An Absolutely Perfect Solution For Saving GM
However, it can NEVER happen because it makes perfect sense and Congress is in charge.
J.G. Thayer @ Commentary Magazine on saving GM:
Step One: file for Chapter 11 bankruptcy.
This will freeze in place many of the factors currently pressing GM towards collapse. It will also give a judge the authority to make sweeping changes within the company that it cannot do by itself.
Step Two: Fire current management and appoint Romney CEO.
This will satisfy many of the public’s thirst for blood. It will also send the message that nothing is sacred, nothing is off the table. Whatever needs to be done to save the company — in some form — will be done.
The terms of Romney’s two-year contract will be simple: he will be paid the base rate of a union line worker, plus expenses and a bonus plan based on GM’s return to profitability — preferably stock options, where his own compensation will be directly linked to his success.
In return, Romney will be granted near-absolute power over the company, putting together a new management team and restructuring it — from the ground up, if necesssary — to make it a viable, ongoing business.
H/T: Daily Pundit
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"An Absolutely Perfect Solution For Saving GM"
