole damn plan goes down the toilet, I will not pay Senator X (I forget the name) but what it was about is that Dad was in the Insurance business, so he being GOOD at the game, knew the actuary tables and rates and margins of error and shit as good as anyone in the game at the home offices....risk assessment .....so he slaves over the bid for the US Dept of Interior, that's park and shit, land management/whatever.....thousands of workers/families....Dad was big into bulk merchandising of insurance, entire companies, associations, industries, sell to thousands at one shot, spread the risk around, same theory as what insurance is all about.....say like if they wrote the whole damn neighborhood full of houses for homeowners here, with ONE company, covering the entire layout, EVERYONE....bet my premium would be 1/2 what it is NOW.....type thing....

so anyway, he had the best plan, but some hill 'senator' had his hand out, it simply would not happen as he either paid that bastard or no go.....

our family would probably have been millionaires IF that had happened, but you know, Dad/mom was old school church every sunday types, and would not have ANYTHING to do with that type crap....so....they went with a lesser plan who DID pay senator X......

SO talking of crooks in DC, and then adding in Chicago background to the mix.....tell ME WTF is going on....Bullshit little EVA, I KNOW what is going on.....

Miami vice theme.....'the payoffs, ripoffs, things no body saw'....

:crap:

Your Dad sounds like he was a real good and honest guy! :drink:
 
Is anyone surprised? Decades of liberal policies starting with the CRA, Union stranglehold on manufacturing, and government spending?

Seriously, how long did anyone expect this to continue? If you want to see what you get with policy like these?

Political correctness, taxes, wack job environmental extremists like Al Gore...seriously WTF did you expect to happen?

The ever expanding central government, does anyone in this country understand what a STATE is? Anyone? The fact that more and more people working for the government with ever expanding programs and THEY DON'T PAY TAX!

This societal expectation that living over your head is expected. That if you have $30K cash you buy a $50K car. If you can afford a $500K house you buy a $700K house. This self indulgent expectation that someone other than yourself should pay for your healthcare, if not your employer than the government.

The selfish old bastards who will NEVER allow SS and Medicare to be realistically reformed even though it represents almost 60% of the federal budget. Fuck the next generation, I gots mine....

You all can sit around and blame Wall Street. You can blame GM. I blame society. People vote based on how government can support their standard of living beyond their means. We live in a selfish society expecting the productive to foot the bill for the selfish.

All you need to do is look at the election of Obama and the video of that lady yelling about how Obama is going to put gas in her tank and pay her mortgage. That is what society sees as the role of government and it is sad.

Look at illegal immigration. More evidence how lazy we have become as a society. California is spending BILLIONS housing illeagals, putting them in schools, hospitals, social services, etc... It's "too much work" or politically incorrect to do the right thing. Hell, Janet Napolitano just told ICE to not enforce the law on this. And we're going broke and you wonder why. Sanctuary cities.

And finally the power hungry politicians that keep getting re elected. How does someone as incompetent as Pelosi, Kennedy, Reid, get re elected time after time. They have little interest in the plight of YOU and have far more interest in establishing and maintaining power. Think I'm wrong? Look at their policy. At every turn they want to tell you how to live. From what school you can send your kids to to which lightbulb you're allowed to purchase at home depot.

Society started falling apart when the Federal Government started doling out money to States. This gave cover to crooks at all levels. With a strong central government local crooks can point to Washington as the problem, not them. Your town points to your county, your county points to the state, and your state points to Washington. Know why? So they can keep their thiefdom. Your governor should have a bigger effect on your life then the president. Politics in this country has become a sport of who can reach up and pull down the most money from whatever source is above their heads.

Wake up. Bush was not the solution he was the problem. McCain is not the solution he was the problem. Obama is worse than the other two. A strong federal government does not work. The constitution lays out clearly the role of the fed.

