Finding out that XM Sirius lost nearly $5B in the third quarter (not spent, or in the year, we’re talking losses in three months) is akin to finding out that the pizza parlor next to our office spent $13M in green peppers. It’s shocking, criminal, numbing.
Is this what the US “leaders of industry” have come to? Mel Karmazin, a media guru, orchestrates this joke of a merger and proceeds to lose $4.88B in three months? Sure, satellite radio is reliant on the car industry, but don’t even get me started on those guys. Where does it say in the Bible that “thou shall be Three Big Carmakers, and the US taxpayer shall compensate for their mismanagement…”
And if that’s not enough, we find out that AIG needs a bailout… from its bailout.
A joke, this is what the US economy is right now. My favorite part about this crime is the fact that the Republicans were calling Barack Obama a socialist and we’re now seeing Socialism across the Board, from Manhattan, down to Washington DC, via Detroit and on to SF.
What on earth is happening in board rooms?
Where is the leadership?
We need Jack Welch, Warren Buffett et al. to barge into some of these board rooms with a few baseball bats and toss these criminals out of these companies and onto their arses. Why on earth should your average, hard-working American pay taxes these days? Tell me, why?
All right, I feel better… let me go read about the next round of layoffs.
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