Government Motors
It’s official: Government Motors is birthed. Previously named the Vehicle Acquisition Company thru the BK proceedings, it will now be known as the General Motors Company, with Buick, Cadillac, Chevrolet and GMC as the only brands. All other brands have been either eliminated (Pontiac) or sold (Saab, Opel, Hummeretc.). You and I now own 61% of the new company, but our representatives will not have day-to-day involvement of the operation. In fact, Prez O has said that the new GM will survive or fail on its own merits. It will survive. Maintaining the core businesses was the only way to effectively manage product. This also greatly improves the chances of meeting the minimum 10mn vehicles needed to be profitable and to invest in development of new technology and vehicles without the burden of the other brands lagging sales.
The bonuses are about to hit the fan. AIG is preparing to pay some 40 employees approx. $2.4mn in bonuses. White House compensation Czar, Kenneth Feinberg, is about to jump into the Human Resources fray as AIG execs “invite” discussion; the discussion is unwarranted and unnecessary under the Bailout rules. Can’t wait for this to unfold.
Remember Burris? No? As in Sen Roland Burris of Illinois? As in former Illinois State Attorney General? As in, “I tho’t he should have been smarter than that” Burris? Well, we may never figger out why he chose to be an appointee of Blago’s. (Remember the deposed Gov Rod Blagojevich?), but he has apparently retained at least some of his “smarts” by announcing that he will not run for re-election. “Smart” because he’s been able to raise only about $20k in campaign funds to date.
For the FBI’s Top Ten News Stories this week, go here: http://www.fbi.gov/pressrel/pressrel09/topten_071009.htm
On a positive note: Alec Baldwin will not be moving to Connecticut and running for Sen Joe Lieberman’s seat. This quote in the Huffington Post: “I’d love to run against Joe Lieberman,” he said. “I have no use for him.” If one must read more, go here: http://www.huffingtonpost.com/2009/07/07/alec-baldwin-not-running_n_227321.html
Blessings