1. establish justice, or a court system
2. ensure domestic tranquility....national gaurd
3. provide for the common defense...military
4. PROMOTE the general welfare....create the conditions for interstate commerce, not a monthly check
5. Ensure the blessings of LIBERTY to ourselves and our posterity.....give our kids a chance.

I'll address #5. The blessings of liberty mean to allow future generations to be free from government tyranny. We are not doing that. Free government healthcare, social security, medicare, federal regulation of education, is tyranny, not freedom from it for example. The more you expect government to do for you , the less free you are going to be. Unfortunately, society's thirst for selfishness outweighs their desire for freedom. Think about it. From the time you wake up in the morning to the time you go to bed, everything, EVERYTHING you do has a government cost. There is only one transaction in existence where the government is NOT involved, a gift under $12,000. Otherwise there is NOTHING you can possibly do without the government putting their nose in it. Is this what the framers of the Constitution envisioned? I don't think so.

Just reported on Fox News the solution for GM is to raise fuel efficiency and kill trucks. THAT is the solution. Do you see what the problem is? GM is dropping 11 of their 16 profitable lines because POLITICAL decisions will dictate what GM does, and directly, what YOU can drive. This ladies and gentlemen is the problem. Nanny government getting involved. When it falls flat on its face, and no one wants it the government will put a tax on trucks made by other manufacturers so that you have to buy their POS blenders on wheels. Another freedom down the drain.

Nice work society.
 
If you think the gov. does a good job managing the Post Office, you'll love what their about to do to G.M. Obama will kill all V-8 cars and trucks...(yes, the Corvette) in favor of mini-crap cars. I think before it's all over there will be blood in the streets.....God help us all.
 
What pisses me off to no end is that our little country is paying for a whole lot of those shitty mortgages. Our perentage wise very large financial sector has many tens of billions of dollars of worthless mortgages. Out secretary of finance is spending left and right bailing them out (20 billion here, another couple billion there) and every Dutch citizen (16.5M in total) is now about 4500$ in debt because of it...and rising!!! State deficiencies are skyrocketing.

Also Henk and Jan (Dutch names) are paying for Heinrich and Klaus (Germans) so they can buy a new car and get a scrapping bonus for their old one, and then there's Didier and Pierre who are pumping money into PSA (Peugeot/Citroen) at an even more rediculous rate than they have done for years and guess who gets footed the bill!!!

About those mini cars...this guy died yesterday cuz he spun out driving his little shitbox:

hummergroot.jpg
 
OK, so Obama fires General Motors CEO Rick Wagoner. That should fix things:nuts:


I think its a GOOD thing. I don't know what the new guy's background is but i'm so sick of finance people running the world.

The problem is not the mortgages, its all the insurance that was sold to insure the mortgages. We should have let everything fail from the start. That's the was the system is supposed to work. Whatever is left over is bought up by sound companies and there is a natural cleansing.

If it wasn't the mortgages it would have been something else. AIG was selling "insurance" for anything under the sun. They put Vegas to shame.

In the Boston area you can go buy a house full of furniture from Jordans ect. and if the Red Socks sweep the world series, it's all free. They pay for this by buyinig insurance.
 
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The problem is not the mortgages, its all the insurance that was sold to insure the mortgages. We should have let everything fail from the start. That's the was the system is supposed to work. Whatever is left over is bought up by sound companies and there is a natural cleansing.

If it wasn't the mortgages it would have been something else. AIG was selling "insurance" for anything under the sun. They put Vegas to shame.

In the Boston area you can go buy a house full of furniture from Jordans ect. and if the Red Socks sweep the world series, it's all free. They pay for this by buyinig insurance.


Wrong, the insurance division of AIG (for example) is a separate and profitable entity and is not cause of their problems. However I agree that even if AIG would have been allowed to go under the insurance division will still operate.

Someone said "Capitalisim without failure is like religion without sin".
 
