Wednesday, May 20, 2009

Didn't see that one coming!

No, but seriously, like I said when this first broke wind - good luck getting capital from any sane investor without putting a gun to their head (an option I'm sure Rahmbo put on the table).
This, combined with the downright moronic mandated CAFE standards (which will at best lower temperatures by 0.0078 degrees ... in 2100) ensure the destruction of American automakers.
If conspiracy theorists thought Bush was owned by Haliburton, how come nobody is saying that Obama's pockets are lined by Toyota?
On the upside, however, once the government runs out of money (or prints so much of it that the dollar is worthless), the unions will have nobody to turn to for funding their fundamentally inefficient and unsustainable business practices and will become extinct. Too bad they're taking the entire country down with them.
clipped from www.bloomberg.com
Pacific Investment Management Co., Barclays Capital and Fridson Investment Advisors have joined Schultze Asset Management LLC in saying lenders may be unwilling to back unionized companies
“Anything that involves a large number of jobs or affects a large number of people, you can expect to see a Chrysler redux,” Jerry del Missier, president of Barclays Capital, said in an interview from his New York office. “One of the consequences here is the so-called speculators, people who provide financing, will think twice about getting involved.”
Unions spent $52 million to help elect Obama, which includes $5 million from the United Auto Workers, according to OpenSecrets.org

“People are starting to think ‘This is a very activist administration, even more than we counted on,’” said Martin Fridson, CEO of money manager Fridson Investment Advisors in New York. “If it comes down to the interest of creditors or labor unions, the administration is going to override what you thought you could do.”

No comments: