Thursday, December 4, 2008

Michael Moore to GM: We're Going to Own Your Ass

Heh.

"Any money given to the current management is just going to be money that's being flushed right down the toilet," Moore insisted. "They don't have a clue about how to run these companies."

Moore pointed out that "GM wants $18 billion. The total worth of all the common stock in GM right now is a little less than $3 billion. ... Why would we give them $18 billion?" He believes that if the government bails out the auto firms, it needs to receive a degree of control over their operations in return.

"This new president and this Congress has to say to the Big Three, 'I'm sorry, but this car thing isn't working out," Moore suggested. "We're running out of oil, so you need to build hybrids, electrics, and we need mass transportation. ... If we give you $34 billion, we're going to own your ass."

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