Mike;
The problem is that they are NOT beholden to the stockholders. The
stockholder has common stock and the money guys have preferred stock
The preferred stock votes.
There is a bill in Congress now to give the stockholder more say over
the top pay, which has gotten out of hand. I don't care how good a CEO
is, if paid $600 Million, there would be a line 2 blocks long of
qualified people for the job at $10 Million, and that's too much. Hell,
they get paid even if they get thrown out!
The bailout is structured 2 ways at this point. Just give them each
$25B to spend (look how that works with the banks), or buy into them
for $25B.
If the government buys into them, then it's with taxpayers rules, and
they can and should be restructured.
The original $25B was to pay for research and development of better
fuel efficient cars, but the car companies already want to use it to
fill up their bank holdings.
I agree, let them go bankrupt.
Back 20+ years ago, while the US Mfg. were crying about meeting the
milage requirements, the jap cars were meeting them for 2-3 years in
advance. No problem, they just did it.
I retired 9 years ago as a Master Auto Tech, Acura for the last 9
working years, Honda before that and Toyota before that and I raised my
family on VW. Both at the dealerships and with my own VW racing/repair
business. All those cars always were not only superior to US cars, but
the corporate attitude was that if you bought their car and took care
of it, they would cover it under warranty if it was something that
shouldn't have failed. I repaired many cars with 70-80k on them, with
the Mfg. covering the parts and the customers paying for the labor at
warrantee rates.
With US cars, at 36,001 it was not covered, too bad.
Ray
On Nov 17, 2008, at 2:35 PM, Mike Apfelbeck wrote:
Fired by whom?
They need to be beholden to the stockholders, the owners of the
company, no one else. The government has no business running a car
company. Do you think the people who spend $5 million dollars of the
taxpayers' money yearly on a huge jet plane just for Nancy Pelosi's
weekly commute from DC to California have any business telling anyone
else how to run their affairs? Let em go to bankruptcy court, we
taxpayers don't need to pay for their mistakes.
At 08:06 AM 11/17/2008, Ray Jones wrote
Which ever way it goes, the top 4 levels of execs should be fired on
the spot, with no exit packages and no bonuses. Same for anything else
the Gov. takes over, walk in, excort the execs out, and replace with
qualified people responsible to the Feds.
Ray
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