And the CEOs of the Big 3 are in Washington for hearings tomorrow. GM, apparently, needs 4 billion this month or they go under. Disgraceful. But in a nation of disgraces, their gross mismanagement and obscene paychecks are par for the course. Step right up to the government teat.
At any rate, regardless of whether the votes are there now or not, the automakers are getting their bailout. Likely from the $25 billion they’ve already been promised for development of environmentally friendly cars.
In an ideal world this wouldn’t happen. But in an ideal world, these men would also be hung with ropes fashioned from the millions they “earned” when times were flush. GM, which I think is one of the worst run companies in the world, should be let to go bankrupt. Ford, I’m not so sure. And Chrysler, absolutely.
It won’t happen. So, my advice? Buy F and GM right now while they’re cheap, and sell on the rally when they get their bailout loot. It’s a gamble…but then again, not really.