Obama - First Black President

[Dimmauk]

According to the latest info from obama's aides, the appointment of hilary will be forthcoming right around thanksgiving. Congress just gave the big three auto the middle finger.

I'm glad they did. So what happends now if they go Bankrupt? Do the creditors/Banks that already got bailed out, lose money?

[Seraph]

I'm glad they did. So what happends now if they go Bankrupt? Do the creditors/Banks that already got bailed out, lose money?

I assume they will go into Chapter 11 and tell the UAW to politely go screw itself, and renegotiate many contracts. Taking some paycuts and losing some benefits is better than everyone losing everything.

All I see is them bleeding cash at this point, I have no idea how 25 Billion will save them. All it does is buy them time to get into the 2009 year. It's not like some super secret car is just over the horizon or something. Between their current debt, and the inability to make a car with a decent profit margin, I have no idea how they can possibly survive.

I'm betting Detriot is about to get wrecked, bigtime.

[0ni0n]

To add to what Seraph said, the big three auto will probably be sealed from their creditors to prolong their existence, depending on the actual terms prescribed in the agreement. I agree that 25 billion will do nothing to fix the fundamental flaws in these companies' operations. The latest forecast is that the economy won't recover until late 2009 or even early 2010, and unemployment will ultimately hit 8~9%. In this economic climate, people most likely won't spend their discretionary income on cars. Unless congress guarantees the big three's survival till 2010, any aid packages will ultimately be wasted in attempt to reverse these companies' timely demise. Banktupcy is the way to go.

[Valisk]

Has the CEOs of these automakers proposed plans on how $25B will save them? We were dicussing this in my business class and our professor said that they basically released a video about how they are "too big to fail" but didn't address how they were going to change business practices. I don't think $25B will save them. They'll end up asking for more and more like AIG. They all arent going to shutdown and cease to exist the same exact day or nothing drastic like their video suggests.

[Dimmauk]

I liked how the CEO's showed to Washington in their Corporate Jets, and begged for money cause they are about to go Bankrupt.

[Valisk]

How else do you want them to fly? COMMERCIAL?! Gross.

But seriously, if it's the company jet already paid for, then why not? No point in flying coach to try and prove a point. Don't think they are going to get extra cookies in the bailout jar because they point out that they arrived on a commercial airline for the meeting.

[fantasticdan]

How else do you want them to fly? COMMERCIAL?! Gross.

But seriously, if it's the company jet already paid for, then why not? No point in flying coach to try and prove a point. Don't think they are going to get extra cookies in the bailout jar because they point out that they arrived on a commercial airline for the meeting.

Yeah, flying a jet around certainly doesn't cost any money if they already own it, and it's not like they could sell it either. Good point.

[Valisk]

Yeah, flying a jet around certainly doesn't cost any money if they already own it, and it's not like they could sell it either. Good point.

I suppose you want them to show up to the meetings in white t-shirts and homemade moccasins too since apparently you want them to salvage and liquidate everything in their possession. Better point.

[Beckwin]

I suppose you want them to show up to the meetings in white t-shirts and homemade moccasins too since apparently you want them to salvage and liquidate everything in their possession. Better point.

translation: we can't have our ubermensch overlords having anything but the best!!!!!!!!!!!!!

[Dimmauk]

They should have shown up with Hobo sticks and wearing gloves with the fingers cut off.

[fantasticdan]

I suppose you want them to show up to the meetings in white t-shirts and homemade moccasins too since apparently you want them to salvage and liquidate everything in their possession. Better point.

Considering they've been losing money for years, yes they should be liquidating things like fucking private jets. Do you know how much a single jet like that is worth, combined with the cost of maintaining it, fueling it, paying pilots, etc? You can't really compare that to some suits, if those are even paid for by the company.

[Isiolia]

How else do you want them to fly? COMMERCIAL?! Gross.

But seriously, if it's the company jet already paid for, then why not? No point in flying coach to try and prove a point. Don't think they are going to get extra cookies in the bailout jar because they point out that they arrived on a commercial airline for the meeting.

I think the logic presented elsewhere was more that it's common practice for CEOs to do this as it minimizes the risk of kidnapping and other similar concerns. Not just for the automotive industry, but for larger corporations like that in general.

I don't disagree with the notion that spending $20k on a flight versus $500 is not the impression you want to give. However, it beats out somebody putting a bomb on a plane to send a message to GM for closing the plant where they worked or something. There are plenty of things about typical CEO behavior I disagree with, but when it's a "standard" security measure...eh...

