Chrysler is giving out over $30 million to top executives as retention bonuses, while laying off thousands of workers. An excellent example of why “Trickle-down” economics has never worked and will never work. This inevitable Recession, and possible DEPRESSION
will met out some tough, but necessary economic lessons to a previously unaware workforce. The rich get richer and everyone else gets the droppings. Oh and those bonuses for the top brass- 50 people will be getting their cut of the $30 million. The thousands of worker bees= Zip.
We’ll get a chance to see the executives of the big three crying before the House committee next week in their bid for a $25 billion bailout proposal. You, Dear Taxpayer, are soooooo generous!
More at the Detroit Freepress link.
It is a little late….GMAC, owned by Cerberus who owns a stake in Chrysler has all ready got their politically greased hands on some money by way of the banking bailout….Figures, seeing that Dan Quayle is an owner in Cerberus. Some how John Snow who was Bush’s Treasury Secretary has a role in this as well.
Anonymous,
I’ve seen some commentary about an “employees-owned” car company as being a better lending partner than the current, established companies.
The idea being that the employees have ownership in a new car company and letting the old dinosaurs die off.
You think that is in any way feasible? First problem is how these employees will be able to put ethical, competent and experienced management in place. Would they just let their old union bosses try and run things or do the workers actually know which players in management would do the job right…. Actually, a move like that would be so far out of the ordinary practices of doing business and industry bailouts, that it just does not seem like a serious proposal.
It’s more akin to a scene out of “It’s a Wonderful Life” where anything is possible if people just band together for common decency in a time of financial crisis.