Mike "Wuzzy121". Rest in peace, brother

Go Back   Tacoma World Forums > Off-Topic > General Automotive

Notices

Chrysler Bankrupt !!

Reply
 
Thread Tools Search this Thread
Old 04-30-2009, 09:49 AM   #21
Longhorn.
goofyboy is a name known to allgoofyboy is a name known to allgoofyboy is a name known to allgoofyboy is a name known to allgoofyboy is a name known to allgoofyboy is a name known to all
 
goofyboy's Avatar
Joined: Sep 2008, #9559
Location: Katy, Tx
Gender: Male
Posts: 222
goofyboy's Tacoma Gallery
this is good. i am happy as hell the bond holders have done this. If they hadn't, who would buy bonds anymore, with the threat of the government stepping in and making them worthless.

also, Chrysler can re-org, get rid of the union contracts and come out better than ever.
  Reply With Quote
Old 04-30-2009, 09:50 AM   #22
Banned
Pster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shed
Joined: Jun 2008, #7654
Location: Charlotte, NC
Age: 58
Gender: Male
Posts: 2,770
Pster's Tacoma Gallery
Quote:
Originally Posted by goofyboy View Post
this is good. i am happy as hell the bond holders have done this. If they hadn't, who would buy bonds anymore, with the threat of the government stepping in and making them worthless.

also, Chrysler can re-org, get rid of the union contracts and come out better than ever.
You are dead solid perfect correct Goofy!. There are mechanisms in place to resolve these issues and the government needs to GET THE FUCK OUT. Obama didn't want them in bankruptcy only because he thought the Unions would do worse in bankruptcy...which they may...but let the bankruptcy process sort out what is fair. Now we will see if Obama is going to try to tell the Bankruptcy court what to do. If he does, it is the end of the business investment system in the US as we have known it. NO ONE WILL INVEST IN ANYTHING AND THE STOCK MARKET WILL COLLAPSE.
  Reply With Quote
Old 04-30-2009, 09:54 AM   #23
Senior Member
Bart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to behold
 
Bart's Avatar
Navy: ABH
Joined: Jan 2008, #4512
Location: Franklin,NC
Age: 38
Posts: 282
Bart's Tacoma Gallery
Wonder if this is going to be the lessen the UAW need's to learn about their "we want" pracitces? Get the UAW out of the plant's and have them work for a fair wage like Toyota's plant worker or BMW in South Carolina. Then maybe they could be vaiable companies agian.
  Reply With Quote
Old 04-30-2009, 10:29 AM   #25
XXXXXXXXXXXXXXXXXXXX
T@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shed
 
T@co_Pr3runn3r's Avatar
Joined: Jan 2009, #12767
Location: <----------------->
Gender: Male
Posts: 9,610
T@co_Pr3runn3r's Tacoma Gallery
Quote:
Originally Posted by neontrail View Post
yes they will.
No, the government won't back warranties....you, me & every other taxpaying loser, I mean legal citizen, will tho.
  Reply With Quote
Old 04-30-2009, 11:05 AM   #26
Banned
Pster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shed
Joined: Jun 2008, #7654
Location: Charlotte, NC
Age: 58
Gender: Male
Posts: 2,770
Pster's Tacoma Gallery
Quote:
Originally Posted by Bart View Post
Wonder if this is going to be the lessen the UAW need's to learn about their "we want" pracitces? Get the UAW out of the plant's and have them work for a fair wage like Toyota's plant worker or BMW in South Carolina. Then maybe they could be vaiable companies agian.
Bart, you make an excellent point. The moral to this story and the lesson the unions are going to get is that there is a point at which your demands and/or refusal to make concessions becomes your own hell. The bankruptcy court can now UNILATERALLY cancel any and all contracts the union has with Chrysler. They played their hand too long......
  Reply With Quote
Old 04-30-2009, 11:09 AM   #27
Lets Do It!
wiscdave is one of the sharper tools in the shedwiscdave is one of the sharper tools in the shedwiscdave is one of the sharper tools in the shedwiscdave is one of the sharper tools in the shedwiscdave is one of the sharper tools in the shedwiscdave is one of the sharper tools in the shedwiscdave is one of the sharper tools in the shedwiscdave is one of the sharper tools in the shedwiscdave is one of the sharper tools in the shedwiscdave is one of the sharper tools in the shedwiscdave is one of the sharper tools in the shed
 
