Saturday, June 06, 2009

‘Look, I understand that these things have to happen’

Well, it didn’t take long for Barney Frank to make a shambles out of Obama’s pledge that the feds would run GM as a hands-off operation. Reports the Boston Globe:

‘General Motors Corp. will delay the closing of a Norton parts distribution center it planned to shutter by the end of the year, according to US Representative Barney Frank. The extension will temporarily preserve about 80 jobs.’
Good news for 80 GM employees. Bad news for American taxpayers. One reason GM had to go through the bankruptcy wringer was to rid itself of some thousands of dealerships and a distribution center or two. That was before our senators and congressfolk began sticking their forks into the corpse. Among the first of course was Barney Frank, the Massachusetts congressman who did so much to bring the Panic of 2008 upon us by his feckless meddling with Fannie Mae and Freddie Mac. Hearing that some of his constituents were slated to lose their jobs, he immediately got on the phone with CEO Fritz Henderson. Says the Globe:
‘Frank, whose district includes Norton, said he told Henderson, "Look, I understand that these things have to happen but they don't have to happen in the midst of the worst recession in years."

‘GM officials decided to delay the closing of the plant after analyzing their East Coast distribution network and realizing they would need more time for a "orderly wind down," said spokeswoman Elaine Redd.’
If you believe that, I’ve got a bankrupt auto company I’d like to sell you. It comes with a 535-person board of directors, each of whom is determined that you won’t close any dealerships in his district. Blue skies! – Dan Ford



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