If we continue to bail out every asshole corporation for bad management and bad product decisions, who is gonna bail out America when we are bankrupt?
Congress created the Bankruptcy Federal Statutes as a method of corporation and individuals to either reorganize or fold. If we are going to bail these bad management idiots out then part of the agreement should be...
1) ALL corporate management resign including the entire board of directors and they leave with no golden parachute awards for stupidity.
2) The UAW (United Autoworkers Union) leaders also have to resign. They have been part of the problem all along.
3) This is not a bailout but a loan at 12% interest, the same rate a taxpayer is charged if he has overdue taxes. The auto industry issues shares of stock to cover the loan value.
4) A competent manager of industry is appointed to run the company and get it back on its feet.
As always any comments on this topic or any other I have posted is welcomed.
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2 comments:
I concur but Congress has made up its mind to do it anyway.
Makes sense. Would they had done that with AIG and CITI group....
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