wiscdave's Avatar
Joined: Mar 2008, #5392
Location: Northern Wisconsin
Gender: Dude
Posts: 2,552
wiscdave's Tacoma Gallery
Quote:
Originally Posted by T@co_Pr3runn3r View Post
No, the government won't back warranties....you, me & every other taxpaying loser, I mean legal citizen, will tho.
tHAT IS BS, are you sure about that?
  Reply With Quote
Old 04-30-2009, 11:20 AM   #28
Senior Member
Bart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to behold
 
Bart's Avatar
Navy: ABH
Joined: Jan 2008, #4512
Location: Franklin,NC
Age: 38
Posts: 282
Bart's Tacoma Gallery
Quote:
Originally Posted by Pster View Post
Bart, you make an excellent point. The moral to this story and the lesson the unions are going to get is that there is a point at which your demands and/or refusal to make concessions becomes your own hell. The bankruptcy court can now UNILATERALLY cancel any and all contracts the union has with Chrysler. They played their hand too long......
Agreed hopefully they rest EI Chevy, Ford UAWs will see that they are not entitled to big pentions and legacey cost's the toatal billion's and that there is nothing wrong with "working for a living" not scamming these Industries out of billion's it's better to have a job than not have one at all and it's not like they are working for any where close to minimum wage. at there wage's they would make 2,100 a week 8,400 a month and 100,800 a year that's all inclusive retirement heath care all there frill's and only work 40hr's a week pushing a button or two and if you worked over 8hr's in one day you would get overtime pay for that day not a 40hr week that day so you could work 40hr's in 4 day's and get paid 8 hr's overtime that's BULLSHIT!
  Reply With Quote
Old 04-30-2009, 11:20 AM   #29
ban the term murdered out
OU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shed
 
OU812's Avatar
Navy: Gas Turbine Elec
Name: danusa
Joined: Aug 2008, #8264
Location: Kilroy was here
Age: 6
Gender: Male
Posts: 2,703
OU812's Tacoma Gallery
^^YES!!! Every time a GM car rolls into the service department to get warranty work done YOU are paying to fix that car.
  Reply With Quote
Old 04-30-2009, 11:22 AM   #30
My hair is all natural
lsocoee is one of the sharper tools in the shedlsocoee is one of the sharper tools in the shedlsocoee is one of the sharper tools in the shedlsocoee is one of the sharper tools in the shedlsocoee is one of the sharper tools in the shedlsocoee is one of the sharper tools in the shedlsocoee is one of the sharper tools in the shedlsocoee is one of the sharper tools in the shedlsocoee is one of the sharper tools in the shedlsocoee is one of the sharper tools in the shedlsocoee is one of the sharper tools in the shed
 
lsocoee's Avatar
Name: Hotdog
Joined: Feb 2007, #872
Posts: 10,448
lsocoee's Tacoma Gallery
Quote:
Originally Posted by OU812 View Post
^^YES!!! Every time a GM car rolls into the service department to get warranty work done YOU are paying to fix that car.
Wow, at that rate, everybody is going to go bankrupt!
  Reply With Quote
Old 04-30-2009, 11:33 AM   #31
Banned
Pster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shed
Joined: Jun 2008, #7654
Location: Charlotte, NC
Age: 58
Gender: Male
Posts: 2,770
Pster's Tacoma Gallery
Quote:
Originally Posted by Bart View Post
Agreed hopefully they rest EI Chevy, Ford UAWs will see that they are not entitled to big pentions and legacey cost's the toatal billion's and that there is nothing wrong with "working for a living" not scamming these Industries out of billion's it's better to have a job than not have one at all and it's not like they are working for any where close to minimum wage. at there wage's they would make 2,100 a week 8,400 a month and 100,800 a year that's all inclusive retirement heath care all there frill's and only work 40hr's a week pushing a button or two and if you worked over 8hr's in one day you would get overtime pay for that day not a 40hr week that day so you could work 40hr's in 4 day's and get paid 8 hr's overtime that's BULLSHIT!
You are correct Bart. Look, I'm not knocking auto workers and I don't think you are either, they deserve a decent paycheck, but let's be honest here, how frickin hard is it to show up every day and bolt doors onto space frames with the best tools money can buy and never having to bend over to do it??????
  Reply With Quote
Old 04-30-2009, 11:43 AM   #32
Senior Member
Bart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to beholdBart is a splendid one to behold
 
