Wednesday, August 22, 2012

Barone: GM goes from bad to worse despite Obama bailout

http://washingtonexaminer.com/gm-goes-from-bad-to-worse-despite-obama-bailout...

It’s hard to avoid the conclusion that GM is bleeding money because of decisions made by a management eager to please its political masters — and by the terms of the bankruptcy arranged by Obama car czars Ron Bloom and Steven Rattner.

Rattner himself admitted late last year, in a speech to the Detroit Economic Club, that “We should have asked the [United Auto Workers] to do a bit more. We did not ask any UAW member to take a cut in their pay.” Nonunion employees of GM spin-off Delphi lost their pensions. UAW members didn’t.

The UAW got its political payoff. And GM, according to Forbes writer Louis Woodhill, is headed to bankruptcy again.

Posted via email from The Blue Pelican

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