The NY Post has an accurate synopsis of the looting, I mean, restructuring of GM. Here. What is truly tragic about this episode is the way it has frightened investors. Under this administration, if the law gets in the way of its political goals, then the law be damned. In America it appears that your contractual rights are only valid if it suits the political lawyers.
No wonder no one is investing. It's a time of living lawlessly.
IMPORTANT "George W. Bush: Imbecile" series update: The SEC's revocation of Arthur Andersen's right to audit registrants due to the Enron fiasco, thereby guaranteeing its collapse ranks up there too. Although they technically had the right so it's not 'lawless' and Republican constituents didn't get any cash out of it so not 'venal'. Come to think of it, that makes it twice as 'stupid'.
Nauseating. The corruption is just breathtaking. This story will get almost no air time and therefore offers a stark illustration of why it's so important to keep government out of things. If we don't know what the government's doing, then it's accountable to no one. Business is at least accountable to shareholders, customers and the law. (And with this outfit currently in Washington, they don't seem to care whether their activities are known or not. The MSM certainly doesn't seem to be bothered.)
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