[Saga]

Scanned the last couple pages, didn't see anything..Hillary Clinton agreed to serve as secretary of state: Clinton getting secretary of state post - 2008 Presidential Campaign Blog - Political Intelligence - Boston.com

Clinton getting secretary of state post

By Joseph Williams, Globe Staff

WASHINGTON -- Hillary Clinton has agreed to serve as Secretary of State in President-elect Barack Obama's cabinet, and her nomination to the post will be announced after the Thanksgiving holiday, a member of the presidential transition team said today.

A key stumbling block over Senator Clinton's appointment -- full financial disclosure of international dealings and contributors to the foundation of her husband, President Bill Clinton -- have been worked out, according to the senior aide, who did not want to be identified because he is not authorized to speak publicly. Obama and Senator Clinton have been working out the final details, the aide said, while the president-elect's advisers work to fill out the final slots on the new national security team.

The New York Times is also reporting this afternoon that she has decided to give up her Senate seat and accept the position, quoting two confidants.

Meanwhile, Obama is also expected to name Tim Geithner, president of the New York Federal Reserve, as his treasury secretary, according to NBC News and the Times.

That would mean Obama has bypassed former Harvard president Lawrence Summers, who was treasury secretary under President Clinton and, at the time, Geithner's boss. Bloomberg is reporting that he will get a senior adviser's role in the White House.

As the nominee for one of the most influential cabinet posts, Clinton would face a confirmation hearing before her former colleagues in the Senate, but analysts predict she would be confirmed with little opposition.

Now allies, Clinton and Obama engaged a long, bitter fight for the Democratic presidential nomination, a battle that divided the party along racial and gender lines. Obama repeatedly criticized Clinton for voting to authorize the Iraq war, while she suggested he wasn't ready to lead the nation through an unexpected crisis.

They also sparred over their policies on Pakistan and other issues, and their records and credentials on foreign relations.

Their rivalry exploded in late spring when party officials, weighing what to do about disputed primary votes in Michigan and Florida, ruled in Obama's favor, guaranteeing him the nomination. Powerful Clinton allies talked of boycotting the party's convention in Denver, and her angry grassroots supporters threatened to vote for Republican nominee John McCain out of spite.

After weeks of talks this summer, Clinton and Obama eventually buried the hatchet: he agreed to help her retire a massive campaign debt, and she agreed to campaign for him during the general election. Still, evidence of the split lingered when her supporters urged Obama to pick her as his running mate. When Obama chose Joe Biden of Delaware, Clinton's backers pushed Obama to pick her for a high-profile cabinet post.

[Zilong]

I think the logic presented elsewhere was more that it's common practice for CEOs to do this as it minimizes the risk of kidnapping and other similar concerns. Not just for the automotive industry, but for larger corporations like that in general.

I don't disagree with the notion that spending $20k on a flight versus $500 is not the impression you want to give. However, it beats out somebody putting a bomb on a plane to send a message to GM for closing the plant where they worked or something. There are plenty of things about typical CEO behavior I disagree with, but when it's a "standard" security measure...eh...

What the fuck are you smoking?

If you're implying that the fucking airport isn't safe for their passenger, then what the fuck have we been doing the past 7 years.

If fucking terrorists that are hell bent on destroying america can't get past the security, what makes you think that some disgruntled employees could?

[Not Kuno]

FUCKING BLOOMBERG

[Valisk]

If you're implying that the fucking airport isn't safe for their passenger, then what the fuck have we been doing the past 7 years.

Doing what you can afford?

Don't know about you but if I could afford to take a private jet every trip, I wouldn't be rushing to stand in the "low class seating" line of Southwest Airlines.

[Beckwin]

Man P. Diddy flies commercial now, and he's worth comparable amounts to Big3 CEOs plus is way more recognizable.

[Maxxthepenguin]

Valisk, tell me you understand how insulting it is that people fly their private jets to ask for money.

Tell me you aren't as thick as you're acting.

[archibaldcrane]

FUCKING BLOOMBERG

What?

[Valisk]

Valisk, tell me you understand how insulting it is that people fly their private jets to ask for money.

Tell me you aren't as thick as you're acting.

lol, you people can never write a post without including some type of insult.

I see what people are saying but in this instance I don't agree. I guarantee if they flew into Washington on a coach flight, we wouldn't have heard about it unless the CEOs brought it up. It would sound even worse to me if I greeted the Congressmen, "hi we just flew in on a commercial jet to be before you." That sounds fake as fuck to me. And would sway me not to give them money before handing them some. Taking a taxi to Washington isn't going to prove a point to me. That IS like them showing up in T-shirts and flip flops holding a sign saying "Please bailout for food." Being fake and phoney isn't going to win you a place in my heart.