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Old 11-13-2009, 11:25 AM
1,902 posts, read 2,344,204 times
Reputation: 543


The hits just keep on coming from the ACORN administration. But most of us knew this was going to be the standard with this guy.

Disclaimer: The following are excerpts and paraphrases of the article linked below.

  • GM will not require more taxpayer money.

Now, the feds say it needs up to $5.6 billion more. Sen. Chris Dodd, chairman of the Senate Banking Committee, was among the first to break the news. “There will be an infusion, I’m told, beyond what they’ve already seen,” he told the Dow Jones news service. “But I’ve also been assured by the" ACORN "administration that this is the last of it.”

  • Taxpayers will get a return on their investment.

When GM filed for bankruptcy, CEO Fritz Henderson told taxpayers to think of the bailout as an investment. “What the task force has certainly been indicating . . . was the desire for General Motors . . . to get a return on the investment of the taxpayer, who is now a major shareholder.”

  • The White House will not manage GM.

Car czar Ron Bloom said that the White House is a “reluctant shareholder” of GM and will stay clear of business decisions. The ACORN administration’s definition of “core governance issues” is pretty broad. In March, another car czar, Steven Rattner, asked GM chairman and CEO Rick Wagoner to step down. The administration picked Henderson to succeed Wagoner. After the bankruptcy, it appointed all but two of the members of the company’s board of directors.

  • GM will maintain transparency about its finances.

GM promised to remain transparent even after becoming a private company. Chief financial officer Ray Young told a Detroit radio station that the new GM would be “the most public private company” around. At the same time, GM announced that it would stop filing 10-Ks, 8-Ks, and a host of other forms required of public companies. The automaker is still turning information over to Treasury and other shareholders, but taxpayers can no longer access the disclosures.

  • Little green cars can save GM.

The Volt is not expected to help GM financially. Steven Rattner, who has stepped down from the administration’s auto task force, wrote “The Volt . . . could initially cost GM about $40,000 to produce while competing with conventional cars that sell in the $20,000 range. Even with the new $7,500 tax credit for plug-in hybrids, it will take years of improved efficiencies to make it profitable for GM.”

Still whistling past the graveyard?

Five Promises by Stephen Spruiell on National Review Online

Ouch, I bet the leftists will ignore the message because there is no way they can defend it without looking stupid and attack the messenger.
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