Bart's Avatar
Navy: ABH
Joined: Jan 2008, #4512
Location: Franklin,NC
Age: 38
Posts: 282
Bart's Tacoma Gallery
Nope I'm not nocking anyone for doing what they do for a living. I think Union's had a time and a place but not in today's market place.
  Reply With Quote
Old 04-30-2009, 11:53 AM   #33
ban the term murdered out
OU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shedOU812 is one of the sharper tools in the shed
 
OU812's Avatar
Navy: Gas Turbine Elec
Name: danusa
Joined: Aug 2008, #8264
Location: Kilroy was here
Age: 6
Gender: Male
Posts: 2,703
OU812's Tacoma Gallery
Quote:
Originally Posted by lsocoee View Post
Wow, at that rate, everybody is going to go bankrupt!
Good thing their sales figures are in the crapper.

Every time I see a new domestic other than Ford it makes me sick to know me and my kid are paying for it in some fashion.
Chrysler and GM should not have gotten this far. Bankruptcy should have started long ago for these two.

To all who think the sky will fall if this comes true I say look at the airlines. They are still flying after several bankruptcy filings. From the dead companies new leaner and meaner airlines with competitive prices have emerged.
  Reply With Quote
Old 04-30-2009, 11:56 AM   #34
Keep it simple. Keep it positive.
bmxican is on a distinguished road
 
bmxican's Avatar
Joined: Sep 2008, #9578
Location: Bay Area, California
Gender: Male
Posts: 72
bmxican's Tacoma Gallery
Quote:
Originally Posted by Pster View Post
OBAMA IS AN IN-YOUR-FACE BLATANT LYING SCOUNDREL BASTARD WHO SIMPLY LOOKS LIKE A NICE GUY.
well said, well said.
  Reply With Quote
Old 04-30-2009, 12:02 PM   #35
XXXXXXXXXXXXXXXXXXXX
T@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shedT@co_Pr3runn3r is one of the sharper tools in the shed
 
T@co_Pr3runn3r's Avatar
Joined: Jan 2009, #12767
Location: <----------------->
Gender: Male
Posts: 9,610
T@co_Pr3runn3r's Tacoma Gallery
Quote:
Originally Posted by wiscdave View Post
tHAT IS BS, are you sure about that?
How do figure it's BS? If the government backs the warranties tell me where the government gets the money to do that? FROM EVERY ONE OF US that pays taxes, right? I do agree that the concept & reality of it is BS................
  Reply With Quote
Old 04-30-2009, 12:08 PM   #36
With sufficient thrust, pigs fly just fine.
chris4x4 is one of the sharper tools in the shedchris4x4 is one of the sharper tools in the shedchris4x4 is one of the sharper tools in the shedchris4x4 is one of the sharper tools in the shedchris4x4 is one of the sharper tools in the shedchris4x4 is one of the sharper tools in the shedchris4x4 is one of the sharper tools in the shedchris4x4 is one of the sharper tools in the shedchris4x4 is one of the sharper tools in the shedchris4x4 is one of the sharper tools in the shedchris4x4 is one of the sharper tools in the shed
 
chris4x4's Avatar
Name: FlimFlubberJAM
Joined: May 2008, #6497
Location: Tenoe, AZ
Gender: Male
Posts: 96,579
chris4x4's Tacoma Gallery
Quote:
Originally Posted by lsocoee View Post
well, nobody asked you.
HEY!








