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it seems that this administration is not doing so well with the transparency pledge.
Chrysler said “it will adhere to the requirements outlined in its $12 billion U.S. government bailout”—presumably as long as they don’t apply to their new Italian employees (wink wink). “GM, the recipient of $65 billion in U.S. aid, said today that it has submitted its proposals. It doesn’t plan to make the submission public.” Looks like GM CEO Fritz Henderson had his fingers crossed when he promised—under oath before the Senate—that the nationalized automaker would be transparent to taxpayers. Huh. (TTAT)
maybe when you force taxpayers to bail you out, you don't have a right to secrecy anymore.
i am curious as to why the government does not demand transparency since the taxpayers are stuck with GM, at least for now, and which media source will demand that information under the freedom of information act?
Just to add: GM last week should have filed their 2Q09 financials but did not. They filed something but neglected to show profits, revenues and operating costs. They claim that they are no longer a public company (and are not required to file) even though the tax payer mostly owns them.
Just to add: GM last week should have filed their 2Q09 financials but did not. They filed something but neglected to show profits, revenues and operating costs. They claim that they are no longer a public company (and are not required to file) even though the tax payer mostly owns them.
Bingo. Private companies do not have to file or tell anyone any of their financials. I think they all counted on this when it got nationalized.
The only way now you can tell if they get more government money is through combing through government released reports which is no walk in the park.
Who knows..maybe a new Maiden Lane IV LLC will pop up on the Fed reports next month.
Now GM filed to do an IPO but not until late next year so that's 1 year of privacy they have.
i am curious as to why the government does not demand transparency since the taxpayers are stuck with GM, at least for now, and which media source will demand that information under the freedom of information act?
Do you really expect that much from the misadministration known as "The most transparent gubmint" that followed "The most honest (mis)administration"?
Average Schmoes were tripping all over themselves to save a bad business model (GM) withour tax money because...I really don't know why! It's not like selling Aveos and G3s (negligible profit margin at best and made in South Korea by Daewoo) through the C4C deal was the bullet to bring jobs back to the US or something.
Anyway, softie ignorant American got just dessert. Ruins it for everyone else, too.
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dubious
