The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Scam-Artists in Boardrooms

Jul 23, 2007

Cerberus bought Chrysler after a bidding war against other investment groups. The same thing happened when Cerberus and others were fighting over Delphi. And other auto supply companies are being fought over by billionaires like Wilbur Ross.

Why is it that all these wealthy vultures are fighting to see who will own auto companies that are supposedly losing money and declaring bankruptcy? Why would smart businessmen be so desperate to own money-losing operations?

The answer is that these auto corporations are not really hurting like we are told. The bidding wars prove that these companies are in a position to be very profitable. All the claims of poverty and bankruptcy are just a scam to fool the workers into surrendering and giving up concessions.