Quote:
Originally Posted by lsocoee View Post

OMG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  Reply With Quote
Old 04-30-2009, 12:09 PM   #37
Banned
Pster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shed
Joined: Jun 2008, #7654
Location: Charlotte, NC
Age: 58
Gender: Male
Posts: 2,770
Pster's Tacoma Gallery
Quote:
Originally Posted by T@co_Pr3runn3r View Post
How do figure it's BS? If the government backs the warranties tell me where the government gets the money to do that? FROM EVERY ONE OF US that pays taxes, right? I do agree that the concept & reality of it is BS................
The comment above is 1000% correct. Especially when it comes to warranties which are incremental non-controllable variable expenses.
  Reply With Quote
Old 04-30-2009, 12:43 PM   #38
Longhorn.
goofyboy is a name known to allgoofyboy is a name known to allgoofyboy is a name known to allgoofyboy is a name known to allgoofyboy is a name known to allgoofyboy is a name known to all
 
goofyboy's Avatar
Joined: Sep 2008, #9559
Location: Katy, Tx
Gender: Male
Posts: 222
goofyboy's Tacoma Gallery
be careful what you are going to hear on the "news" over the next few days... they will spin this to make the bond holders look evil. Obama will also make them out to be the bad guys.

Letter from a bond holder:

APRIL 29, 2009, 9:19 P.M. ET
Gwin's Letter to the Editor Wall Street Journal: 'Why Save Chrysler'
Geoffrey Gwin, a principal at Group G Capital Partners LLC, is among the bank lenders to Chrysler who could
determine the fate of 80,000 retirees and existing employees. In a letter to the editor to the Journal below, Mr.
Gwin discusses his struggle in making a decision that could affect so many lives.
* * *
Dear Editor,
I am one of the investors that may soon have to cast a vote on whether to forgive Chrysler's secured bank debt,
allowing the company to forego bankruptcy. I run a small investment fund, and when I purchased Chrysler debt
more than a year ago, I did not envision that deal would lead to a potential vote that will affect the lives of
thousands of working families all across America. My decision to invest was based on careful analysis of what
appeared to be the market's undervaluing of Chrysler's assets, which secured the loan. The weight of evidence at
the time suggested that even in bankruptcy lenders would have access to their collateral and a reasonable
recovery.
It is very possible in a few days I may be asked to make a difficult choice: vote to agree with what the TARP banks
have had forced on them by our government or vote "no." It is possible my "no" would force Chrysler into
bankruptcy but potentially reduce our funds losses. If you believe the rhetoric of the Obama administration,
bankruptcy is not such a bad option. But the anxiety of Detroit politicians seems to suggest otherwise. I agree with
former GM Chairman Rick Wagoner, it is a roll of the dice a prudent man probably wouldn't take. But of this I am
certain: Obama car czar Steven Rattner's advice, as well as the whisperings of hundreds of hungry bankruptcy
professionals, are not words to be wholly trusted either.
It has become fashionable to point fingers at investors like me and say we are greedy, only interested in preserving
our own financial empires (FYI: my empire right now is three kids in a small, two-bedroom New York apartment).
But to cast this as a case of investor greed ignores a much more complex picture. For years, the UAW has elicited
benefits from Chrysler that far exceeded those accrued by workers in other manufacturing sectors. The Chrysler
