Obama Administration Suspends Enforcement Of “Work Place Raids” For Illegals

See Video Here:

http://www.foxnews.com/video2/video08.html?maven_referralObject=3854212&maven_referralPlaylistId=&sRevUrl=http://www.foxnews.com/

With 10 Million unemployed in the US and 20 Million illegals already living in the US – Why would anyone suspend workplace enforcement of of our Immigration Laws. ICE (Immigration & Customs Enforcement) is charged with enforcing the laws passed by the Congress. If y0u want to change the laws, follow the process established by the Constitution.  

Immigration quotas are set by the Government after careful analysis. Those that enter illegally are “criminals” who are in this Country in violation of the law. One’s willingness to break the laws of the land should not serve as the basis to allow one to “jump ahead” of those who abide by the law and await their opportunity to enter this Country legally.

UP DATE:

The Obama Administration has anounced a suspension of ICE (Immigration & Custom Enforcement Administration) enforcement activites.

Those activites, like the “raid” described below, act as a major deterrent to illegal immigration.

Earlier this week, Speaker of the House, Nancy Pelosi, called for an end to the activities while speaking to a group of illegals in California.

Speaker Pelosi called the illegals “patriotic” while she described the ICE Teams as “Unamerican”. The very individals who risk their lifes to enforce our immigration laws are “Unamerican” because they enforce the Laws enacted by Congress.

What is she talking about: 

Patriot: 

1. a person who loves, supports, and defends his or her country and its interests with devotion.

The following article describes a recent ICE “raid”:

ICE Raids Swift Plant; 800 Are Suspected Illegal Workers

GREELEY, Colo. — Immigration and Custom Enforcement agents raided six Swift & Co. plants Tuesday morning with civil search warrants, arresting hundreds of illegal immigrants working at the plants, including the plant in Greeley, federal officials confirmed.

At least 800 workers at the Greeley plant are identified as illegal immigrants; 300 of them will be deported within the week, some as soon as Tuesday evening, said Weld County District Attorney Ken Buck.  

Not all of those suspected to be illegal immigrants will be deported because federal authorities just don’t have resources to go after them all at one time, Buck said.

“At this point, a civil search warrant allows us to search the premises to find any illegal aliens. The strong point here is that a lot of U.S. citizens and U.S. residents have been victimized … by a large-scale identify theft scheme,” said Barbara Gonzalez, an ICE public affairs officer.

Gonzalez said that other plants in the raid included beef plants in Grand Island, Neb., Cactus, Texas and Hyrum, Utah, and pork plants in Marshalltown, Iowa and Worthington, Minn. Operations at all six plants have been temporarily suspended.

ICE said the workers were being arrested on administrative immigration violations and in some cases, existing criminal arrest warrants stemming from a nearly yearlong investigation dubbed Operation Wagon Train.

 ICE chief Julie L. Myers told reporters in Washington that agents had uncovered a scheme in which illegal immigrants and others had stolen or bought the identities and Social Security numbers of hundreds of U.S. citizens and lawful residents to get jobs with Greeley-based meat processor, Swift & Co.

 “Swift has never condoned the employment of unauthorized workers, nor have we ever knowingly hired such individuals,” Swift & Co. President and CEO Sam Rovit said in a written statement.

Reaction From Other Parts Of The Country

 “I congratulate all law enforcement agencies involved in the successful raid,” said Rep. Tom Tancredo, an outspoken advocate of stricter immigration laws. “My hope at this point is that the U.S. government has the courage to prosecute the Swift & Company executives who may have been complicit in their hiring.”

 “When something of this scale happens, it’s pretty likely that the plant managers were aware of it, often with the consent of management,” Tancredo said.

“ICE’s action at multiple Swift plants today is a clarion call for the nation to complete its work on comprehensive immigration reform. We need to have laws in place to take us from today’s chaos and lawlessness to law and order. That law and order system must include: increased border security, strict enforcement of immigration laws including a sound employer verification system, and a realistic method of dealing with the human and economic reality of millions of undocumented workers in America,” said Sen. Ken Salazar.

