They got dissed at the end of the meeting. Basically, the chairman said… what will the public think if I hand you out that kind of money, when you greedy CEOs earn millions in compensation. Quit crying.
The public says let ’em fall. Let Sisyphus’ boulder crush them all.
But really, it was interesting to see three CEOs who compete and cut each other up in the industry, band together with their cups filled with pennies, begging for help.
… wow, our economy is falling apart. “Lowest since World War 2″…
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I have been a bear for a relatively long time, and I have held to the belief that things would get much worse than most people could imagine. Even so, I am in somewhat of a state of disbelief that Congress will let these clowns go bankrupt. If so, then wow, I am amazed once again.
Gio, you keeping your eye on the vix? Up 8.25% or so today to 72 and change.
Bankruptcy is the only option to force necessary change on the auto industry. Sr mgmt changes, union concessions will not happen if left up to the principal players (mgt, UAW, politicians). The sooner it happens, the better for all of us.
How can those CEOs fly in there in their own corporate jets and plead for bailout money? They have no clue about what cost cutting means. Personally, I don’t want these companies to go bankrupt because there will be lot of jobless people but given the way their management has functioned in recent times, I wouldn’t feel so bad. If they are going to bail out such companies, there should be some check on greed of top management(not just auto industry).
The Big Three have can go on record as having some of the ugliest cars in the world…
I don’t want the big 3 to go under either, but they CAN’T save them by giving them more money. The solution is in the consumer’s hands. Sure you can improve credit loaning functions, but that won’t mean anything if people are hording money (Great Depression style), and they won’t buy cars. but i agree with the chairman’s point… if you are going to come in there to ask for money, then burn your golden parachutes.
Treepart… i did a play-by-play analysis on the Vix over on Twitter. I used it to sniff out Dow -300. I didn’t think we’d get to Dow -400 though. What a day!