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Thread: Govt watchdog criticizes handling of car dealers

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    Govt watchdog criticizes handling of car dealers

    Govt watchdog criticizes handling of car dealers
    By KEN THOMAS (AP) – 18 hours ago

    WASHINGTON — The Treasury Department failed to consider the economic fallout when it told General Motors and Chrysler to quickly shutter many dealerships as part of government-led bankruptcies, a federal watchdog found.

    A report released Sunday by the special inspector general for the government's bailout program raised questions about whether the Obama administration's auto task force considered the job losses from the closings while pressuring the companies to reduce costs.

    Treasury didn't show why the cuts were "either necessary for the sake of the companies' economic survival or prudent for the sake of the nation's economic recovery," said the audit by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, the $787 billion stimulus program known as TARP.

    "Treasury made a series of decisions that may have substantially contributed to the accelerated shuttering of thousands of small businesses," investigators said.

    Those decisions resulted in "potentially adding tens of thousands of workers to the already lengthy unemployment rolls — all based on a theory and without sufficient consideration of the decisions' broader economic impact," the report said.
    The Associated Press: Govt watchdog criticizes handling of car dealers

    Excellent work, Your Majesty. Without Your wise leadership, we surely would all perish.

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    Re: Govt watchdog criticizes handling of car dealers

    I'll take some jobs lost over all of the jobs lost.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Govt watchdog criticizes handling of car dealers

    Quote Originally Posted by Deuce View Post
    I'll take some jobs lost over all of the jobs lost.
    As noted in the story and the OP:

    Treasury didn't show why the cuts were "either necessary for the sake of the companies' economic survival or prudent for the sake of the nation's economic recovery,"

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    Re: Govt watchdog criticizes handling of car dealers

    Quote Originally Posted by Deuce View Post
    I'll take some jobs lost over all of the jobs lost.
    Especially when it is not YOUR job!

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    Re: Govt watchdog criticizes handling of car dealers

    Quote Originally Posted by Goobieman View Post
    As noted in the story and the OP:
    Without the bailout, the presumption is that GM would not presently be operating at all, right?

    Quote Originally Posted by jujuman13 View Post
    Especially when it is not YOUR job!
    Yes. If my choice is firing 5,000 people or 10,000 people, I'll choose the 5,000. (assuming all other factors equal. I'd fire 10,000 news commentators before I fired 1 school teacher! )
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Govt watchdog criticizes handling of car dealers

    Quote Originally Posted by Goobieman View Post
    As noted in the story and the OP:
    No, AS NOTED IN THE STORY BUT NOT THE OP:

    Herbert M. Allison Jr., Treasury's assistant secretary for financial stability, said the administration's actions "not only avoided a potentially catastrophic collapse and brought needed stability to the entire auto industry, but they also saved hundreds of thousands of American jobs and gave GM and Chrysler a chance to re-emerge as viable, competitive American businesses."
    Yeah, I don't know why some of you guys try to snag us with edited news stories.
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    Re: Govt watchdog criticizes handling of car dealers

    Note to the Watch Dog


    General Motors wanted to close down quite a few dealerships before they went bankrupt and sought government money. They could not at the time because of contracts that could only be nullified in bankruptcy.

    This was not some strange idea thought up by the government, but something the domestic auto companies wanted to do but could not without paying the dealers out (which they could not afford to do)
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    Re: Govt watchdog criticizes handling of car dealers

    Quote Originally Posted by Deuce View Post
    Without the bailout, the presumption is that GM would not presently be operating at all, right?
    That's YOUR presumption. The story says:

    Treasury didn't show why the cuts were "either necessary for the sake of the companies' economic survival or prudent for the sake of the nation's economic recovery,"

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    Re: Govt watchdog criticizes handling of car dealers

    Quote Originally Posted by The Dane View Post
    No, AS NOTED IN THE STORY BUT NOT THE OP:
    Yes.
    An adminitration official disagreed with a report that makes the administration look bad.
    What a surprise.

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    Re: Govt watchdog criticizes handling of car dealers

    No, the story contradicts itself:

    Herbert M. Allison Jr., Treasury's assistant secretary for financial stability, said the administration's actions "not only avoided a potentially catastrophic collapse and brought needed stability to the entire auto industry, but they also saved hundreds of thousands of American jobs and gave GM and Chrysler a chance to re-emerge as viable, competitive American businesses."
    Ever have to dance with the devil in the pale moonlight?
    Scales in the grass but the scales don't move right?

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