In the late eighties and early nineties, as an advertising exec in Detroit I remember a fair amount of my creative energy going into cultivating the auto biz when I represented WJR radio and the Detroit Tigers. The funny thing is, not much has changed. Yes, last week the shirts were whining about leaving the corporate jets at home and driving to ask for hand outs.. Not much has changed from my days of advertising expense accounts buying lap dances for the big three just over the river in Windsor, or as it read on the expense report "Windsor Ballet".... ahhh the good old days. When it was politically correct to expense such expenditures and have a ton of fun to boot.
But this expense account item is a taxpayer, government sponsored lap dance. What happens when the band-aid of 15B goes up in smoke and the cry babies are back looking for even a larger lifeline by second quarter? Will the so called czar or czarina have the cojones to call the note? While the draft-bill would give GM and Chrysler $14 billion -- with an extra $1 billion if conditions worsen -- the automakers say they need to survive through March 31, it also sets the terms for Ford Motor Co., which has said it will not take a loan but will ask for a $9-billion credit line. GM and Chrysler would have to grant the government stock or warrants that could give it a majority stake in either company, and also restrict executive pay and end corporate jet travel. boo-hooo.... So this government lifeline thrown to the faltering Detroit auto industry will require the auto giants, their workers and creditors to quickly negotiate a plan to achieve profitability or face the prospect of bankruptcy. Yeah- the dinosaur set in Detroit has always been fast afoot when it comes to change.
My favorite quote from yesterday: GM admitted on Monday that it had "disappointed" American consumers by letting "our quality fall below industry standards and our designs became lacklustre."
Is disappointed really the best adjective to describe this colossus mess ?
For the first time in my life, those non sexy republicans have a point. This is a really bad idea. I don't believe that I have ever agreed with any republican. But the stance on this one just stinks.
‘ Zat you Santa Claus…Christmas comes early to the Motorcity, I just read on the AP that the deal has been approved…