So, since the Republicans and Democrats in Congress threw away at least $350 billion of our tax dollars to Wall Street bankers and AIG under no questioning or oversight, the Big 3 CEO's have to get their asses handed to them twice!
Is it just me or is it strange when Sen. Chris Dodd states that GM CEO, Richard Wagoner, should resign and there is no mention still of the CEO's from Citi Bank or AIG resigning? AIG got $150 billion--and Wagoner should resign? AIG went on a few hundred thousand shopping spree after the first installment and Wagoner should resign?
The Wall Street and AIG bailout may go up to $700 billion and we still don't know how much money Henry Paulson and Ben Bernanke gave to these guys under no supervision beforehand, and Wagoner should go?
If this isn't the biggest hypocritical double standard, what is?
So, the Big 3 come to Washington DC in November to ask for a Bridge Loan, not a bailout in the amount of $25 billion and were humiliated. Yes, the Big 3 CEO's took their private jets and didn't seem too well prepared--I grant that--it was a PR disaster.
Conversely, Paulson went to Wall Street with a wheelbarrow full of our money and threw it at them. The bankers and AIG CEO didn't have to come to Washington and be grilled.
The Big 3 were given another chance, come back with a plan. OK, they did and were grilled again for it. When did the Wall Street bankers and AIG CEO come in front of Congressional committees? Anyone?
I give the Big 3 CEO's a lot of credit for being humiliated not once, but twice by both Democrats and Republicans in Congress. Bob Nardelli, Richard Wagoner and Alan Mulally all have enough money in the bank that they didn't have to go to Washington DC. They could have packed their bags and left (yes, I am sure they all have stock options and some benefits that they would lose, but they would either retire or find another position--look at Nardelli--if they wanted).
What I give them credit for is they actually went to Washington DC, and were abused to help the workers at the Big 3 (I know UAW President Ron Gettelfinger went with them, too--but if the Big 3 folded, the UAW would fold with them).
Politicians and the MSM all were running around like Chicken Little's in October saying these 'banks and AIG are too big too fail.' We have to throw money at them. Really? What good did it do?
Even though the US auto industry is too big too fail, these same politicians and MSM are responding as if it is worth it for the Big 3 to fail just to kill the UAW. The reality is this is just another part of class warfare against the working class. The elite have socialism for the rich and the middle and working class at the Big 3 get the rear axle.
When the UAW fails, so fails worker benefits such as safe working conditions, 40 hour work week, weekends, paid vacations and holidays, paid sick leave and maternity leave, disability pay, equal pay for equal work, a living wage, bathroom breaks, and the list goes on. Look at Wal-Mart--is that what we want America to be? If the politicians and MSM are succesful, Wal-Mart will be the best opportunity for many Americans.
I think we need to tell our Senators and Represenatives, bring in the Wall Street bankers and AIG CEO's for questioning. They should bring in a business plan, documentation where our money went and not come in their private jets and fly coach. Also, if they pissed away our money, they should be prosecuted and go to jail.