According to the Associated Press, General Motors (GM) has already received $9.4 billion in government bailout funds - that's money that came from you and me - and expects to get $4 billion more in March. In other words, GM is burning through money like there's no tomorrow. Perhaps there isn't because, as explained in the book Burn Rate, the closer a company gets to dissolution the faster it burns through money in a failed attempt to stay in business for another day, week, or month.
However, after taking this type of money - and, remember, we're talking billions not millions here - you would think that GM would be SAVING the jobs of its workers. Not so, as GM today announced an immediate reduction of 10,000 autoworker jobs worldwide, with media sources reporting that these workers will not be offered buyout options. So then what is OUR money being used for?
Oh, we're told, calm down because GM CEO Rick Wagoner is going to work for just $1 a year. Too late, the bad decisions made by Wagoner and his management team have already resulted in these tragic job losses and what appears to be a continuing dim future for what MSNBC said was formerly America's greatest company. Wagoner could elect to work for a nickel this year, and it wouldn't change the fact that the flight of the once-mighty GM is about to come to an end. Brace for impact.
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