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GM CEO Dan Akerson Says That Mitt Romney's Position on the Auto Bailout "Very Short-Sighted"

Mopeder 2012/05/15 10:00:59
Auto industry wouldn't have made it without bailout
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  • 2468 2012/05/15 11:36:21
    Auto industry wouldn't have made it without bailout
    2468
    +7
    And we could have lost another 3 to 3.5% to unemployment.
    This would be a nice rock around the neck of Obama and the Republicans would have liked it better if it had failed.
    Cheering for America to lose so the ultra rich can feed on the chaos created seems un-American to me.
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  • Keeping It Real 2012/05/16 22:43:33
    Auto industry wouldn't have made it without bailout
    Keeping It Real
    Even Stevie Wonder knows that!
    reply
  • JP 2012/05/16 01:50:21
    Other Comment
    JP
    Is this the guy who was appointed by Obama?
    reply
  • Laura Lovegood 2012/05/15 18:00:20
  • Heptarch 2012/05/15 17:57:34
    Auto industry wouldn't have made it without bailout
    Heptarch
    +1
    Ford would've been OK. But GM and Chrysler would not have.

    Yeah, Mitt, let's let a company that employs tens of thousands of Americans fail. Add into the bargain the loss of prestige, the loss of manufacturing capability, the renewed dependence upon imports... Yeah, great idea.

    I, for one, am deeply appreciative that the government bailed out GM and Chrysler.
    reply
  • GuruA2J~#IOKIYAR~612 BLOCKT 2012/05/15 17:27:10
    Auto industry wouldn't have made it without bailout
    GuruA2J~#IOKIYAR~612 BLOCKT
    +1
    First, it wasn't a "bailout" as that term indicates no expectation of repayment in my book. The American economy was already in free-fall & banks were not lending to ANYBODY. We were bleeding jobs to the tune of 750,000 a month & if the government had NOT stepped in with the loan that number would have been much higher.

    I can imagine what would have happened if any company like Bain Capital had stepped in. They would have charged the Big 3 astronomical amounts of money to take over for starters. They would've sucked the lifeblood out of the companies (pensions, health benefits, worker pay slashed to probably somewhere near minimum wage) & then left the companies to die, loaded down with debt they had no way to repay. That is Mitt Romney's business model.
    reply
  • David Lindner 2012/05/15 15:28:41
    Other Comment
    David Lindner
    GM is in the tank for obama
    reply
  • Wag 2012/05/15 15:25:53
    Auto industry wouldn't have made it without bailout
    Wag
    +2
    I think its kinda how the "american people" feel.....
    reply
  • cmdrbnd007 2012/05/15 15:10:51
    Other Comment
    cmdrbnd007
    Well, gee, what else is the CEO of GM going to say? What else is he suppose to say, GM got 15.4 BILLION dollars. I'd be saying the same thing if I were the CEO.
    reply
  • luvguins 2012/05/15 13:37:21
    Auto industry wouldn't have made it without bailout
    luvguins
    +4
    Akerson is correct. Even Bush comprehended that.
    reply
  • wtw 2012/05/15 13:35:18
    Other Comment
    wtw
    +1
    So what would you expect? Bottom line is bankruptcy demands reorganization and he would have probably not be the CEO. Because GM got bailed out like Chrysler many years ago they will have to re-organize in the future or require another bailout just like Chrysler did!
    reply
  • mich52 2012/05/15 13:24:54
    Auto industry wouldn't have made it without bailout
    mich52
    +4
    At the time there was no one else interested in bailing out the auto industry. And if they had filed a chapter 11 or hadn't of had government assistance the "trickle down effect" would of been disasterous for the economy as the suppliers would of also failed.....
    Mitt is very short-sighted, this is one of Bush's better judgement calls since he also was for the bailout and actually initiated it....
    reply
  • wtw mich52 2012/05/15 13:38:05
    wtw
    +1
    Long term because they failed to reorganize at the union level they will require another bailout or bankruptcy like the states with high legacy cost--this is simple math. All they did was kick the can down the road. Romney was right! This is the same thing government keeps doing and that is why we have the looming debt crisis!
    reply
  • mich52 wtw 2012/05/15 14:57:13
    mich52
    +2
    Wrong the Unions have been giving up benefits for years..
    reply
  • JP wtw 2012/05/16 01:51:30
    JP
    16 trillion and growing.
    reply
  • dave b 2012/05/15 13:07:52
    Other Comment
    dave b
    +1
    Regardless of who said what, the idiot government has set a precedent which makes the taxpayers foot the bill for bad management and union greed. What entity will become the next "too big to fail" company?
    Business in America used to either sink or swim. Now, if they're sinking the get a government handout.
    reply
  • Jimbo 2012/05/15 13:02:44
    Auto industry wouldn't have made it without bailout
    Jimbo
    +4
    Without the bridge loans from the government, there was no private equity at that time that could have helped them survive a chapter 10 in bankruptcy courts. The government made the unions give back much in order to get this loan, gave them 90% of the corporation in exchange. In liquidation the union pensions and government only would have gotten anything from asset sales. Stockholders getting nothing in a Chap. 10 got 10% of a viable corporation.
    reply
  • Lady Whitewolf 2012/05/15 11:37:18
    Other Comment
    Lady Whitewolf
    +5
    Never thought I would find myself agreeing with a CEO but I do.... romney even said flat-out he woudl "let dEtriot fail..." THAT would be useful, huh??

    MORE unemployment
    MORE money lost
    MORE tanking the country....
    reply
  • 2468 2012/05/15 11:36:21
    Auto industry wouldn't have made it without bailout
    2468
    +7
    And we could have lost another 3 to 3.5% to unemployment.
    This would be a nice rock around the neck of Obama and the Republicans would have liked it better if it had failed.
    Cheering for America to lose so the ultra rich can feed on the chaos created seems un-American to me.
    reply
  • Lady Wh... 2468 2012/05/15 11:37:48
    Lady Whitewolf
    +3
    hear ya!
    reply
  • Defend ... 2468 2012/05/15 11:53:18
    Defend Western Civlization
    +1
    the ULTRA LIBERAL PROGRESSIVE Elitist RICH just gave obama Millions of dollars this past weekend
    reply
  • 2468 Defend ... 2012/05/15 14:26:47
    2468
    +1
    Money fight, money fight.

    money fight
    reply
  • Defend ... 2468 2012/05/16 10:05:39
    Defend Western Civlization
    i see you hate the truth
    reply
  • Evil 1 2012/05/15 11:21:21
    Other Comment
    Evil 1
    +1
    What would you expect him to say? Akerson wouldn't know the truth if it bit him on his behind. And anyone who thinks he's just not playing politics is being very unrealistic as his opinions were bought and paid for with the bailout.
    reply
  • Defend ... Evil 1 2012/05/15 11:53:35
    Defend Western Civlization
    +1
    well said
    reply

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