“I am grateful that ICE agents are appropriately targeting illegal aliens whose prior record of criminal behavior may present a risk to the citizens of Colorado,” Sen. Wayne Allard. “It is my understanding that Ken Buck played a key role in the investigation that led to today’s raid at the Greeley facility. Once again, District Attorney Buck has demonstrated his commitment to ensuring that individuals involved in criminal behavior will be pursued to the full extent of the law.”

http://www.thedenverchannel.com/news/10515789/detail.html

Also consider this:

“Largest-ever ICE operation targeting criminal aliens and illegal alien fugitives nets more than 1,300 arrests in Los Angeles area”

LOS ANGELES – More than 1,300 criminal aliens, immigration fugitives, and immigration violators have been moved from the United States or are facing deportation today following the largest special enforcement action ever carried out by U.S. Immigration and Customs Enforcement (ICE) Fugitive Operations Teams anywhere in the nation. http://www.ice.gov/pi/news/newsreleases/articles/071003losangeles.htm

“ICE’s Fugitive Operations Teams make a priority of cases involving those who have ignored orders to leave our country and those who pose a threat to our communities,”

Among those arrested was Juan Cervantes-Gonzalez, 30, of Mexico. Cervantes, who was taken into custody without incident at his San Bernardino home September 21, is a suspected street gang member with prior convictions for transporting methamphetamine, burglary, and auto theft.” ICE Assistant Secretary Julie L. Myers pointed out that of the more than 61,000 illegal aliens arrested by ICE Fugitive Operations Teams since the first teams were created in 2003, roughly 17,331 had criminal convictions. http://www.ice.gov/pi/news/newsreleases/articles/071003losangeles.htm

Also see: “Claims of ID fraud lead to largest raid in state history. The largest workplace raid in Iowa history Monday resulted in the arrest of more than 300 people and reignited the debate over immigration.” http://www.desmoinesregister.com/apps/pbcs.dll/article?AID=/20080512/NEWS/80512012/1001

Illegal immigration is a matter of organized crime. Many of the illegals who are “transported into the US are done so by “traffickers” individuals who charge the “illegals” fees to help “smuggle” the illegals into the US. These same “traffickers” are frequently involved in the “illegal drug trade” also. “Traffickers” are also connected to illegal transportation of woman and children for use in the “black market sex trade”.  Trafficking involves hugh sums of money – estimates of $100’s of Billion dollars a year change hands. This amount does not include sums generated from the illegal drug trade – $100 of billions for the international smuggling of illegals.   http://www.humantrafficking.org/ , http://www.ojp.usdoj.gov/ovc/ncvrw/2005/pg5l.html.

“Human smugglers’ money trail cuts across Arizona border”, May 26th, 2008 @ 6:00am, by Associated Press.

A truck loaded with 10 illegal immigrants is worth about $25,000 to a human smuggling organization. A successful operation can move three or four truckloads of immigrants from the Mexican border to metro Phoenix every day. A drop house with 50 immigrants locked inside represents about $125,000 worth of cargo.  With numbers like those, it doesn’t take long to add up to the estimated $2.5 billion smugglers generate annually by moving human cargo through Arizona. That figure, which comes from court records, only counts the upfront costs to the immigrants, which typically run about $2,500 a head.   http://ktar.com/?nid=6&sid=847211

$2.5 Billion a year in Arizona alone! 

Plenty of cash to pay to the corrupt Politicians and Attorneys who attempt to subvert the Immigration Policies legally passed by the Congress. Isn’t it time we investigate the money trail  too?  Lets identify the Politicians and Governmental officials who benefit from this illegal trade and prosecute them to the fullest extent of the law. 

Let your Congress Person know what you think: http://www.usa.gov/Contact/Elected.shtml

 

Bailout Bucks In Hand – Citi Plans $10 Million Office Refurb For Executives

NEW YORK — Citigroup Inc. plans to spend about $10 million on new offices for senior executives, according to a Bloomberg report Thursday. The changes at the bank’s headquarters in New York City will include a new office for Chief Executive Vikram Pandit. The project is made up of 17 private offices, two conference rooms and open areas, reported Bloomberg. Citi told Bloomberg that the refurbishment, which it began planning in June, will save the bank money in the long run.

AIG Bonus Tax Is Unconstitutional – Don’t Add To Taxpayer’s Expense Playing CYA

Check my prior posts. I’m against bailouts – all of them.

The bonuses are outrageous. They should never have been paid. To AIG or any of the other 2 dozen companies who accepted Taxpayer Funding.

