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2009-06-05 19:08:59
Harmor
Error_Name_Not_Found
+605|6849|San Diego, CA, USA
Source: http://briefingroom.thehill.com/2009/06 … o-meeting/

The Hill's Blog wrote:

June 4, 2009
Barney Frank convinces GM CEO to keep his district's plant open
@ 4:01 pm by Michael O'Brien

Rep Barney Frank (D-Mass.) won a stay of execution on Thursday for a General Motors plant in his district that the automaker had announced it would close.

No other lawmaker has managed to halt the GM ax. As chairman of the House Financial Services Committee Frank oversees the government's bailout program, known as TARP. Frank's staff said the lawmaker spokes with GM CEO Fritz Henderson on Wednesday and convinced him to keep the Norton, Mass. plant open for at least 14 months.

GM announced Monday in its bankruptcy and restructuring plans it would close of nine of its plants and idle three others. The automaker said it would also shutter three service and parts operations by the end of the year — one of which is in Frank's district.

"I greatly appreciate General Motors' willingness to take into consideration the wider needs of the company and especially the community," Frank said in a statement. "Keeping the facility open for this extra time gives workers a chance to look at other opportunities, while at the same time continuing to provide for their families."

Frank said that an improving economy could improve the prospects for GM and its employees, hinting that an uptick in auto sales could keep the Norton plant open longer.

12 lawmakers' districts were hit by the round of plant closures announced Monday – six Democrats and six Republicans.

Rep. Jim Jordan (R-Ohio) had demanded President Obama personally intervene and order the Mansfield, Ohio plant in his district be kept open.
Must be nice to be a ranking Democrat in power and make sure plants in your district don't get closed after the Government's takeover of GM.  I wonder what whose district will have their GM plant closed instead?  But it looks like its balanced at 6 vs. 6 atm.

I thought the government wasn't going to micro-manage GM?  I guess Congress didn't get the memo from Lord Obama the merciful.
2009-06-05 19:30:31
Catbox
forgiveness
+505|7017
He must have had to get on his knees to save the dealership....lol
This is just another sad event in our countries rapid demise...

Last edited by [TUF]Catbox (2009-06-05 19:30:47)

Love is the answer
2009-06-05 19:42:36
13rin
Member
+977|6780
Well his Boss runs GM, it never hurts to ask... right? *wink.
I stood in line for four hours. They better give me a Wal-Mart gift card, or something.  - Rodney Booker, Job Fair attendee.
2009-06-05 19:46:31
Flecco
iPod is broken.
+1,048|6966|NT, like Mick Dundee

Protecting the jobs of his constituents. Pretty sure that's in the job description as far as being elected goes. He represents the people of his district, who want that plant to stay open.

Sure its a bit shit but that's how representative democracy works.
Whoa... Can't believe these forums are still kicking.
2009-06-05 19:49:07
FatherTed
xD
+3,936|6801|so randum
americas dying waah waah Nobamas raping our country and hes a black muslim waaah waaah
Small hourglass island
Always raining and foggy
Use an umbrella
2009-06-05 19:53:50
Catbox
forgiveness
+505|7017
but these dirtbags are making up their own rules...
(Paying the unsecured Chrysler creditors first before the secured creditors...to make sure they payoff the union people first...thanks for the votes and campaign help union folks...signed,your loving president)

...the govt requires nor needs any input from the people who voted for them
they are doing what's best for us and what will help them stay elected...

Who's going to buy a GM/Chrysler or invest in stock for these companies?  Not anyone with any common sense.

Last edited by [TUF]Catbox (2009-06-05 19:55:14)

Love is the answer
2009-06-05 20:11:19
Turquoise
O Canada
+1,596|6706|North Carolina
Frank is a douche, but yeah, this is what politicians are essentially hired for.
2009-06-05 22:10:16
AussieReaper
( ͡° ͜ʖ ͡°)
+5,761|6453|what

While I think it is probably good decision in the short term, does Barney Frank really have the business expertise to make such a decision?

Surely keeping a plant open in these circumstances can make or break the restructures success, this plant might be a giant sink hole for tax payers money well into the future if it turns out to be non-viable and doesn't return a profit.

If GM are making business decisions based on the "heavy recommendation" by their new owner in such a way, it might not be in there best interest. And its also a clear case of expanding Government powers into an industry that tbh should have very little government controls.
https://i.imgur.com/maVpUMN.png
2009-06-05 22:31:31
FatherTed
xD
+3,936|6801|so randum
reaps GM sort of proved they need something to control them. maybe not the government, idk.

so now it's a catch 22, let them fall (leaving thousands unemployed), or bail them out.

let them fall.
Small hourglass island
Always raining and foggy
Use an umbrella
2009-06-06 08:03:01
Harmor
Error_Name_Not_Found
+605|6849|San Diego, CA, USA
Actually there was another choice.  Let them go bankrupt and get liquidated.  Look what happened with the Saturn brand...it was bought up by Penski and now most of those jobs are saved.

 

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