rank-and-file has long enjoyed pensions and health care unseen by the majority of Americans. Ultimately,
Chrysler's and its workers' inability to rein in such costs during the golden days of the American car industry has
left the company extremely vulnerable during the economic storm our country is now enduring.
The administration and others argue that the "right thing to do" is to save Chrysler and thereby ensure the
livelihoods of all its workers, retirees, and the workers at Chrysler suppliers. This at the expense of the right's of
creditors, such as my company. But the administration should concern itself with the nobler cause of preserving
the fundamental system of laws governing creditor rights. It was this system that allowed bankruptcy without
government involvement to bring order to companies that have become unsustainable -- a critical cog in the
clockwork that has yielded the most prosperous economy in the world. Our economic system relies on the trust
investors put in the interlocking principles of creditor rights, transparency, and a free market where the
government is a referee and rarely a player. Indeed, the mechanism needs regular tuning but eliminate a critical
cog, such as creditor rights, and the entire enterprise will grind to a halt.
I am deeply sympathetic to the families that will be affected by my decision. I have personal experience with the
very real pain of bankruptcy. Shortly before I was born, my father started a career at Delta Air Lines that would
span 30 years. Airline families dominated the Atlanta community in which I grew up. I watched as dozens of my
friends' parents-pilots, flight attendants, mechanics, gate agents, office workers lost their jobs, health care, and
pensions when Eastern Air Lines declared bankruptcy. From that time on our family always carried the fear that
what could happen to Eastern could happen to Delta. Two years ago, my father, by then a Delta Air Lines retiree,
along with hundreds in our community lost the bulk of their retirement and health care benefits when Delta
declared bankruptcy. No government task force came to their rescue -- nor did one arrive to save the Pennsylvania
steel mills or South Caroline textile mills, or the thousands of other companies that have faced this painful
situation.
So why save Chrysler? I am inclined to say let the market run its course. Allow poorly managed companies to reap
what they have sown. History shows us that if the government plays its proper role and enforces a fair set of rules
by which we all adhere, our economy will flourish. But if we are changing the rules and allowing the government to
pick winners and cast aside more than two centuries' of upholding creditor rights, then I offer President Obama
this deal: You can have my personal share of the Chrysler loan free and clear, but give my Dad back his Delta
pension and health care benefits. I think it makes sense-after all we are only adding one more to the 50,000
hard-working American families saved.
Geoffrey Gwin
Principal
Group G Capital Partners LLC
  Reply With Quote
Old 04-30-2009, 12:56 PM   #39
Banned
Pster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shed
Joined: Jun 2008, #7654
Location: Charlotte, NC
Age: 58
Gender: Male
Posts: 2,770
Pster's Tacoma Gallery
Quote:
Originally Posted by goofyboy View Post
be careful what you are going to hear on the "news" over the next few days... they will spin this to make the bond holders look evil. Obama will also make them out to be the bad guys.

