Jul 20, 2009
After all the “bankruptcy” hype and hoopla, GM has revealed itself to be the same old swindler and con artist.
Ex-CEO Wagoner was granted lifetime executive-retirement benefits and a golden parachute worth 8.5 million dollars.
Upper level executives who retired were replaced by their second-in-commands. The only changes are small reshuffles of insiders.
The average executive pay package will stay the same as before.
The old spun-off Delphi plants that GM wants are to be returned to GM.
The biggest bond-holders – which already had been bailed out by AIG – will cash in again when GM issues new stock.
This is the end result of GM’s short scenic drive through its special “363” bankruptcy. The “new” GM is merely the old GM, minus its legal obligations to workers and dealers.
GM, and all their friends in the government, the press, and even top union officials, bombarded workers with months and years of smoke, mirrors and lies. The fact is that GM’s bankruptcy was nothing but theft – aimed at grabbing workers’ wages, benefits, and living standards.
Workers would be completely justified if they were to repossess those stolen goods. Immediately!