Bail Out Your Business

[pctek]

http://www.nzherald.co.nz/business/n...ectid=10546452

I find this outrageous. WHy should they get bailed out?

Detroit's once-mighty automakers appealed to Congress yesterday with a retooled case for a bailout as large as US$34 billion ($64.3 billion), pledging to slash workforces, car lines and executive pay.

After been roundly ridiculed for flying by private jets to Washington to ask for cash last month, GM and Ford said they were ditching corporate aircraft.

Chrysler said it needed US$7 billion by year's end, and General Motors asked for a quick US$4 billion as the first instalment of as much as US$18 billion to stay afloat and weather even worse economic storms.


They should have thought of this before while they were paying themselves enormous salaries and flying round in private toys.

[wratterus]

It's compleltley all their own fault anyway.

[johcar]

Agreed that they have been profligate in the past, but it was with their own money. Now things are tougher for them, and if they all had to shut up shop (not a bad thing from a vehicle point of view - might reduce the number of crappy huge American cars on the roads), it would put hundreds of thousands of car workers and workers in associated industries out of work. It would make the 1930's Depression look like the boom years!!!

[utopian201]

...and workers in associated industries out of work.

It is this which is the big one. The entire supply chain of component manufacturers would be affected. Ford, Chrysler and GM are huge anyway, so adding the loss of jobs in the value chain further justifies bailing them out.

Although, they got themselves into this mess by building cars that nobody wants. Also the UAW/united autoworkers union, which basically meant you were setup for life added to problems.

[John H]

One of the CEO's of the car companies was given an annual salary of $US21million. Apparently he defended this as being quite fair when he recently appeared before some US govt committee...

[beeswax34]

http://www.nzherald.co.nz/business/n...ectid=10546452


They should have thought of this before while they were paying themselves enormous salaries and flying round in private toys.

So did the all the CEO's of the finance companies and banks and their salaries were closer to $100m. How can no outrage then from you?

[zqwerty]

No surprise, just the end result of crazy right wing policies in the market place for the last 25 years, plenty more bad news to come, get ready for a really rough ride.

[johcar]

Hey zqwerty, I think you might need to put in a request to the mods to get your Forum user name changed to "Chicken Little"...

[zqwerty]

You are either living under a rock and not very well informed or you are deliberately burying your head in the sand.

Oh that's right I forgot, john key and his mates are going to fix it all up by following the same destructive policies.

[prefect]

The commies come out of the woodwork dont they when they detect their hated capitalist system has a hiccup.