Posted by: franklynchusa | December 1, 2008

Bonus Time in Detroit

Notice the rush of the Big Three Auto companies’ executives to collect the bailout from Congress in time for them to pay themselves hundreds of millions in bonus for Christmas!!

Barack Obama must require that none of the auto companies’ executives receive any bonus this year.

Ford, General Motors and Chrysler are the only auto companies in the world that are going bankrupt. Autos are a world market and all the other companies around the world are surviving. The American car companies have indisputably the worst management in the world, yet they are the highest paid.

President-Elect Barack Obama must exercise leadership here if his slogan of “Change You Can Believe In” is to have any meaning. Obama must make these demands of the car companies.

Before one penny of tax money goes to the Big Three, the top ten managers in each company must be fired.

It is a full one third of a century since the Muslims started raising the price of oil to punish America for supporting Israel against the Arabs, or at least that is what the leaders of Saudi Arabiaa said in their world wide press releases.

In that third of a century anyone with half a brain knew that oil would become more and more expensive. But half a brain is more than Detroit has.

Earlier this year I saw the head of Ford say that he would not spent any money on plug in cars unless he saw signs there might be a demand for them. The moron said that this year!

Additionally, the entire Board of Directors of the Big Three must resign as condition for a bailout. The Directors have failed to perform their duty to protect the stockholders from incompetent management.

Further, I believe that the stockholders should file derivative class action suits against all the Directors and management of the two publicly traded companies, GM and Ford.

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