The Jury Talks Back

12/11/2008

Ouch…

Filed under: Uncategorized — Scott Jacobs @ 1:13 am

Allow me to quote the FBI Special Agent in Charge of the investigation of Blagojevich:

‘If Illinois isn’t the most corrupt state in the United States, it’s one hell of a competitor.’

Ow.  Ok, that stings a little…

You know, I fit all the constitutional requirements to be a US Senator…

I keep wondering if I should even bother to make a few calls…

An example why the Big Three should fall

Filed under: Uncategorized — Scott Jacobs @ 12:11 am

December 10, 2008 Stat of the Day

In 2007, Toyota sold 9.37 million vehicles.

In 2007, General Motors sold 9.37 million vehicles.

In 2007, Toyota made $17.1 billion.

In 2007, General Motors lost $38.7 billion.

9.37 millions cars is GM’s second biggest year ever.  How is it that in it’s second biggest year the company could lose nearly $40 billion, while Toyota pulled in over $17 billion in profit?

Toyota made about $1,800 in profit per car, while GM lost about $4,100 per car.

This is what we want to save?  Hell, give me the billion dollars.  I’ll at least throw a hell of a party for the money, and it would be about as effective at saving these bloated piles.  The Big Three blow through about $5 billion a month total, with Ford, General Motors and Chrysler, respectively, burning through $2 billion, $2 billion and $1 billion in cash every 30 days.

I could do better, and I’m an idiot…

And Cerebus is getting some attention now, too.

Buried on the business page of The New York Times Saturday were the details of Detroit’s biggest snow job yet–literally as well as figuratively. Turns out that Cerberus CEO John Snow, who spent three-and-a-half lackluster, and some might say lap-doggish, years as President Bush’s second Treasury secretary, is leading a who’s who of crony capitalists in a lobbying campaign for a taxpayer bailout to “salvage Cerberus’ investment in Chrysler.”

 That’s right.  He’s not doing it to save jobs,

but to prevent “one of the world’s richest and most secretive private investment companies” from having to take a relatively modest financial hit and use some of its own capital to prop up the smallest of the major automakers.

A moment, please, whilst I spit.

Edit: Just as an aside, that $73 per hour?  It does NOT include about $30 in legacy costs.  The filings to the SEC would not include such things, and that’s where the $72 number comes from.  Due to Generally Accepted Accounting Principles, legecy costs can not be included in such filings…  So the big three pay around $100 per hours for every single worker.  And people wonder how they could lose money on every car.


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