Crony Car Capitalism

http://www.americanthinker.com/2010/...apitalism.html
cuhulin

wrote in news:12866-4CFFF607-9560@storefull-
3171.bay.webtv.net:

> http://www.americanthinker.com/2010/...apitalism.html
> cuhulin
>
>



According to this article, Steve Rattner said that the secured creditors
would have received nothing in a standard bankruptcy.

Wow. What a statement.

For UN-secured creditors, yes. But the whole point of being secured is to
ensure that you'll get SOMETHING if your debtor goes TU.

This is all very, very wrong.

--
Tegger

On 2010-12-08, Tegger > wrote:
> wrote in news:12866-4CFFF607-9560@storefull-
> 3171.bay.webtv.net:
>
>> http://www.americanthinker.com/2010/...apitalism.html
>> cuhulin
>>
>>
>
>
>
> According to this article, Steve Rattner said that the secured creditors
> would have received nothing in a standard bankruptcy.
>
> Wow. What a statement.
>
> For UN-secured creditors, yes. But the whole point of being secured is to
> ensure that you'll get SOMETHING if your debtor goes TU.

Lots of funny math in the whole GM thing. One of the ways this funny
math works is to declare the old GM entirely worthless. That if they
didn't "save" it, there would be nothing today, all the equipment,
land, buildings, tooling, IP, etc would just have evaporated. This is
false.

Personally I would have paid every penny I have to buy all the corvette
assets. And there are people with a lot more money than me who would be
able to out bid me by orders of magnitude. Not to mention other parts of
GM like Buick and their light truck line.

Before anyone asks 'why buick?' Buick is *VERY* popular in China.

Basically everything our dear leader says is good about the "new GM" is
what would have been purchased by someone in bankruptacy.

> This is all very, very wrong.

Of course it is. So called "kooks" have been pointing out how things
work for decades. Now it's getting obvious.

David Dunbar Buick was born in Arbroath,Scotland.He invented a way to
put porcelain on iron.Later on, he founded his own auto company, Buick.
Yep, more Buicks (made in China) are being sold in China than anywhere
else.
cuhulin

On Wed, 08 Dec 2010 23:53:46 +0000, Tegger wrote:

> wrote in news:12866-4CFFF607-9560@storefull-
> 3171.bay.webtv.net:
>
>> http://www.americanthinker.com/2010/...apitalism.html cuhulin
>>
>>
>>
>
>
> According to this article, Steve Rattner said that the secured creditors
> would have received nothing in a standard bankruptcy.
>
> Wow. What a statement.
>
> For UN-secured creditors, yes. But the whole point of being secured is to
> ensure that you'll get SOMETHING if your debtor goes TU.
>
> This is all very, very wrong.


Hey, Teg, only in America can a group of people shake thier fists at the
Big, Evil Corporation and say, You're NOT to big to fail!" one minute, and
then throw cash atr them the next...

http://t3.gstatic.com/images?q=tbn:7...two-face-1.gif



(This will get some howls...)
http://billstclair.com/blog/images/g...iss-me-yet.jpg

Brent wrote:
>
> Before anyone asks 'why buick?' Buick is *VERY* popular in China.

A result of the fact that the Emporer had one, and the people got a glimpse
of him in it.


> Of course it is. So called "kooks" have been pointing out how things
> work for decades. Now it's getting obvious.

Right on. It's always been people who weren't afraid of being called kooks.
Unfortunately such people are usually kooks, which makes it look bad.


--

Reply in group, but if emailing add one more
zero, and remove the last word.