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Politics : The Trump Presidency
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To: Lane3 who wrote (20161)5/31/2017 6:14:02 PM
From: i-node  Read Replies (2) of 358152
 
>> Not saying the things on your list were cool. Just questioning the characterization.
And I'm not saying that's the whole list or that I gave deep thought to how he gained personally -- but I do believe the intervention into the GM bankruptcy was 100% political payoff to the unions. There is no other reason for that to have occurred.

I'm on record on the other thread, at the time, of lodging the complaint that there was no reason, whatsoever, for government to have dictated terms. Bankruptcy is a very delicate process and to have a government official jump into the middle of it and essentially wreck the status of secured creditors was wrong and wrong-headed. But his objective from the outset was give unions a bigger piece of the resultant pie (which, IMO, greatly increases the risk the taxpayers will again be called upon to bail the company out).

I did not see Romney's proposal at the time, but during the 2012 election I read his editorial and he was precisely correct in how it should have been handled.

Does it matter? I thought at the time it could have a corrupting influence on future corporate actions but I don't think it worked out that way. However, I continue to believe GM's future prospects are limited by the union presence in the shareholder base. I also think his involvement resulted in "picking losers" within the set of unions affected, as some who were heavily involved in auto manufacturing came away empty-handed.

Obama could walk away from that deal and say, "I saved GM" when in fact the union knew that what he did was to give them too much pie. ;)
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