The Administration has known about the most recent AIG bonuses for months and should have eliminated them before any additional Taxpayer money was handed out. The White House, Treasury and Congress had the chance to do so …. but they did not. Instead they crafted a law that specifically allows the payment of the bonuses they now want to tax – they crafted this behind closed doors, without debate, in the dark of night – Now in the light of day, they stomp their feet and yell.

I’m mad as hell about the bonuses and at Congress for their incompetence and hypocrisy – that said, another wrong does not make things right. Throwing out the Constitution and violating another dozen or so legal concepts is not the path we want to travel.

Not only is it the wrong thing to do – doing so will only cost the Taxpayers $100’s of millions of additional dollars and in the end the bonuses will still be paid.

What do we need to do – remember this incompetence at the next election – Fool me once, shame on you. Fool me twice – NO CHANCE.

Congress Invites Court Challenge With AIG Taxation Plan  

Legal scholars warn that Congress could have a tough time defending itself in court if it tries to tax away the AIG bonuses. 

Lawmakers outraged over the AIG bonuses have told the people who got the money to watch out — the government will get it back one way or the other, even if it means taxing the heck out of their paychecks. [“One way or the other” – how the hell did these people get elected. They had legal ways to do this, ways that were Constitutional – they failed to do so.  Now they are willing to violate ther oaths to “protect and defend the Constitution” as part of their mock outrage! We the people deserve better] 

But legal scholars say Congress will have a tough time defending itself in court if it goes down that road. 

Not only would Congress be retroactively meddling with contractual agreements, they say, but it would be passing laws that would essentially target a specific group of employees. [One of the Bill’s sponsors, a Congressman from Michigan named Peters proudly but ignorantly admits exactly this – and they wonder why Michigan is in the shape it is in]

Jonathan Turley, George Washington University law professor, said targeting those employees through taxes would invite a valid court challenge. 

“It could well trigger years of litigation,” he said. “Just because a company or individual is unpopular does not mean the government can retroactively impose punitive measures against them. … There’s a host of difficult contractual and constitutional and statutory barriers that would have to be overcome by Congress.” 

Two of those difficulties, lawyers say, lie in Article I of the U.S. Constitution — a section stating Congress cannot pass any “Bill of Attainder” or “ex post facto” law. 

A Bill of Attainder is an act of the legislature that singles out and punishes a group or individual without trial. An ex post facto law retroactively changes the legal consequences of an act. 

“It’s a Bill of Attainder. It can’t be done,” Sen. Judd Gregg, R-N.H., told FOX News when asked about proposals in the Senate to tax AIG. 

President Obama even warned Wednesday about the possibility of a costly court battle over the $165 million in bonuses. [As a Harvard trained Attorney, why doesn’t he, Obama, point out that the law he would be asked to sign, should it pass through the Senate as it has the House, would, upon reaching his desk, not be signed, because he, Obama, as President, would not violate the Constitution, even if a majority of the Senate & House would]

“We are exploring every possible avenue, as is Congress, to see what we can do. But what we need are tools that allow us not to find ourselves in a situation where we only have two options,” Obama said. “One is to withhold money from AIG that could potentially lead them into a spiral that could affect the entire financial system. Or, on the other hand, having folks get bonuses and at least have the capacity to sue the government and get not only their bonuses but potentially even more out of the legal system.” 

Treasury Secretary Timothy Geithner wants to require AIG to pay back the money to the government and deduct that amount from the $30 billion bailout commitment, as well as subject future bonuses to tough restrictions. 

Click here for a PDF of the AIG bonus plan, from Findlaw.

Democrats on the Hill, though, have discussed a range of options for recovering the money that involve heavy taxes. 

Ten House Democrats introduced a bill Tuesday to tax all bonuses above $100,000 at 100 percent to recoup all the “outrageous” AIG bonuses. House Speaker Nancy Pelosi said in a statement that recouping a “substantial portion” through taxation is one of several viable possibilities. 

