Obama Effectively Fires GM's CEO

POLITICO Breaking News:
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The White House will announce Monday that neither GM nor Chrysler is “viable.” The president will give GM 60 days to restructure and Chrysler 30 days to find a partner, or deny further bailouts.
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And so the takeovers begin.

Well, I think GM's problems go beyond Rick Wagoner, and there will no doubt there will be some who want to make an issue of this...primarily union members and conservatives wanting to score political points. But perhaps this will be Obama's Ronald Reagan moment, when he fired the air traffic controllers...

Does this fall in line with being able to arrest anyone you want to just because your President? It is one thing to withhold aid until they clean up their act, it is another to run the business.

well folks, their you have it

the first step in government control of the auto industry.

he who has the gold, makes the rules

The problem with the auto industry is just like the steel industry. In order to operate the companies have had to bow down to the ever increasing financial demands of the unions which has made it unprofitable to produce automobiles. No other Americans have these kind of benefits and security with their jobs. If you aren't productive and don't do your job you get fired and you don't receive 100% of your salary and 100% healthcare for life!! The autoworkers would rather not have a job as opposed to making concessions and still having a high paying job for the work they do and the educational levels they have. Get rid of the unions and let unemployed Americans have the auto jobs. I'm sure they'd be happy with the above average pay even without the union contracts. It's no secret that Obama and his political cronies have had large political contributions and are in bed with the unions. Obama is blaming the failures of the auto industry on the CEO's and management in order to appease the unions instead of telling the unions they have to make financial concessions. It's just another one of his diversions to favor his political allies instead of doing what is right for American businesses to keep them healthy and operating. His policies will drive more American business abroad. Of course the people elected him with no experience in economics, government, or business. America had better wake up sooner rather than later. Bigger government does not create jobs and security for out financial system. It only creates an avenue for Obama and his entourage to remain in power while Americans continue to suffer. The Chicago political machine has gone national. Look at Chicago if you want to see where America is headed. Tax, spend, and disaster.

You guys are two days early with this stuff.

Either that, or I'm a few hours late getting in line for my sack of potatoes

If this requirement had been included by the Bush Admin. when drafting the bail out legislation, then perhaps the AIG exec's would not have been able to get their bonuses. LOL

The deregulation of the financial industry is what caused all this mess, and now everyone wants to get on Obama's case for regulating them for a change?! The majority of Americans have had it with the rewards for poor management. The repub's will never be happy unless they are raking it in - period.

You can't have it both ways and expect corrections to this economic debacle to happen. Get over it - this does NOT mean the take over of the corporate world. It is making the corporate world responsible for their poor management which affects the industry.
Granted, the Unions tend to cut their own throats many times, but it is not the end of the industry if he requires accountability in order for that industry to receive OUR tax dollars. OMG - how silly!

GOOD FOR HIM. ITS ABOUT TIME WE HAD A PRESIDENT WITH BALLS. OBAMA I LOVE YOU.

how about us the taxpayer's fire obama and all of congress immediately

Professional Woman7:12AMMar 30th 2009

If this requirement had been included by the Bush Admin. when drafting the bail out legislation, then perhaps the AIG exec's would not have been able to get their bonuses. LOL

The deregulation of the financial industry is what caused all this mess, and now everyone wants to get on Obama's case for regulating them for a change?! The majority of Americans have had it with the rewards for poor management. The repub's will never be happy unless they are raking it in - period.
______________________________
Again with the "let's blame Bush". For God's sake, PW, Tim Geitner and everyone else knew those bonuses were written in the legislation. Instead of concentrating on those million-dollar bonuses, we should be asking where the BILLIONS are being spent.

As for Obama regulating the finance and car industries, please tell me of one government agency that is lauded for their management expertise.

GOOD FOR HIM. ITS ABOUT TIME WE HAD A PRESIDENT WITH BALLS. OBAMA I LOVE YOU.

