Monday, June 01, 2009

He Got It On Sale, Saved 50%!

They had a sale down at General Motors yesterday. You could buy the whole thing, lock, stock and barrel for just a hair under $458 million dollars at the market down on Wall Street. Quite a deal. Thousand of employees, hundreds of facilities, brand names, trademarks, intellectual property, inventory, tools. The whole shebang.

That Rick Waggoner is quite a salesman, though. You'll remember him, the former chairman? Resigned a month or two ago? Well, Mr. Waggoner got a lot more for General Motors than a measly $458 million. Yes, he certainly did!

Mr. Waggoner just let it get around that if GM were to go into bankruptcy it'd be worth $100 billion. No small potatoes here, no sir.

Well Rick didn't get his full $100 billion, but that wasn't really his fault. He must've been on commission or something and the new guys didn't want to fork over for the big kahuna, the deal of a lifetime, so they fired him. Yep, out in the cold without a dime to show for his home run. They canned him just a month before the deal closed.

You see, while Ken couldn't round up a idiot willing to pay $100 billion for his $460 million company, he did find some sucker down in D.C. willing to pony up $50 billion, and on a government credit card, too.

The new guy claims it's going to be a gift, he's giving it to a good friend, somebody named UAW. Funny name, probably stands for something.

RELATED LINK: Pants on Fire!!

P. T. Barnum was right, but today the biggest suckers are taxpayers watching politicians spend their money.

No comments: