Bankruptcy is not an option, and current Directors and Officers are so stupid and corrupt that they must lose their golden parachutes.
Everyone on the Boards of Directors of Ford, General Motors and Chrysler should have their names engraved on a new national monument to be built next to the Vietnam Wall. The new monument shall be titled “The Capitalist Wall of Shame.” These Directors should be shamed for all eternity, and be banned from serving on the Boards or as Officers of any publicly traded companies.
The auto executives are driving to Washington in Hybrids after being made fools of for flying in luxurious private jets last time they came to loot us taxpayers.
Their latest swindle is to claim they will work for only $1.00 a year in 2009 if they take taxpayer money.
What a nasty joke!!
What they are avoiding is that they are going to pay themselves such horrendously gigantic Christmas bonuses in 2008 that they will not miss a penny next year.
And what about their golden parachutes?
I suggest that we immediately nationalize the Big Three auto companies just to wipe out their golden parachutes and to ensure that nobody, absolutely nobody who works for these corrupt and obsolete companies receives a bonus.
You might say, why should the union members be penalized for the shortcomings of their stupid bosses? Car workers are among the highest paid workers in the world. If they cannot survive without a year end bonus, they need to take online courses in personal financial management, especially since they are going to get permanent pay-cuts, or become unemployed in cities where there are not only no other high paid jobs, but even the burger joints will be closing down because nobody has any money.
Nationalization will save the innocent suppliers from going bankrupt if the auto companies were to go bankrupt, because we would continue to pay suppliers.
The stockholders and the bondholders deserve to be wiped out because they kept voting the incompetent Officers and Directors back in office for thirty years.
The American system of corporate governance is broken and failed. Every year since 1973 all of the Big Three lost market share EVERY YEAR FOR THIRTY FIVE YEARS and the institutions and the public shareholder kept voting these morons back in control. If morons do that for 35 years they deserve to lose thier investment.
And anybody stupid enough to buy and hold stock and bonds of companies that lose market share every year, year in and year out for 35 years deserves to lose their money.
That is the principle of capitalism.
Unfortunately, our brand of capitalism has failed, and we need new ground rules for our companies, including truly democratic ways to oust and replace failing Directors.
Everyone on the Board of Directors of Ford, GM and Chrysler should have their names engraved in granite on a new Wall of Shame Monument to be build next to the Vietnam Wall.