LMFAO well you must be young and naive, It is not about having balls at all. He said in his campaign he wants bigger government and that is what he is doing. And bigger government is what started this whole recession, so i guess it failed horribly last time lets try again hmmmmmm, that is a backwards way of thinking. The government needs to stay out of everything, when they do the economy thrives when they don't we end up in this situation, so hoo rah for obama trying to control individuals lives what if he fires you from your job.....idiots

and what about AIG????? The government knew they were going to get those bonuses, it was in the contract. So AIG can get like $150 million and give ALL that away to the people that ran it into the ground, but GM can't get $25 million??? Come on people who do you think the democraps are working for, everyone always says they are for the poor, well look at the numbers and you tell me who they work for. They should get rid of NAFTA we are on the losing end of that, bring back all the jobs from overseas, and the ones that do not come back tax them 90%.

lulu8:54AMMar 30th 2009Again with the "let's blame Bush". For God's sake, PW, Tim Geitner and everyone else knew those bonuses were written in the legislation. Instead of concentrating on those million-dollar bonuses, we should be asking where the BILLIONS are being spent.******Get used to Bush being blamed...I believe in accountability and just because he has moved from Washington to Dallas does not mean he is in the clear and has no responsibility for the economic mess this country is currently dealing with. I know you would like to pretend he didn't put us in this situation but the fact of the matter is HE DID!

I'm sure that Obama will be following this up with drastic changes to the union contracts at GM, since these have been as much a contributor to their sinking fortunes as anything the CEO may have done. Oh, wait...the union is pro-Obama. Forget I said anything. Carry on, comrades...

chillax9:30AMMar 30th 2009

lulu8:54AMMar 30th 2009Again with the "let's blame Bush". For God's sake, PW, Tim Geitner and everyone else knew those bonuses were written in the legislation. Instead of concentrating on those million-dollar bonuses, we should be asking where the BILLIONS are being spent.******Get used to Bush being blamed...I believe in accountability and just because he has moved from Washington to Dallas does not mean he is in the clear and has no responsibility for the economic mess this country is currently dealing with. I know you would like to pretend he didn't put us in this situation but the fact of the matter is HE DID!
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Rahm Emanuel's profitable stint at mortgage giant
Short Freddie Mac stay made him at least $320,000
By Bob Secter and Andrew Zajac | Tribune reporters
3:18 PM CDT, March 26, 2009

The White House Chief of Staff Rahm Emanuel listens as President Barack Obama delivers remarks to open the White House Forum on Health Reform in the East Room of the White House. (Tribune photo by Zbigniew Bzdak / March 5, 2009)
Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.
One of those allegedly asleep-at-the-switch board members was Chicago's Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.
As gatekeeper to Obama, Emanuel now plays a critical role in addressing the nation's mortgage woes and fulfilling the administration's pledge to impose responsibility on the financial world.
Emanuel's Freddie Mac involvement has been a prominent point on his political résumé, and his healthy payday from the firm has been no secret either. What is less known, however, is how little he apparently did for his money and how he benefited from the kind of cozy ties between Washington and Wall Street that have fueled the nation's current economic mess.

Barney Frank; Democrat Congressmen, Fannie Mae enabler.


Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
http://www.youtube.com/watch?v=_MGT_cSi7Rs



*Obama Received a $101,332 Bonus from AIG

Posted on Tuesday, March 17, 2009 3:52:16 PM by tobyhill
Senator Barack Obama received a $101,332 bonus from American International Group in the form of political contributions according to Opensecrets.org. The two biggest Congressional recipients of bonuses from the A.I.G. are - Senators Chris Dodd and Senator Barack Obama.

Chris Dodd (Democrat) Highest Paid Senetor for AIG. And hes not a candidate for President.

Christopher Dodd -Dem Conn is at the center of the failure of Fannie and Freddie after killing a bill that would have haulted the illegal operations of the institution.

Posted on Tuesday, September 16, 2008 7:41:10 PM by Perdogg


Name Office Total Contributions


Dodd, Christopher J (D-CT)
Senate

$104,300
Obama, Barack (D-IL)
Senate

$45,111
McCain, John (R-AZ) and by the way McCain is no Republican!


When the stimulus bill was being put together Chris Dodd (who was the largest recipient of AIG campaign contributions by the way) added a stipulation, which Obama knew about and dubbed the Dodd amendment, that put a limit on executive pay for companies that accepted federal (taxpayer) money but the amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009.” This amendment exempted AIG from the executive pay caps that Dodd put in place in the stimulus bill as AIG is claiming that those bonuses were contractually obligated.
Chris Dodd is denying that he put the dates of the exemption in, he claims that there were no dates in his amendment but when the bill came back and was voted on the dates were already added by someone else but it doesn’t matter. I guess we will have to take the Democrat senator at his word and believe that he didn’t exempt AIG in return for the $103,100 they donated to his campaign. (And whose largest office is located in his home state.)



