It's Car Czar or Bankruptcy for GM

Time has run out for GM. It will not like either of the options on the table. Bloomberg is reporting GM to ‘Lose Control’ as Options Narrow to Car Czar, Bankruptcy

General Motors Corp. Chief Executive Officer Rick Wagoner’s options for the biggest U.S. automaker have dwindled to two, neither imaginable when he took the top job in 2000: Nationalization or bankruptcy. Either way, the company is slipping away from him.

Wagoner, 55, the longest-tenured CEO at a U.S. automaker, already has been forced to agree to work for $1 a year, park his corporate jet and drive most of a 10-hour trip to Washington to appeal for aid. Senate Banking Committee Chairman Christopher Dodd, the Connecticut Democrat whose panel is writing the rescue law, has said Wagoner should resign.

Other lawmakers including Republican Senator Richard Shelby of Alabama say Congress should reject the loans and let the GM go bankrupt instead. Such a course likely would end with Wagoner’s ouster along with that of GM’s board.

Oh the indignity of having to drive a car rather than fly a corporate jet.

Democrats, White House Agree on $15 Billion Auto Plan

Congressional Democrats and White House negotiators agreed on the outlines of a $15 billion plan to give General Motors Corp. and Chrysler LLC federal loans to stay in business while requiring them to restructure their operations.

Senator Tom Coburn, an Oklahoma Republican, would support an effort to filibuster the bill, his spokesman said earlier today. “He believes it’s naive to trust Congress to manage the auto industry when it can’t manage itself,” said Coburn spokesman John Hart.

Jim DeMint of South Carolina said Senate Republicans have the 41 votes needed to force Democrats to allow amendments to the proposal.

Senator Judd Gregg of New Hampshire, the top Republican on the Budget Committee, told reporters he would support the bill if the czar had authority to require debt restructuring and to force unions to accept reduced pay and benefits. “I could support something I felt was going to lead to fundamental restructuring,” Gregg said.

Three Senators To Contact

There you have it. Three names to phone and fax asking for a filibuster of the auto bailout.

I am hoping Shelby will indeed Filibuster this mess and I encourage everyone to Email, Fax, or phone the senator asking him to do so. Without a Filibuster, it is likely a very flawed bill passes. Please call and fax Senators Shelby, Gregg, and DeMint even if they are not your senator. Encourage them to Filibuster

Congressional Phone And Fax Numbers

Click Here For Congressional Phone And Fax Numbers

Richard Shelby
Tel: (202) 224-5744
Fax: (202) 224-3416
Email: senator@shelby.senate.gov

Jim DeMint
Phone: 202-224-6121
Fax: 202-228-5143

Judd Gregg
Phone: (202) 224-3324
Fax: 202-224-4952

Please Email ,Phone, and Fax Shelby.
Please phone and/or Fax the rest.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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