But there is a serious double standard at play here when Barack Obama decides that the automobile industry in this country can just FOAD, while AIG and the banks get billions and billions of dollars more every time they ask -- with absolutely zero accountability and no demands for change in management:
n surprising findings to be outlined at the White House on Monday, President Obama has concluded that neither GM nor Chrysler as they now exist deserve more bailouts. But the White House is sparing them for a month or two, and is promising American consumers that the government will stand behind warranties if the automakers fail.
Most remarkably, the administration demanded that GM CEO Rick Wagoner resign so the company could remake itself “with a clean sheet of paper.” And he did, effective immediately. The administration also said GM has been given a “goal of replacing a majority of the board over the coming months.”
The administration found that both carmakers had failed to prove their “viability” as required under the terms of the massive government loans they’ve already received, and determined that neither should receive another bailout.
While we're on the subject of reminding politicians for whom they work, perhaps it's time to remind the President that in light of this decision, he can expect some e-mail when his Treasury Secretary decides to open our checkbook again for AIG.
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