EVIL WHITE BANKERS have been blamed``blacks being
“victimized" by home mortgage lenders. (YOUR RACIST
OBAMA)
- Hide quoted text -
Obama’s Early Legal Career: Heavy on Advocacy for Blacks
Posted By Anonymous Attorney On 9 May 2008 @ 10:04 In Race | Comments
Disabled
With Tim Russert declaring Barack Obama to be the [1] Democratic
nominee the other day, I thought it might be interesting to run his
name through the legal databases to see which of his cases popped up.
I was familiar with his having “summered” (in the stomach-churning
patois of what David Lat calls “[2] BigLaw“) at white-shoe Sidley
Austin (he didn’t join the firm, but met [3] Michelle). But out of
Harvard Law School, he joined up with the more modest Miner, Barnhill
& Galland, variously described as a politically connected Chicago
firm.[[4] As Lawyer, Obama Was Strong, Silent Type, By Abdon M.
Pallasch, Chicago Sun-Times, December 17, 2007]
Accounts have him working on a mix of everyday cases, but among the
ones show to up in one popular database, he’s slugging it out not
for the poor and oppressed generally, but blacks specifically. For
context, Carol Moseley Braun once worked at the firm. Two examples of
his cases are Barnett v. Daley and Buycks-Roberson v. Citibank.
In Barnett v. Daley (United States Court of Appeals for the Seventh
Circuit, 1994, 32 F.3d 1196), Obama was part of team that challenged
the [5] racial apportionment of Chicago voting districts as
shortchanging blacks, despite the fact that their district power was
very close to the black percentage of Chicago’s population. Created
were 19 black super-majority districts. Obama’s team wanted 24. At
this stage of the case, the brainy Richard Posner reversed a lower
court dismissal of the case on the pleadings and sent it back for a
consideration on the merits.
Posner recites the Obama team’s information that “no black
aldermanic candidate in Chicago has ever beaten a white in a ward
that had a black majority of less than 62.6 percent, and it is
emphatic that the ward in which the population is 55 percent black is
not a black ward–is indeed a white ward, even though only 42 percent
of its population is white.”
I am always amused that in this day of finger-wagging that you
can’t generalize about race, [6] Voting Rights Act litigation
flatly assumes that voters vote strictly along racial lines.
“Candidate of their choice” for any group is, duh, a person of
the same race as the district.
After consolidation with a similar suit brought by Hispanics and a
48-day trial (I don’t think Obama was involved), Chicago’s map
was upheld, whereupon that decision was… upheld for the Hispanics
and remanded for the blacks. At this point, I became exhausted
reading about [7] Barnett v. Daley.
But it’s interesting that as Obama embarks on reaching out to all
colors of the rainbow, he was once arguing that blacks can’t get
elected unless they have enough blacks to vote for them. And don’t
bother with the “he was just advocating for his client” line:
he’s touted [8] his “civil rights” work as part of his true
calling.
In another case, apropos of the current mortgage meltdown, Obama was
on the legal team trying to get class certification for blacks
“victimized” by home mortgage lenders ([9] Buycks-Roberson v.
Citibank, 1995, U.S. District Court for the District of Northern
Illinois). The charge was[10] that Citibank wasn’t loaning to
blacks. The judge granted the certification.
Of course, as has been[11] noted on VDare.com and [12] elsewhere,
these legal “successes” probably underlie much of the meltdown
today. Banks weren’t loaning to blacks because their credit is
often terrible. When the law forced them to anyway, the expected
happened. And, as usual, evil white bankers have been blamed for…
[13] “predatory lending.”
So, in just two prominent examples, we’ve seen Obama’s mindset
revealed, and it’s one of vigorous black racial advocacy. As
someone who’d one day like to engage in “white advocacy” in the
courtroom, I’m a little jealous that he’s not only gotten the
opportunity to fight his fight, but now finds himself running for
president with that as a strength, not a weakness.
--------------------------------------------------------------------------------
Article printed from VDARE.com: Blog Articles: http://blog.vdare.com
URL to article:
http://blog.vdare.com/archives/2008/05/09/obamas-early-legal-career-heavy-on-advocacy-for-blacks/
URLs in this post:
[1] Democratic nominee the other day:
http://www.stoptheaclu.com/archives/2008/05/07/tim-russert-obama-is-the-nominee/
[2] BigLaw:
http://www.google.com/search?q=site:www.abovethelaw.com+Biglaw&sourceid=navclient-ff&ie=UTF-
8&rlz=1B3GGGL_enCA233CA233
[3] Michelle: http://www.vdare.com/sailer/080225_michelle_obama.htm
[4] As Lawyer, Obama Was Strong, Silent Type, :
http://www.suntimes.com/news/politics/obama/700499,CST-NWS-Obama-law17.article
[5] racial apportionment :
http://www.vdare.com/Sailer/051204_voting.htm
[6] Voting Rights Act litigation :
http://www.vdare.com/francis/nodem.htm
[7] Barnett v. Daley:
http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=7th&navby=docket&no=972792
[8] his “civil rights” work as part of his true calling:
http://www.vdare.com/Sailer/080413_obama.htm
[9] Buycks-Roberson v. Citibank,:
http://clearinghouse.wustl.edu/detail.php?id=10112&search=source%7Cgeneral;caseCat%7CFH;orderby%
7CcaseName;
[10] that Citibank wasn’t loaning to blacks:
http://www.vdare.com/pb/050105_hiddenclue.htm
[11] noted on VDare.com :
http://blog.vdare.com/archives/2007/10/18/surprise-surprisethe-subprime-mortgage-crisis-and-the-gove
rnment-war-on-redlining/
[12] elsewhere:
http://isteve.blogspot.com/2007/08/trillion-here-trillion-there-pretty.html
[13] “predatory lending.”:
http://blog.vdare.com/archives/2007/12/14/predatory-lending-vs-redlining

