Barack Obama, new Chairman of the Board, (GM) Government Motors
by
Chet Greenwood
We the people now own 72 ½ % of General Motors. The price of this stock was a paltry $20 Billion. Would you have purchased stock in a bankrupt GM with your hard earned money?
You didn’t have to; our President did it for you.
Now what percentage do you suppose the “Car Czars” will give to the UAW? (55% in Chrysler’s case) If they structure this reorganization like they did Chrysler then you can expect them to rape the bondholders and give some of our stock to the UAW. This administration is penalizing the ones who are trying to support the company (bondholder investors and customers) and rewarding the ones who caused it to go bankrupt. (UAW) The UAW doesn’t want too much stock because they won’t have anyone to strike against if they are management!
The chairman (Obama) now tells 1200 dealers they are DOA and to take their inventory of new cars and warranty parts and discount them to get rid of them. We now have 1200 fewer places to buy their cars- does this make sense? Do you think Ben & Jerry would close up 1200 locations because they are too expensive to operate? Closing up these dealerships also puts an estimated 250,000 people out of work and how many possible personal/dealership bankruptcies? It just doesn’t make sense to leave your business to the accountants, lawyers and community organizers to manage!
On the other hand, we may not need all those locations because when all is said and done, GM will only have 3-4 models, all in environ-pastels (to reflect sunlight) with fuel options of solar, hot air, and the cheaper (at $42,000) bio-fuels model. If you think their assumption that the price for autos with the new efficiency standards will only increase $600 then you also must think we still use the penny post card!
Or, maybe we can use these closed dealerships for Obama’s drive-by FREE health clinics!
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