A lot of the bailout money that the banks here got went to pay back the European banks like Deutsche Bank, that had bought the bad mortgages. If that had not happened, then the US banks would be in a lot worse shape.

The Feds have already recently passed and are trying to pass more regulations in the mortgage sector that is really going to screw things up.

If you are in the private mortgage business now, better bail out, because you are literally being legislated out of a job.

Obama's top financial advisors came from Fanny Mae and Freddy Mac, screwed the mortgage crap up and are now poised to screw up the whole country.

Here is an example of the bozos that have been and are still running the joint,

Who is Barney Frank?

Guess I remembered much of this but this is a good summary of his life in Congress.


By Vasko Kohlmayer / American Thinker



"As Congress grapples with solutions for a faltering economy, Barney Frank sits at the center of power."



Thus wrote John Gallagher in The Advocate as our government officials desperately struggled to limit the fallout from the unfolding financial crisis.



Gallagher is right. As Chairman of the Financial Service Committee in the US House of Representatives, Barney Frank plays a crucial role in determining in what ways much of the bailout and stimulus money is spent. This is because the committee over which he presides oversees the housing and banking sectors, two industries that are at the center of the current economic crisis. But, Frank's power and influence extend beyond his chairmanship of the important Financial Services Committee.

Outspoken, smart and forceful, Frank has emerged as one of the heavyweights in the Democrat-led House and, as such, instrumental in shaping its course and agenda. There are some who think that his behind-the-scenes influence exceeds even that of Nancy Pelosi. Whether or not this is so, there can be no doubt that Barney Frank is currently one of the most powerful politicians in the country.



Given his present position of influence, taxpayers may want to learn more about the background of the man who directs how hundreds of billions of dollars of their money is spent.



Barnett "Barney" Frank was first elected to Congress in 1981 at the age of forty-one from Massachusetts' 4th district. Six years later, he made national news when he publicly declared his homosexuality. By that admission, he became the first openly gay member of the House of Representatives.



In 1991, Barney Frank received an official reprimand for reflecting, "discredit upon the House." The reprimand came as a result of his relationship with a man named Steve Gobi, a male prostitute whom Frank initially paid $80 for sex. Frank later took Gobi to live with him in his home, making him a personal aide. He paid him $20,000 in compensation (unreported to the IRS), and let him use his car.

Subsequent investigation revealed that in the course of their relationship, Frank used his congressional office and stationary to fix Gobi's 33 parking fines. Frank also used his congressional letterhead to write a reference letter to Gobi's probation officer -- Gobi was under court supervision as a convicted felon with a prison record -- in which he gave false information. Most damningly, the investigation found that Gobi ran a prostitution ring from Frank's home. In his defense, Frank asserted he knew nothing of Gobi's illicit enterprise.



The Democrat-controlled House voted 408-18 to reprimand Frank after a heated debate during which some Republicans demanded expulsion. They pointed out that the claim that Frank did not know of Gobi's criminal activities was incredible to say the least.



Jeff Jacoby of The Boston Globe summed up their sentiments when he wrote: "Most pathetic of all was Frank's claim that he'd been 'victimized' -- that he was a just a 'good liberal' who was 'trying to help' Gobie, but got 'suckered'."



Frank's Democrat colleagues, however, insisted that this was precisely what happened. During the debate, his friend, Thomas Foglietta (D-PA), said, "Barney Frank is accused of being stupid and, my friend, if being stupid were grounds for expulsion, there'd be very few of us left here."



Although the latter part of Foglietta's statement may well be true, the first part is decidedly not. Whatever else he may be, Barney Frank is certainly not stupid. A former Harvard instructor, Barney Frank twice won the title "brainiest," "funniest," and "most eloquent" member of the House in a survey of Capitol Hill staffers. It truly strains the bounds of credulity that Frank, an accomplished congressman and a former Ivy League lecturer, could be deceived under his own roof by a street hustler.



