Some months back, on my sister blog, I quoted from a friend who asked, about the government loans to the auto industry, "if the banks know they are not getting their money back from the car makers, why does the government think they are getting their money back."
Both the government and the car makers claimed loud and clear that the money would be used to stave off bankruptcy and that the government would be repaid. Well, last week Chrysler went bankrupt, and this week Chrysler and its government lenders admitted nothing will ever get paid back.
Oh my, que una suprisa!
What was that loan money used for? Hmmm...might it have been paid out as bonuses to executives, used to prop up health care plans so the union guys could get their Viagara. Might some of it been paid to the lobbyists who lobbied the government for loans, maybe paid in cash to those lobbyists who then maybe, just maybe, treated their government contacts to a trip to say.....Brazil. Nah...or ...well...what da ya think? Is there a chance, a snowball's chance in hell, that is was used for retraining, or paying suppliers that had 90 day invoices outstanding?
The little fiasco known as Chrysler will soon be repeated at GM. And you Ontario taxpayers best get your pockets sewn up tightly right now. 'Cause when GM and its union gets through fleecing the Ontario taxpayer your chequebook is going to be a whole lot lighter.
The good news is that, hopefully, when these two dinosaurs are restructured, we won't have to put up with their shenanigans any longer. But who knows, sometimes things in life have a habit of being resurrected in some other surreptitious form and eventually rise to bite us in the ass.
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