Auto Makers Waste Funds While You Are On The Verge Of Bankruptcy.
By Rachel Lynn Foley, Kansas City, MO, Bankruptcy Attorney on Nov 19, 2008 in General Bankruptcy Information
The three auto makers went to Congress asking for bailout funds while a good portion of Americans are on the verge of bankruptcy. I don’t know about you but I have a hard time feeling sad for a CEOs who are not willing to start the cut backs at the top from the financial waste that they are creating. We have all heard that charity begins at home but AIG, Ford, Chrysler and GM executives are taking it to the extreme just ask investigative reporter Brian Ross.
Although the question is still being debated of bailout vs Chapter 11 for the automakers, I think the main question for Congress should be what steps are the companies willing to take in order to receive funds from the federal government? These companies are in financial ruin because someone at the helm was and is irresponsible etiher directly or indirectly. When you operate a ship negligently you can be charged with a crime such as the Exxon Valdez. However, when you are a bad boy in the financial world we say it’s okay that you have ruined the financial lives of thousands of people by your poor judgment but here let’s give you a couple of billon dollars and see if we cannot make you feel better. This truly defies logic. Notice how I said bad boy and not bad girl? Remember, Martha Stewart, she was not financially rewarded for her financial wizardry. I am not condonning Martha’s behavior just merely making a comparison.
One would think that the federal government powers that be would learn from the banks hording federal funds instead of lending that maybe their financial rescue plan is not quite working. It is as if the whole world has run amuck. Despite the fact that the CEOs are to blame for this mess we have to keep in mind that the individual auto worker DID NOT cause this fiasco. We must also keep in mind that if these three American companies fail it will cause a domino effect for the economy. Whether it will cause the economy to fall over the tipping point into a full blown depression is a question I really rather not have answered. Bottom line is, who is watching the watch dog because I think he is asleep in his dog house.
Never underestimate the power of the individual just ask Madison. She is eight years old and just wanted to win a bike for selling the most cookie dough. Now most eight year old’s would be excited to win and keep the gift for herself, but she did not. She told reporters that “Jesus put it on my heart” to donate her bike. She so inspired her friends and family members that between cash and five other bicycles Madison was able to donate seven bicycles to the Salvation Army.
Are you helpless as an individual with regards to this crises? NO! If you do not like what congress is doing excercise the power of free speech and let congress know what you think. No sure who is your congress person, click here to find out.
Remember that knowledge is power and now is the time for Americans to take our collective heads out of the sand and start demanding accountability. Accountability across the board whether it is President Obama, our children’s teachers, our famalies or ourselves. Our future is on the line and we must take control before our nation is bankrupt.
Wouldn’t be nice if all America acted like Madison and took the time and the energy to care about our fellow neighbors? Think about how better off life would be not only for us but for our children and for generations to come.
Written by Rachel Lynn Foley, Kansas City Bankruptcy Attorney.
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