Another HUGE bank bailout - Citi - goes down while the autoworkers get thrown to the wolves

yeah, i think my original take on why the super-rich elites are so vehemently opposed to bailing out detroit turned out to be more than prescient... if the automakers are forced into bankruptcy, the first thing they will do is go in front of the bankruptcy judge and seek massive union concessions, amend contracts and generally toss the unions out on the street... the second thing they will do is to declare themselves unable to meet their pension liabilities and shove them over to the pension benefits guaranty corporation in yet ANOTHER taxpayer bailout... this entire scenario was written in first draft by ronald reagan when he broke the back of the air traffic controllers union, and was refined during the spate of airline bankruptcies following 9/11...

ask yourself, why is it so easy for citi to get a bailout and so hard for the automakers...? what other rational explanation is there...?

what a crock o'shit...

Federal regulators approved a radical plan to stabilize Citigroup in an arrangement in which the government could soak up billions of dollars in losses at the struggling bank, the government announced late Sunday night.

The complex plan calls for the government to back about $306 billion in loans and securities and directly invest about $20 billion in the company. The plan, emerging after a harrowing week in the financial markets, is the government’s third effort in three months to contain the deepening economic crisis and may set the precedent for other multibillion-dollar financial rescues.

and the crock o'shit do overfloweth...

The senior Republican on the Banking Committee said Wednesday he doesn't believe there will be a turnaround in the troubled U.S. auto industry until its top management is ousted and its manufacturing operations are revamped.

"I don't think they have immediate plans to change their model, which is a model of failure," Sen. Richard Shelby said, a day after the top executives of General Motors, Ford and Chrysler came to Congress to plead for a $25 billion "bridge loan" to avert layoffs and plant closings.

"I think a lot of it will be life support," Shelby, R-Ala., said. "I believe their best option would be some type of Chapter 11 bankruptcy ... These leaders have been failures and they need to go."

and, why, i ask you, shouldn't the top management of citi ALSO have to go...? what, pray tell, is the difference between the super-rich elites who control the u.s. auto industry and the super-rich elites who run the banking industry...? the former has unions and the latter doesn't, that's what... if the automakers go bankrupt, those super-rich bastards calling the shots will still come out whole, the auto industry will still lumber along, but the back of the auto workers union will be broken which, after all, is the fundamental goal of this despicable continuing effort to pound the blue-collar american worker into senseless, silent, obedient servitude...

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