Letter from a bond holder:

APRIL 29, 2009, 9:19 P.M. ET
Gwin's Letter to the Editor Wall Street Journal: 'Why Save Chrysler'
Geoffrey Gwin, a principal at Group G Capital Partners LLC, is among the bank lenders to Chrysler who could
determine the fate of 80,000 retirees and existing employees. In a letter to the editor to the Journal below, Mr.
Gwin discusses his struggle in making a decision that could affect so many lives.
* * *
Dear Editor,
I am one of the investors that may soon have to cast a vote on whether to forgive Chrysler's secured bank debt,
allowing the company to forego bankruptcy. I run a small investment fund, and when I purchased Chrysler debt
more than a year ago, I did not envision that deal would lead to a potential vote that will affect the lives of
thousands of working families all across America. My decision to invest was based on careful analysis of what
appeared to be the market's undervaluing of Chrysler's assets, which secured the loan. The weight of evidence at
the time suggested that even in bankruptcy lenders would have access to their collateral and a reasonable
recovery.
It is very possible in a few days I may be asked to make a difficult choice: vote to agree with what the TARP banks
have had forced on them by our government or vote "no." It is possible my "no" would force Chrysler into
bankruptcy but potentially reduce our funds losses. If you believe the rhetoric of the Obama administration,
bankruptcy is not such a bad option. But the anxiety of Detroit politicians seems to suggest otherwise. I agree with
former GM Chairman Rick Wagoner, it is a roll of the dice a prudent man probably wouldn't take. But of this I am
certain: Obama car czar Steven Rattner's advice, as well as the whisperings of hundreds of hungry bankruptcy
professionals, are not words to be wholly trusted either.
It has become fashionable to point fingers at investors like me and say we are greedy, only interested in preserving
our own financial empires (FYI: my empire right now is three kids in a small, two-bedroom New York apartment).
But to cast this as a case of investor greed ignores a much more complex picture. For years, the UAW has elicited
benefits from Chrysler that far exceeded those accrued by workers in other manufacturing sectors. The Chrysler
rank-and-file has long enjoyed pensions and health care unseen by the majority of Americans. Ultimately,
Chrysler's and its workers' inability to rein in such costs during the golden days of the American car industry has
left the company extremely vulnerable during the economic storm our country is now enduring.
The administration and others argue that the "right thing to do" is to save Chrysler and thereby ensure the
livelihoods of all its workers, retirees, and the workers at Chrysler suppliers. This at the expense of the right's of
creditors, such as my company. But the administration should concern itself with the nobler cause of preserving
the fundamental system of laws governing creditor rights. It was this system that allowed bankruptcy without
government involvement to bring order to companies that have become unsustainable -- a critical cog in the
clockwork that has yielded the most prosperous economy in the world. Our economic system relies on the trust
investors put in the interlocking principles of creditor rights, transparency, and a free market where the
government is a referee and rarely a player. Indeed, the mechanism needs regular tuning but eliminate a critical
cog, such as creditor rights, and the entire enterprise will grind to a halt.
I am deeply sympathetic to the families that will be affected by my decision. I have personal experience with the
very real pain of bankruptcy. Shortly before I was born, my father started a career at Delta Air Lines that would
span 30 years. Airline families dominated the Atlanta community in which I grew up. I watched as dozens of my
friends' parents-pilots, flight attendants, mechanics, gate agents, office workers lost their jobs, health care, and
pensions when Eastern Air Lines declared bankruptcy. From that time on our family always carried the fear that
what could happen to Eastern could happen to Delta. Two years ago, my father, by then a Delta Air Lines retiree,
along with hundreds in our community lost the bulk of their retirement and health care benefits when Delta
declared bankruptcy. No government task force came to their rescue -- nor did one arrive to save the Pennsylvania
steel mills or South Caroline textile mills, or the thousands of other companies that have faced this painful
situation.
So why save Chrysler? I am inclined to say let the market run its course. Allow poorly managed companies to reap
what they have sown. History shows us that if the government plays its proper role and enforces a fair set of rules
by which we all adhere, our economy will flourish. But if we are changing the rules and allowing the government to
pick winners and cast aside more than two centuries' of upholding creditor rights, then I offer President Obama
this deal: You can have my personal share of the Chrysler loan free and clear, but give my Dad back his Delta
pension and health care benefits. I think it makes sense-after all we are only adding one more to the 50,000
hard-working American families saved.
Geoffrey Gwin
Principal
Group G Capital Partners LLC
HOOORAH!!!! HERE HERE!!!! RIGHT ON!!! THE TRUTH SHALL PREVAIL AND THE RIGHTEOUS SHALL WIN OVER EVIL AND IGNORANCE!!!! :a men:
  Reply With Quote
Old 04-30-2009, 12:58 PM   #40
Banned
Pster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shedPster is one of the sharper tools in the shed
Joined: Jun 2008, #7654
Location: Charlotte, NC
Age: 58
Gender: Male
Posts: 2,770
Pster's Tacoma Gallery
I was at Bank of America's annual shareholders meeting yesterday. The message to Ken Lewis was this: "STAND UP TO THOSE GOVERNMENT BASTARDS AND DON'T LET THEM TAKE OVER THIS COMPANY, LOOK BEHIND YOU - WE ARE WITH YOU!!"
  Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Build to come '40 Chrysler hitmans.army Other Builds 11 06-12-2012 11:38 PM
Chrysler recall David Tarantino Off-Topic Discussion 7 06-07-2010 12:12 PM
WHY is the USA BANKRUPT? HBMurphy Off-Topic Discussion 29 05-20-2010 10:20 AM
Chrysler Sebring lsocoee General Automotive 13 05-22-2009 11:49 AM
Chrysler Raids Toyota TheMaster Off-Topic Discussion 2 09-07-2007 08:29 AM


Copyright © 2014 Tacoma Forum. Tacoma World is not owned by, or affiliated with Toyota Motor Corporation.