The Dear Leader has just fired and replaced the head of a major corporation. And now we are hearing that GM may have to declare bankruptcy ANYWAY? Why doesn't Obama and co. get blamed for wasting billions of dollars on a failing corporation instead former CEO Wagoner. The administration was told repeatedly that GM would probably have declare bankruptcy months ago. But Obama and the democrats would not listen. THEY are the ones that are bankrupting the country.
That same Dear Leader has demanded that a major corporation be given to a foreign corporation for free. Chrysler was given 30 day to finalize any deal with Fiat or face the loss of billions in government aid. Fiat will assume a 35% (possibly raising to 55%) stake in the company, debt free. Why Fiat? Simple. Small cars. Supposedly Fiat will share technology with Chrysler enabling Chrysler to market fuel efficient cars. You know, similar to all those Fiats that you see Americans driving today.....Say goodbye to the Ferrari, Maserati, and the Alfa Romeo.......Can you see anyone buying a Chrysler Maserati?
How much of the bail out will be going to Fiat? Supposedly, Chrysler is to pay back the $6,000,000,000 that it will get as a result of this deal prior to Fiat assuming control of the company. (Fat chance.)
“Almost 95% of banks in this country remain well-capitalized. Since that time, many banks have been contacted by regulators, and urged, sometimes forcefully, to participate in the [Capital Purchase Program].”
If this is the case, that means that almost ALL banks will receive a portion of the TARP money, whether they want it or not. So, that means that Congress will control the wages of the executives of these companies also. Yet again, because of greed of Congress, Americans lose. Because Congress set taxes so high, yet allowed bonuses to be taxed at a lower rate, many executives take a low yearly salary and get paid year end bonuses as compensation. Not for performance, but, as a portion of their salary. Now, Congress wants to take this away from them.
Now that the financial institutions have taxpayer's money, certain Congressmen think that these employees should be paid like government bureaucrats. Of course, no Congressman ever gets rich from the taxpayer's money.....
Taxpayer are now like shareholders of your company. Indeed they are. Therefore it's no surprise to see taxpayers' elected representatives demand "their" management show accountability for major expenditures past and present.
Except that we are truly shareholders in our government, and THOSE employees refuse to be held accountable.
These officials evidently feel banks, once brought under the public umbrella, should be run not like businesses but like public agencies, where salaries are set by published charts rather than managers' discretion - and where bonuses don't exist. A great many voters seem to share that view. It all sounds fair - even logical. Until, that is, you stop to ponder what's the exit strategy. If every banker's pay is effectively subject to congressional review, who will want to work for banks?
I hope these people get good jobs in foreign firms.
Congress is blind. The conceited bastards running the circus evidently believe that being the head clown in the circus enables one to run the business end of it, too......
Please look at the above links and information with open eyes. Search the web for more info. And then come back and show me where I am wrong in believing that Obama and the Democrats in Congress are not, at the very least socialist, if not fascist.