Why are auto makers being treated more harshly than Wall Street?
August 28, 2010 by admin
Filed under Automakers
I read an article today that auto industry workers were angry about the standards being held for the auto industry. It seems that the gov’t is treating them differently than they are Wall Street companies. Why would Wall Street be getting away with what auto makers can’t? Shouldn’t the Wall Street execs be asked/forced to step down as well?
AIG’s CEO was also forced out.
Money, money, money, money….mon-ay!
Dodd and Obama received more money from AIG execs than auto industry execs!
Wall Street can steal from Tax payers
Auto makers only hire geeks who can sing and dance to design cars
American International Group (AIG) and at Fannie Mae and Freddie Mac,chief executives WERE removed in September 2008 as part of agreements to accept government aid.
From what I can understand, CEO’s from several banks were asked to step down. But you beat me in asking this question. What IS up with the double standard? Not until recently have the banks been called to Washington for their butt kicking. Only after the millions of dollars of bonuses and public outcry.
I don’t get it either.
Obama trusts the Europeans than the Americans in auto transactions.
Money talks, workers walk.
Seems like any group that takes a government bailout has to accept condtions on the use of that money, like showing how their business can be profitable. AIG took bailout money and then paid huge bonuses to the people that worked in the division that took on all the bad business that was driving them into the ground. The government was going to take 90% of those bonuses in taxes as a response. Seems pretty harsh when the top tax bracket is only like 39% or something.
It was the GM CEO’s job to ensure that his company complied with the administrations condition that they restructure with the money so they can be profitable. He did not do so so he was fired. When you perform poorly at work you get fired. Such is the case when you decide to take the government’s money.
You can bet that Obama couldn’t do a thing to Ford whether its fire their CEO or control their bonuses. That is because they aren’t looking for a government handout.
Its a choice for these companies, Go on without government help if you can(Ford), Take a government handout with conditions that you make changes to make yourselves work better(GM), or die out in the free market.
If they want the Government money because they can’t get consumers to give it to them, then they accept some level of government control. Just like when someone buys stock in a company they can vote on the Board of Directors members, at the stockholder meetings.
Just plain fear of them on the part of the government. Thats why the keep the same hands that helped the problem to help fix it, the banking industry would except no others to work with. If our leader Pres.Barack Obama goes along with France and Germany and puts restrictions on Global Banking, he better not come home they told him.
Why are any of them even being discussed. If the Idiots in Washington had just stayed out of it noone would be talking about them right now. We would be busy rebuilding.
A lot of high ups were forced out of their Wall Street positions. But I do agree that the tone in general is much harsher toward the automakers. Perhaps there’s a lingering fear that coming down too harshly on Wall Street would anger too many powerful people.