Execs urge "exit strategy" for auto takeovers

[Old Coot]

Source: AFP

WASHINGTON (AFP) – With bankruptcy and a government takeover looming for auto giant General Motors, three prominent US business leaders cautioned Sunday that the government should get out of corporate boardrooms as quickly as possible.

"I think all of us understand the need for the government to intervene and take the actions they did," said Anne Mulcahy, chief executive of Xerox. "But I also think there's a need for an exit plan."

General Motors was poised to file for bankruptcy protection as early as Monday when a deadline imposed by the administration of President Barack Obama for submitting a viable restructuring or declare bankruptcy comes due.

<snip>

"It's very important that government get out of business and let business do its thing," he said. "The most important thing to remember, I think, is that jobs, wealth, are created in the private sector. That's about capitalism."

Read more: http://news.yahoo.com/s/afp/20090531/bs_afp/economyfinanceuscompanyautoexecutives_20090531152341

[Speck Tater]

1. "...let business do its thing," he said?

Seems to me business has proven its incompetence to "do its thing." It's time to rethink the whole model that business is built on.

[TankLV]

2. Really! Then WE get to KEEP OUR MONEY FOR OURSELVES!!!

They want FINANCIAL HELP, then WE get to tell THEM HOW to USE it and NOT use it!!!

They don't want that? THEN LET THEM GO BANKRUPT and LOSE EVERYTHING - ESPECIALLY their FUCKING OBSECENE SALARIES & BONUSES!!!

[boomerbust]

3. The most important thing to remember

Is that jobs, wealth are created in China, India and Mexico in the private sector.

[pattmarty]

4. Uh....... the "government" couldn't do any worse than the auto execs did.

[madmom]

5. NOW they yell for an exit strategy!

[CHIMO]

6. Jim Owens

chief executive of Caterpillar. "The federal government needs to be in and out."
"It's very important that government get out of business and let business do its thing," he said. "The most important thing to remember, I think, is that jobs, wealth, are created in the private sector. That's about capitalism."
http://news.yahoo.com/s/afp/20090531/bs_afp/economyfinanceuscompanyautoexecutives_20090531152341

Yea. Like Adam Smith's Animal Farm.

[daleo]

7. Bail us out

Then go away and let us ruin things all over again. It's the only way to preserve capitalism.