It is now official, American business has been taken over by morons! In today's New York Times the head of General Motors complains about the 26% ownership that the US government still has in his once-dying company.
It seems, just like the Wall Street banks after the government had to bail them out, GM knows only one business tactic - to bite the hand that fed it!
Having been saved by the massive influx of cash from the government, GM has done a good job of turning itself around and has experienced several quarters of profitability. But the jokes about "Government Motors" still piss off the management there. I guess it goes against their fundamental Republican values - if there is such a thing any more given the massive lurch to the right that party has made.
It's only a 26% stake. And yes, it comes with a few restrictions like limiting the use of private jets. Sorry boys. But that's enough for the head of the company to go public with the fact that the government involvement "bothers him."
Suck it up you ungrateful bastard. Your monstrous salary and the fact you still have a job is 100% due to the money we the American taxpayers pumped in to save your industry. When your company performs well enough that its share price rises high enough for the government to break even or perhaps make a little profit on its investment I'm sure it will be as glad to be rid of you as you will to be rid of it. But don't ever...EVER...come asking for more. Personally I think you should lose your job over your comments. You have shown that GM has all the arrogance and tone-deafness of the Wall Street banks.
Talking of The New York Times, Paul Krugman has a superb column today in which he explains the direct link between our current political mess and the rising influence of the extremely rich. It includes this great quote:
"a Romney economic adviser, once dismissed those claiming that tax cuts pay for themselves as “charlatans and cranks”; today, that notion is very close to being official Republican doctrine."
Check out the full piece here.