And Rep. Charlie Rangel, the Democratic chairman of the tax-writing House Ways and Means Committee, authored a resolution that would place a 90 percent income tax on bonuses for employees with family incomes above $250,000 for firms, like AIG, that received at least $5 billion in bailout money. [This is the version passed by the House this PM – again, this action, like so many of the troubling actions of the past months, was doen in haste, without full debate or hearings – things assocaited with the deliberative process in most Democracies] 

Initially, Rangel said he was uncomfortable with the idea of meddling with the tax code as a solution to the AIG problem, but he told FOX News he “had an obligation to respond to the fears and anger of the people.” [What happened to his duty to defend and uphold the Constituition – he sworn an oath to do one – the other obligation seems to be closely tied to the presence of TV cameras]

Senate Majority Leader Harry Reid also said Tuesday that legislation being crafted by Senate Finance Committee Chairman Max Baucus, D-Mont., would subject the bonuses to a tax of more than 90 percent. 

Sen. Chuck Schumer, D-N.Y., said, “If (AIG CEO Edward) Liddy does nothing, we will act and will take this money back and return it to its rightful owners, the American taxpayers. We will take this money back by taxing virtually all of it. [Wasn’t Shumer the Senator who said the American people just didn’t care about these little spending items, a million here and a miillion there, they just don’t care]

“So let the recipients of these large and unseemly bonuses be warned. If you don’t return it on your own, we will do it for you.” [So I assume we can all agree what Congress’ obvious intent is in passing this “tax’ – because that is exactly what the AIG employees will ask the Court to do]

Liddy told a House committee Wednesday that some employees have volunteered to give some of their bonus money back. 

But he reminded lawmakers that the employees have a legal right to keep the bonuses. 

Robert Sedgwick, an executive compensation attorney, told FOX News he doubts the government could successfully tax all that money back. 

“There’d be a series of constitutional issues in attempting to do it in that way,” he said. 

Meanwhile, the Connecticut state legislature is dealing with another legal conundrum, as AIG apparently claims it is legally obligated to pay its bonuses because of provisions in the Connecticut Wage Act. 

AIG cites Connecticut law because the company’s Financial Products division, the embattled unit that is receiving the bulk of the money, is located in the state. Part of the Wage Act states that employees who are improperly denied their wages can recover twice that amount in court. [Plus Attorney Fees, Costs and Interest]

Connecticut lawmakers slammed AIG for citing the law — Gov. M. Jodi Rell called it “contemptible” — but said they would change the act in response. A draft proposal, pushed by House Republican Leader Larry Cafero and other lawmakers, would add provisions exempting companies that receive bailout money. [Yes, but how do you argue that you are not trying to “retroactively” change a law – when it is obvious that is what is being done] 

Cafero spokeswoman Pat O’Neil said they’ll try to take up the bill next week, but it’s unclear whether it could have any effect on past contracts. He said lawmakers want at least to prevent AIG from using Connecticut law as an excuse for paying bonuses in the future — since another $230 million in bonuses is in the pipeline for this year, though Liddy has said he will reduce those. [Reduce? Reduce? There is nothing retroactive about clearly stating in writing- “either surrender the bonuses or there will be no, absolutely no, additional Government funding” and have an agreement executed in advance]

“We want to remove from their quiver this argument that they have no choice but to use Connecticut law against us as justification for this reprehensible behavior,” O’Neil said. [Stop with the CYA already – they don’t need Connecticut Law – the bailout agreement as worded by Congress, specifically allows for these bonuses – AIG employees who want to keep the money are not violating any law – they are acting within the terms of the agreement passed by Congress – So just stop the CYA]

Turley said Connecticut, like Washington, would probably have a tough time trying retroactively to apply the new standards to an old AIG contract. 

Turley said the AIG employees who received bonuses have every incentive to keep the money by whatever means possible — even if that means exposing their identities to public scorn in the courtroom. 

“Their prospect of gainful employment is virtually nil, so these people are not going to go quietly into the night,” Turley said. “These people are already as popular as Ebola. They have little incentive to return a million dollars or more.” 

http://www.foxnews.com/politics/first100days/2009/03/18/congress-invites-court-challenge-aig-taxation-plan-lawyers-say/

The AIG Myth – It’s Not To Big To Fail – It May Be To Big To Save

We have all heard the the myth repeated – AIG is to big to let it fail. What bunk.

AIG was the largest insurer in the world. It’s insurance operations, outside of the Financial Services Unit, were considered as an example of best run companies in the world – the very best. That opinion is and was correct.

Did that make AIG to big to fail? Certainly not.

Will AIG survive? The present plans do not call for AIG to survive at the end of the day. All of the successful insurance units are currently on the sales block. The liabilities are being liquidated.

