Saturday, December 20, 2008

Where was Harper's "social responsibility beyond the marketplace" when it came to his shafting of trust investors?

Better yet, where is Harper's proof of tax leakage upon which he based his canard of an argument to defraud income trusts investors out of $35 billion of their life savings?

GM, Chrysler Face To-Do List of Cutting Debt, Jobs

By Jeff Green and Alex Ortolani

Dec. 20 (Bloomberg) -- General Motors Corp. and Chrysler LLC, steadied by a $13.4 billion federal lifeline, face a March 31 deadline to slash debt, rework labor contracts and plan for thousands of job cuts or face government-ordered bankruptcy.

The loans announced yesterday by President George W. Bush will provide the government with warrants allowing it to profit from a successful rescue, and seniority over much of the automakers’ debt should the effort fail.

The Canadian units of both automakers will get C$4 billion ($3.3 billion) in government loans from Canada and the province of Ontario and may get more, Prime Minister Stephen Harper said today.

“I cannot rule it out,” the Prime Minister told reporters at a briefing today in Toronto when asked whether he may offer the automakers additional aid. “We have a social responsibility that goes beyond the marketplace.”

1 comment:

Dr Mike said...

I am not sure if I should laugh or cry.

Harper continually shoots off his mouth about social responsibility & his commitment to the "people".

Unfortunately , it all depends on which "people" you are.

If you are Dominic D`Alessandro or Michael Sabia you are good to go--if you are Dr Mike from Rodney , lowly trust investor , you are up the creek without a paddle & it was not even my idea to get into the boat.

I just do not understand the logic in these cases--massive bail-outs for idiots who got themselves into trouble because of bad business & investment policy---the ABCP investors come to mind--no help whatsoever for those who invested wisely but were losers because of faulty gov`t policy.

It just ain`t fair!!!!!

Dr Mike Popovich.