Grand Theft Auto: How Stevie the Rat bankrupted GM by Greg Palast

Dandelion Salad

by Greg Palast
Monday, June 1, 2009

They may be crying about General Motors’ bankruptcy today. But dumping 40,000 of the last 60,000 union jobs into a mass grave won’t spoil Jamie Dimon’s day.

Dimon is the CEO of JP Morgan Chase bank. While GM workers are losing their retirement health benefits, their jobs, their life savings; while shareholders are getting zilch and many creditors getting hosed, a few privileged GM lenders – led by Morgan and Citibank – expect to get back 100% of their loans to GM, a stunning $6 billion.

The way these banks are getting their $6 billion bonanza is stone cold illegal.

I smell a rat.

Stevie the Rat, to be precise. Steven Rattner, Barack Obama’s ‘Car Czar’ – the man who essentially ordered GM into bankruptcy this morning.

When a company goes bankrupt, everyone takes a hit: fair or not, workers lose some contract wages, stockholders get wiped out and creditors get fragments of what’s left. That’s the law. What workers don’t lose are their pensions including old-age health funds already taken from their wages and held in their name.

But not this time. Stevie the Rat has a different plan for GM: grab the pension funds to pay off Morgan and Citi.

[…]

via Greg Palast » Grand Theft Auto: How Stevie the Rat bankrupted GM.

***

GM to declare bankruptcy

TheRealNews on Jun 1, 2009

GM bankruptcy restructuring puts risk on to workers; no vision for a green transportation system

Produced by Jesse Freeston

see

Blundering Into Bankruptcy by Ralph Nader

Letter to Chairmen Dodd and Frank Regarding the GM Bankruptcy by Ralph Nader

9 thoughts on “Grand Theft Auto: How Stevie the Rat bankrupted GM by Greg Palast

  1. Pingback: Out Of The Ashes Of Gm: The Phoenix Of Renewable Energy by Dr. Ellen Brown « Dandelion Salad

  2. Pingback: Let’s Be…Frank By Vi Ransel « Dandelion Salad

  3. Pingback: As GM Goes … by Cameron Salisbury « Dandelion Salad

  4. Pingback: Nader: McAuliffe Offered Bribe to Drop Out of 19 States in ‘04 Election + GM Bankruptcy « Dandelion Salad

  5. Pingback: President Obama’s prepared remarks on General Motors’ bankruptcy « Dandelion Salad

  6. Pingback: Kucinich on Saving the Auto Industry « Dandelion Salad

  7. Pingback: Countdown: Michael Moore on GM Bankruptcy: We Own a Car Company + Goodbye, GM « Dandelion Salad

  8. Pingback: Robber Class v. Robbed Class: What Can We Do? by Cindy Sheehan « Dandelion Salad

  9. These reforms should include Govt. civil servants pensions, and other benefit packages, which are dependent upon payroll tax’s[most C.S.’s are exempt from paying this tax].
    The time is now to say sorry, but these programs are too large to sustain.
    A word, Bankrupt. ?

Please add to the conversation.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s