Bailout Watch 41: Wagoner Calls for "an Amplification of Terms"
In case you hadn’t noticed, I hate weasel words. If GM needs federal money to stay afloat, GM CEO Rick Wagoner should say it. Of course, that would open GM’s top suit, and all his fellow suitlings, to the long-delayed reckoning (a.k.a. a root and branch reform and anvil-shaped clock cleaning). So what we get is a hideously overpaid chief executive that’s willing to play rhetorical footsie in a [Bill] Cinton-esque style to secure an initial $25b your hard-earned tax money– without strings attached. “General Motors CEO Rick Wagoner said today that limits on use of low-interest government loans should be loosened,” Automotive News [AN, sub] reports from Rick’s testimony at a “so-called” [AN’s term] energy summit. “He called his recommendation ‘an amplification of terms’ rather than loosening. But he contended that a project that leads to production of vehicles with 10, 15 or 20 percent better fuel economy should qualify for federal loans.” Wagoner, who largely avoided talking about the loans, and didn’t mention either “b” word, didn’t get a completely free ride. “Sen. Bill Nelson, D-Fla., chastised Wagoner for the auto industry always fighting fuel economy standards and predicted companies will be back next year for a financial rescue.” Ya think? Meanwhile, “A Toyota lobbyist walking nearby was asked what he says if a lawmaker asks about loan funding, and he said, ‘We’re staying out of it.'”
A more disreputable management team does not exist. These guys are completely insufferable. I will NEVER buy a GM vehicle unless the entire executive squad gets flushed. Even then, it will take time and some damn good product.
I have a new advertising slogan for the Big 3: "Bye American". ;)
Long live Rabid Rick! It's just so funny. GM should keep him on as official clown or something.
Already there is much too much waste in this world...letting this bailout through would be the biggest waste of money in a long time. And remember, it won't be easy trying to get any of it back!