Friday, June 05, 2009
Politicians Running GM
Yesterday brought the first signs that members of Congress, from both parties, will find it hard to resist meddling in the affairs of General Motors. First, we hear that Massachusetts Congressman Barney Frank intervened to stave off the closing of a GM distribution center in his home state. That distribution center was slated to be shut down according to GM's restructuring plan. At the same time, Congress held hearings on GM and Chrysler's plans to shut down many dealers throughout the country. Naturally, we heard members of Congress pushing the heads of GM and Chrysler to reconsider the closings of dealers in their districts. It's week 1 of the GM bankruptcy, and already, we see some disturbing signs.