You don't hear Obama mentioning his buddy Franklin Raines, past CEO of Fannie Mae who got $90 million in compensation and bonuses and resigned due to an accounting scandal. The chairman of the Fed warned Congress as early as 2005 that they were playing with fire by not reigning in Fannie and Freddie due to subprime lending and mortgage problems at that time which is now the leading cause of our current financial crisis. The DEMOCRATS have been in control of Congress for over the past 2 years and Barney Frank, Maxine Waters and others during the hearings on the very same issue didn't believe Fannie and Freddie needed to be further regulated in the form of lending standards. Ergo, the now bad mortgages and lending that all of you that supported the great hope and change get to pay for, as well as the rest of the expensive liberal agenda that will now be pushed through. It isn't only the rich that will pay but the middle class is going to see a marked increase in taxes. Obama calls it investment in the future. Let's call it what it is. Spending leading to the downfall of this country. Socialism pure and simple. That's how that hope and change is going to work out for Americans. Obama's ideology with Nancy Pelosi in control of the check book. Anyone else think this is a bad idea?

WHO THE HELL DOES OBAMA THINK HE IS? HE HAS NO POWER TO DECIDE WHO RUNS GM "GIVE'M THE MONEY OR DON'T! BUT STAY THE HELL OUT OF AMERICAN BUSINESS'S

Barry Obama talks reeeaaaalll tough on the GM CEO and bailouts.

Too bad he doesn't talk as tough to Iran and North Korea! He wimps out when the talk NEEDS to be tough!

When these two countries nuke us, Barry will be hunkered down in the bunker beneath the White House with his head between his skinny
knees!

What a friggin' pussy Obama is!

Peggy5:02AMMar 30th 2009

POLITICO Breaking News:
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The White House will announce Monday that neither GM nor Chrysler is “viable.” The president will give GM 60 days to restructure and Chrysler 30 days to find a partner, or deny further bailouts.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And so the takeovers begin.



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And we get one step closer to SOCIALISM!!!

This is neither a bold move nor the harbinger of socialism. It's a purely cosmetic response to the public's alarm over some of the stuff that happened with AIG.

They're making it up as they go along and letting public opinion best any half-backed planning they may have in place.

If the intention is to get companies to NOT take bailout packages for fear that demands based on public outcry may be placed on them after-the-fact, then this is probably the right move to make. Aside from that, it's a farce.