After Gobi, Barney Frank become involved in another questionable -- and possibly criminally tainted -- relationship with a man called Herb Moses. Moses, whom Frank called his "spouse," was a high-level executive at Fannie Mae from 1991 until 1998. Dubbed a "mortgage guru" by the National Mortgage News, Moses boasted that he helped develop "many of Fannie Mae's affordable housing and home improvement lending programs." It was, of course, these kinds of programs that ultimately led to the collapse of the subprime mortgage market that wiped out trillions dollars from the economy and produced the economic turmoil that we now face. Even though there were those warning against the precarious nature of the enterprise, Barney Frank -- whose committee oversees Fannie Mae and Freddie Mac -- kept resisting reforms and besmirching those voicing concerns.



When the Bush administration proposed that oversight of Fannie and Freddie be transferred to the Treasury Department, Frank strongly opposed the plan, claiming:



"These two entities... are not facing any kind of financial crisis...

The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."



Frank continued to claim almost until the day of the collapse that the two mortgage giants were financially sound. If we lived in a sane world, Barney Frank would be compelled to testify about his culpability in the current crisis and what role his romantic involvement with Herb Moses -- as well as the campaign contributions he received from Fannie and Freddie -- played in his shilling for these two moribund institutions.



Commenting on his shenanigans, Jeff Jacoby observed that under normal circumstances, Frank's questionable relationships could have well landed him in prison. Voters in his very liberal congressional district, however, have awarded him with a string of easy re-elections.



In his public life, Barney Frank is known as a civil rights hawk. A feisty progressive activist, Frank has poured much of his energies into the area of lesbian, gay, bisexual, and transgender (LGBT) issues. One of his great achievements was the founding of the National Stonewall Democrats, a gay activist arm of the Democrat Party that brought under one umbrella previously unaffiliated LGBT clubs across America.



Describing itself as "a grassroots force for social change," the organization is headquartered in Washington, D.C. and currently oversees more than 90 local chapters. The organization's Web site states that its activities focus primarily on "mobilizing the LGBT [Lesbian, Gay, Bisexual, and Transgender] community to get out to vote on Election Day for fair-minded Democrats; and standing up when Republicans attack our families..."



As could be expected from the founder of the National Stonewall Democrats, Barney Frank voted 'no' on constitutionally defining marriage as one-man-one-woman. During the debate, he praised the progressive leaning of his own state's body politic: "I believe the political community of Massachusetts is prepared to say, if two men love each other and are prepared to be committed to each other legally as well as emotionally, that is rather a good thing and we will say it's okay." In

1999 Frank voted 'no' on a bill, which would ban gay adoptions in Washington, D.C. Needless to say, Frank's voting record has earned him a 97% lifetime rating from the ACLU.



Throughout his career, Frank has pushed for the decriminalization of medical marijuana. He recently extended the scope of his efforts to the public at large. Last year, he introduced a bill called the Personal Use of Marijuana by Responsible Adults Act of 2008, which would have removed federal penalties for the possession of up to 100 grams (3.5 oz) of the drug. Although Frank often talks about the "silliness" of jailing people for possessing small quantities of the substance, 100 grams is actually a large amount, which, by most accounts, makes for more than 200 doses. According to a recent analysis by High Times magazine, 100 grams of most marijuana strands goes for more than $1000 at street prices. Defending his bill, Frank said that it was "time for the politicians to catch up with the public on this." Frank's words almost make it look like it is a common thing for Americans to walk around with $1000 worth of cannabis in their pockets.





In 2006, Frank voted against the Respect for America's Fallen Heroes Act, a bill aimed at restricting protests and demonstrations at soldiers' funerals. The measure passed unanimously in the Senate with Frank being one of only three legislators in the House who voted against the Act.



In 2003, Barney Frank voted against the Partial-Birth Abortion Ban Act, a brutal procedure during which a baby -- often viable -- is killed in the birth canal by having its skull pierced and its brain sucked out.



