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.

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

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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

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Blundering Into Bankruptcy by Ralph Nader

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