From the mind of Kalidas
Vultures circling on US Auto Makers Page 1 of 3
© Copyright 2008 Kalidas (Anil Selarka)
Ref: 0811-016 of 2008/11/23Wall Street and Private Equity vultures are at it again. They are aided and abetted by Republicansenators and its sponsoring media with well orchestrated campaign to cause the death of the UnitedStates’ biggest employer - General Motors, Ford and Chrysler.The vultures are interested in causing deliberate bankruptcies so that all the equity and options ownedby United Auto Workers in their respective companies be turned worthless, the pension fund liabilitiesavoided partly or altogether, the health and insurance benefits to retirees reduced to zero, terminationbenefits also reduced substantially for want of funds, and the companies so stripped off its statutoryliabilities be bought over in Bankruptcy Court for a song.The officials from FED, Treasury, Office of the President, and hosts of senators mainly from RepublicanParty want to rehearse the events of United Airlines, WorldCom, Bethlehem Steel and lately LehmanBrothers, all of whom were allowed to go bankrupt to the detriment of all its workers and employees
Destroy the United Auto Workers...
REASON, all these companies were partly or majority owned by the Employees or Workers, whichacted as “eyesore” to the brokers on the Wall Street and predators- PrivateEquity firms.The Courts of United States also favor the predators. They also award the companies to those vulturesby refusing to let the company liquidated compulsorily, but handing over to bond or debenture holdersby allowing writing off the entire equity of the company, so that the employees are not left with anypower without money.The whole system sucks - from monetary (FED & Treasury) to Political (Senators andRepresentatives), to Executive (President) to Judiciary arm (Courts) - all are corrupted by the wilysuckers on the Wall Street who use its orchestrated media - in print or television. Day in and out, youtune in to CNBC, NBC, Fox News, CNN or CBS or read Wall Street Journal, Barron’s, Business Week,Forbes who all praise such actions in the name of saving the company and enforcing cost savings.Even today, the questions are asked - why Lehman Brothers were allowed to fail. Why not MerrillLynch, Bear Stearns, Morgan Stanley, or even Goldman Sachs?What is so common in rest of four and unique in Lehman Brothers? The answer is LHB was majorityowned by employees. The employees or workers are treated like disposable diapers in United States,whatever is the outer façade to describe them.
It happened to United Airlines only in recent past...
Why United Airlines was allowed to fail and thrown into bankruptcy court - because it was majorityowned by employees. All of their shareholdings were reduced to ZERO by the bankruptcy court andawarded the company to the debt holders who deliberately bought debts to exercise the control. Thelife time savings of all employees were lost in a flash like homes destroyed in Californian wild fires.