In addition, Frank also voted against the Unborn Victims of Violence Act and against the criminalization of taking of minors across state lines by non-family members to circumvent abortion laws. Not surprisingly, Frank's voting record earned him a 100% rating from NARAL.



In the area of national defense, Barney Frank has for years, advocated a 25 percent reduction in the overall military budget of the United States. Earlier this month, he wrote in a piece that ran in the Nation,



"If we do not make reductions approximating 25 percent of the military budget starting fairly soon, it will be impossible to continue to fund an adequate level of domestic activity even with a repeal of Bush's tax cuts for the very wealthy."



He then challenged those who call for fiscal responsibility to first look "where our spending has been the most irresponsible and has produced the least good for the dollars expended - our military budget."



All those who care about the future of this country should be greatly concerned that Barney Frank, a leftist radical who publicly flaunts his homosexuality, is presently one of the most powerful politicians in America. His recent actions and statements make it amply clear that he will seek to use his present influence to implement as much of his extreme agenda as he possibly can. Given his party's hold on the White House and Congress, his efforts may meet with much success.
 
OK, so Obama fires General Motors CEO Rick Wagoner. That should fix things:nuts:


I think its a GOOD thing. I don't know what the new guy's background is but i'm so sick of finance people running the world.

The problem is not the mortgages, its all the insurance that was sold to insure the mortgages. We should have let everything fail from the start. That's the was the system is supposed to work. Whatever is left over is bought up by sound companies and there is a natural cleansing.

If it wasn't the mortgages it would have been something else. AIG was selling "insurance" for anything under the sun. They put Vegas to shame.

In the Boston area you can go buy a house full of furniture from Jordans ect. and if the Red Socks sweep the world series, it's all free. They pay for this by buyinig insurance.

No, the problem was CRA. The government said "give loans to people who don't deserve them, if they default, we will cover them".

SO what are the banks to do? If you could sell something backed by the federal government, why would you care who buys it? You're still getting paid.

So banks do what anyone would do, went out and sold as much stuff as they can.
 
All this crap gives me a headache. Too bad we will have to wait 7 years, and see how much is true, and how much is fiction.(If we ever do).
Hell, I still don't know who killed JFK.:banghead:
 
All this crap gives me a headache. Too bad we will have to wait 7 years, and see how much is true, and how much is fiction.(If we ever do).
Hell, I still don't know who killed JFK.:banghead:

History isn't fiction it really happened. CRA was the basis of this mess.
 
All this crap gives me a headache. Too bad we will have to wait 7 years, and see how much is true, and how much is fiction.(If we ever do).
Hell, I still don't know who killed JFK.:banghead:

History isn't fiction it really happened. CRA was the basis of this mess.

Over 50% of these "bad loans" were by institutions not regulated by CRA.
 
[
Wrong, the insurance division of AIG (for example) is a separate and profitable entity and is not cause of their problems.


No, i'm not wrong. Insurance was being sold to anybody. You didn't even have to hold the mortgage.

It amounts to trading in something that has no underlieing real value. Those securities are going to zero. If it was a simple matter of people not paying their mortgages things would not be that bad. The property still has some residual value say 60-80% of the loan so losses would not be that bad.

It's these financial assholes that created the problem. I have absolutely no respect for someone with an MBA. These idiiots don't understand you can't create something from nothing. I think everybody should have to take some courses in science. Oh and courses on ethics. That should be innate but these guys are functional sociopaths.
 
OK, so Obama fires General Motors CEO Rick Wagoner. That should fix things:nuts:


I think its a GOOD thing. I don't know what the new guy's background is but i'm so sick of finance people running the world.

I have to agree with this part. I have hated banks and ins companies my whole life.

If you believe that the government running GM is going to result in a non-finance guys running GM, that's not going to happen.

AIG does not stand for American Insurance Group (a popular misconception), it stands for American International Group.
 
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