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GM Warns It Won't See New Year Without Aid
CBS/AP ^ | Dec. 3, 2008

Posted on 12/03/2008 11:15:36 AM PST by george76

A top General Motors executive repeated claims Wednesday that the auto giant may not make it to New Year's Day if Congress doesn't approve a federal bailout for the beleaguered industry.

"We've seen … not only continued pressure in our business but the pace of deterioration has accelerated. October and November were just the worst levels we've seen post-World War II."

(Excerpt) Read more at cbsnews.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; Politics/Elections; US: Michigan
KEYWORDS: 110th; auto; automakers; automotive; bailout; congress; generalmotors
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To: Carry_Okie

121 posted on 12/03/2008 9:42:20 PM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76
We could hose 2/3 of the corporate class in this country and be better off for it. I have known several executives that were outstanding at what they do, but most were in no way worth their outrageous paychecks.

Anybody who thinks that the country lacks sufficiently talented people who would happily do the same job for a tenth the pay is smoking something.

122 posted on 12/03/2008 10:44:37 PM PST by Carry_Okie (If Barack Obama is Vladamir Lenin, Bill Ayers is Leon Trotsky.)
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Comment #123 Removed by Moderator

To: george76

The auto industry spent nearly $50 million lobbying Congress in the first nine months of this year.

And people tied to the auto industry gave another $15 million in campaign contributions, CBS News investigative correspondent Sharyl Attkisson reports.

It’s not surprising that a lot of that money went to members of Congress from Michigan, where the auto industry is the biggest employer and politicians are passionate advocates for their constituents.

Take Sen. Carl Levin, who received $438,304 from the automotive industry. And in the House, Rep. Joe Knollenberg received $879,327. Rep. John Dingell got nearly a million from the industry. All have enjoyed generous support from the auto industry over their careers, with GM and Ford as their two top contributors. All support a bailout.

But nobody’s been a bigger advocate for Motor City interests than Dingell. And for him, the stakes aren’t just political, they’re personal.

“There’s an actual conflict,” said Ryan Alexander of the nonprofit group Taxpayers for Common Sense. “His personal financial health, you know, the wealth of his family is tied up in the car industry.”

Dingell’s wife Debbie once worked as a lobbyist for GM.

When she married the congressman, she became a senior GM executive at an undisclosed salary. And we found the couple has extensive GM assets.

Dingell’s current financial disclosure filed in May lists GM stock worth up to $350,000, options worth up to $1 million more, and a GM pension fund. In 2000, among the Dingells’ GM assets were stock options worth up to $5 million.

And in 1998, the congressman reported selling GM stock options worth up to $1 million dollars.

Dingell wouldn’t agree to an interview.

Taxpayer watchdog Alexander says the Dingell’s personal ties to GM are something the public should know about when the congressman casts his votes.

“They stand to benefit if the company doesn’t go under, if the company prospers,” she said. “And they stand to lose a lot if the company goes bankrupt.”

Nobody is placing bets on whether Congress will end up giving the car companies a bailout. But if investments in Washington politicians count as leverage, then the auto industry has plenty of clout.


124 posted on 12/04/2008 9:56:06 AM PST by TribalPrincess2U (go into the light............ sweetness-light.com for a look at vile actions.)
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To: george76

I wish my business was big enough that I could go and ask for BILLIONS. Sigh i’m tired of being poor.


125 posted on 12/04/2008 12:19:35 PM PST by ritewingwarrior (Just say No.)
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To: george76

I loved it when Corker (i think it was him) told the committee that the market cap on the Big 3 was only $6 billion. AIG in comparison is $5 billion by itself. When Democrats go to kill the oil industry with their green laws, I hope they remember that Exxon Mobil has a market cap of $387 billion. How much money would they need?


126 posted on 12/04/2008 12:27:04 PM PST by ritewingwarrior (Just say No.)
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To: devolve

Good post.


127 posted on 12/04/2008 6:32:42 PM PST by potlatch
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To: potlatch

.

Thanks potlatch

Those enthic-people who vote against us do not deserve our business, social interaction, respect, our military &/or financial support (welfare) for their enthic-countries abroad

Let them experience consquences and responsibility and even loose some blood as America has supporting and defending them in the past


128 posted on 12/04/2008 6:53:18 PM PST by devolve ( ____"hussein the creepy" -- Evan Thomas - Nudesweek ____)
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To: devolve

But - from some things I’ve read - Obama is totally supportive of the United Nations. Wasn’t there mention of him creating a ‘special appointee’ for it?

Looks like we will continue to dole out money to the world.


129 posted on 12/04/2008 6:57:42 PM PST by potlatch
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To: RobRoy
There is one group that this should scare to death.

The leadership of that group is too arrogant to care.

130 posted on 12/04/2008 7:14:49 PM PST by kcvl
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To: henkster
They don’t want to go Chapter 11 because a bankruptcy trustee might slash their salaries and perks. And a trustee might actually expect them to produce some tangible results, too.

Who is stupid enough to pay them that kind of money to make such a mess of a company?! I don't get it. Do they have buddies on the company board who have incriminating photos of them?!

131 posted on 12/04/2008 7:19:46 PM PST by kcvl
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To: george76
GM warns it won't see New Year without Aid

Remember that old Seinfeld episode about Jerry fake crying?

"What is this salty discharge? I...I actually care!"

132 posted on 12/04/2008 7:22:32 PM PST by Extremely Extreme Extremist
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To: TomServo
You needed to post the Curly Bill pic with that.


133 posted on 12/04/2008 7:24:43 PM PST by Doohickey (The more cynical you become, the better off you'll be.)
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To: Doohickey

I went looking for it, but the only copy I found was from DU..and I wasn’t about to crosslink from them..;-)


134 posted on 12/04/2008 7:26:50 PM PST by TomServo
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To: Eric in the Ozarks

If someone were to purchase GM, would they be free to terminate those union contracts?


135 posted on 12/04/2008 7:43:16 PM PST by gitmo (I am the latte-sipping, NYT-reading, Volvo-driving, no-gun-owning, effete, PC, arrogant liberal. -BO)
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