Unlike others I am not going to rain on the GM parade today. What I am going to do is sit in awe and marvel at the propaganda machine Wall. St., Washington and the media can create when they put their minds to it. I used to think Phil LeBeau of CNBC was a reporter and not a cheerleader. Sadly, he is not immune to the virus that afflicts those at the dis-information network, CNBC. It is all so fascinating to watch. I was fully expecting GM CEO Akerson so come running onto the NYSE floor through a tunnel of smoke and Vegas showgirl's kicking legs like a quarterback at the Superbowl. Alas we had to settle for CNBC groupies around the GM CEO. Either way, former Nazi propaganda minister Goebbels would be proud, no, make that envious of it all.
The New GM.... jobs bank still exists, bloated dealer network, pension legacy cost, etc, etc. Word is that GM contributing 6 billion to the outstanding unfunded pension liability of approx. 20 billion, doing so via 2 billion in GM stock and 4 billion in cash. (have we not seen that movie before, stock in the pension plan) I wish the shareholders and pensioners counting on this stock much success in the future as time will tell how it all turns out.
I am sure most of you had a chance to read Warren Buffet's thank you note to the U.S. Government in an op-ed letter he wrote in the NY Times. If not you can read it here. I am at a loss to comprehend the hubris and arrogance that drives these financial 'masters of the universe' types. You'd think they would be content with the loot they've taken and just slink off into the dark gutters they inhabit but you'd be wrong. No, they step right back up with pieces like this thank you note as if to rub salt in the wounds of anyone sober enough to recognize it.
This feeble attempt at justification, attempting to maintain their facade of respectability via a their side of the story is infuriating. Barry Ritholtz, over at his fantastic blog The Big Picture, penned mock letter entitled Dear Uncle Sucker, one that the oracle of Omaha would have written had he been injected with truth serum.
We are faced with a disease in this country that has gone viral. Actually it is an epidemic. This disease of masquerading we fixed everything and denial of anything to the contrary.
I have said it before and will say it again. The leading lights of our our business community and our economy are all mum on the subject. They have run and hid. They know nothing was fixed, simply papered over. Not one of the leaders of the U.S. business community has had the onions to step up and call out, that which is happening around us, for what it is. The brazen looting and gutting of the U.S. economic system.
Fearful of reprisal?
Fearful of ostricization?
Fearful of being left off the party circuit list?
Or simply spineless when it counts?
We should all thank our lucky stars men like Welch, Gates, Dell, Trump, Blank, Pickens, Langone, Ford, Jobs, and Buffett were not around and depended upon back in 1775, or we'd still be bowing down before her Majesty.
Oh I hear fringe voices of the blogosphere. I hear people like Bill Black stepping out and speaking out, or Ron Paul and others like them but not one in the mainstream business community. Where are the rest of you purported 'big hitters'.
Steve Wynn? I have heard your interviews, your business savvy. Where are you? Doesn't any of this phase you. I know you understand what is going on? Do you simply ignore this looting of the nation, this heist of a lifetime?
To all you Fortune 500 types out there I remind you of what Plato said;
"YOUR SILENCE GIVES CONSENT".
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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