President Obama has repeated almost daily his mantra that he doesn't want to—and will not—run General Motors.
He needs to touch base with his team of hotshot Wall Street whiz kids tasked with the job. According to the official White House Fact Sheet: Obama Administration Restructuring Initiative for General Motors, the Obama Administration:
- will elect all of the members of GM's Board of Directors except the one or two elected by the UAW and the Canadian government. Generally speaking, a shareholder who has the power to elect nearly all the Directors of a company controls the company. The remaining shareholders, the bondholders who will end up with 17% of the shares, are not allowed to elect any Directors.
- approved the terms of employment for all employees of the company.
- approved the terms to be sought within the bankruptcy hearing for payment of all of GM's suppliers.
- approved the terms of warranties to be offered on all GM cars during the bankruptcy.
- outlined the conditions for payment of all dealer incentives and the retention or termination of all the firm's individual dealers.
- approved the labor agreement between GM and the UAW.
A-tisket, a-tasket, a green and yellow basket… let's see, so far we have an insurance company, most of a bank and two car companies.
All we need now are all the doctors in the country.