November 25, 2008
Citigroup and AIG still plan to go ahead with sponsorships of sports teams despite asking for bailout funds.
As part of its federal life preserver, Citigroup will stop dividend payments for the next three years and curb certain executive compensation.
Ok Good start so far, doing something to stop the bleeding, good, good.
But the banking giant and other recipients of taxpayer largess — AIG, the insurance behemoth, for instance — will continue to spend hundreds of millions of dollars to put their corporate logos on sports stadiums and events, ABC News says.
Now see, here’s where you lose my support, if you “need” money to keep yourself afloat you don’t go spending money “willy nilly”. Ok Congress…how does the Citigroup and AIG bailout smell now? Kinda fishy if you ask me.
November 21, 2008
It’s hard for me to feel sorry for corporations begging Congress for money when you have CEOs jetting to Washington on private jets. Well after the grilling they received on the hill GM announced it was dropping the lease on some of its jets.
Foxnews has the complete story, but here is a little tease.
Two days later, on Friday, General Motors Corp. announced that it is terminating the leases on two of its five private jets in an effort “to cut costs.”
Well, they have to keep some of the jets for emergencies don’t you know. I love the people claiming that we must save the auto industry because of all the people that will lose their pensions and health benefits. It’s hard to feel sorry for them when you don’t get either at your job. Hey I got an idea, how about the unions compromise on some ways to cut costs and make some cars that people will actually buy.
November 20, 2008
My feeling is that the US government should NOT bailout the Big 3 automakers; if they do it will only postpone the inevitable. The UAW union is not going to give any concessions, so if the automakers go bankrupt it will partly be their fault. The unions of this country I feel have lived past their usefulness. They gave us the 8 hour work day, they gave us decent wages for a day’s work, they gave us breaks during the day, they gave us power in the decisions the employer makes; however, they are going to go overboard by sticking to trying to keep pensions, higher wages, and the like. The unions are adding costs to the autos that foreign car makers don’t have to. Higher priced cars tend to turn off some people. The unions better rethink their posture, 80% of something is better than 100% of nothing.