Congress, the Bush Administration & the incoming Obama Administration must not bailout the Big 3 because their verbal promises to reimburse taxpayers by 2012 this time & devote itself to manufacturing fuel-efficient cars & trucks that people want to buy isn't worth anything. The Big 3 & their CEOs' can't be trusted-call their bluff. After the Big 3 file chapter 7 bankruptcy not chapter 11, then we should take them seriously not before. In addition, there must not be a bailout unless the following conditions are met.
1. The Big 3 must withdraw their 6 lawsuits against the EPA & 16 states that are requiring the Big 3 to manufacture fuel efficient, energy efficient cars & trucks.
2. All the current executives starting with the CEOs' must be fired.
3. The Big 3 must sell all their corporate jets & all executives must reduce their salaries to $1(that's all they deserve). If they resign or are fired, they must not receive any executive compensation package. It is unacceptable that Chrysler's CEO Nardelli was fired from Home Depot & received a $210 million compensation package. If I was fired by my employer, I would not receive $1 in compensation. The American people need to realize that when these executives receive these undeserving compensation packages, the American people pay for these compensation packages in higher cost. This means that every time the American people purchase anything from Home Depot, the American people are paying for his $210 million compensation package.
4. The Big 3 must show Congress & the American people their REAL accounting books with REAL numbers not the Good set of accounting books with the phony numbers.
5. We must not bailout Chrysler. Let the private equity firm that owns Chrysler come to their rescue. If the private equity firm doesn't, Chrysler can file chapter 7 bankruptcy. Chrysler won't be missed.
There must be a signed contract by the Big 3 & the money needs to be given to them in installments as they meet the above criteria. If the Big 3 refuse, let them file chapter 7. Americans do not purchase their cars & trucks anyway. The European & Asian automakers that manufacture cars & trucks here such as the Toyota Tundra can also manufacture jeeps, etc for the U.S. military.
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I'd like to Post a Comment The recession really isn't that bad if you know where to look. The bailout money is spilling over to us believe it or not. I've done research and found that there is more money than what you think...
Bailout Spillover
Not good enough, the Big 3 MUST withdraw their 6 lawsuits immediately, sell their corporate jets, fire their executives starting with the CEOs' without executive compensation packages & no executive compensation packages for any future executives who resign or are fired from these companies. The bailout money must be given in installments based on the Big 3's completion of our criteria not before.
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