Unfortunately for the American Taxpayer – the value of the units being sold will never come close to repaying the $180 Billion invested by the Governemnt into AIG todate. The value of the assets will approximate, at best, $100 Billion dollars, an $80 Billion loss if the Government doesn’t spend another dime. The market place knows the which units are for sale and it is, therefore, “a buyers market”.

A dismissal outlook considering the Government isn’t done pouring money into the “black pit” known as the AIG Financial Services Division.

The Scare Tactic:

You’ve heard it time and time again, “If AIG had failed you wouldn’t have been able to get insurance on your car, your house or your life. Eveything would have frozen”

These claims are simply unfounded.

Had AIG been allowed to enter bankruptcy, at zero cost to the American Taxpayer, other Insuarnce Carriers would have filled any gap and replaced the existing AIG coverages. There may have been a small and temporary increase in premiums while the market settled, but the remaining carriers have and had the capacity to write the AIG business.

How many commercials do you see every week asking you to let some company “qoute” your business – online or in person?

AIG as an Auto Insurer 

AIG is currrently trying to sell its American Auto Unit to Zurich Insurance Company for approximately $2 Billion. http://www.insurancejournal.com/news/national/2009/02/11/97799.htm  This move came after AIG dropped the “AIG” name from its dircet auto business http://www.bloomberg.com/apps/news?pid=20601087&sid=a2FuKFa3gid4&refer=worldwide  

Compare the suggested net worth of AIG’s US Auto business ($2 Billion) with the annual premium volume of the largest US auto insurers in 2007; State Farm at $29.2 billion, Allstate at 14.7 Billion, GEICO at 11.1 Billion, Nationwide at 3.5 Billion. AIG’s presence as an auto insurance company in the US, while not insignificant, isn’t an indispensable player in this market place. AIG has Auto insurance operations elsewhere in the world, but in those other Countries AIG is not the “main player” either. Having a small piece of many different pies can certainly add up. There are thousands of auto insurance companies around the globe available to replace AIG as an auto carrier of choice. http://www.bankingmyway.com/article/25-strongest-auto-insurers-0

AIG’s Life Insurance

AIG’s US Life Insurance  Company, American General Life, has also been packaged for sale.  http://blog.quotebroker.com/2008/10/aig-to-sell-american-general-life.html , http://www.americangeneral.com/life/life.nsf/contents/aboutus_whyaigag_history , http://www.1stquote.com/company-list.htm , http://www.1stquote.com/company-list.htm ,

At the end of 2007 AIG’s American General Life had $36 Billion in assets and $30 Billion in liabilities, leaving net capital of $6 Billion. 

Compare those numbers to say, John Hancock Life, with $59 Billion in assets. http://www.lifeinsure.com/john-hancock.asp , or Traveler’s with $19 Billion in assets (Traveler’s was purchased by Met Life – $229 Billion in assets http://www.lifeinsure.com/met-life-metlife.asp – from Citi Group for $11.5 Billion –  http://www.termlifeamerica.com/metlifetravelers.html , or Prudential Life with $256 Billion in assets, or Transamerica Life with $103 Billion in assets, or say Lincoln National Life with $87 Billion in assets. http://www.1stinsurancequotes.com/lincoln-national-life.htm . While AIG’s role as a life insurer is not insignificant – AIG is not an indispensable player in any one market. There are thousands of global Life Insurance companies ready and willing to divide up AIG’s book of life insurance.

AIG as a Property & Casualty Insurer  

AIG’s  Annual Property & Casualty Insurance premiums can be estimated at $30 Billion dollars.  http://www.businessinsurance.com/cgi-bin/news.pl?newsId=1537   The Global total of P & C  premium in 2007  was $1.7 Trillion dollars. http://server.iii.org/yy_obj_data/binary/799316_1_0/globalpcmarkets.pdf

The US accounted for $651 Billion of this amount or 39%. (Note we have “bailed out” AIG to the tune of $180 Billion and counting, roughly equivalent to 1/4 of the annual P & C volume for the entire US market. If AIG had been allowed to “fail” short term market disruptions may have occurred, in terms of pricing, etc, but the world market place would have absorbed the liability in rather short order. AIG’s precentage of the Global P & C market is only 1.7%.  http://server.iii.org/yy_obj_data/binary/799316_1_0/globalpcmarkets.pdf

A good deal of the Global P & C Business is written in “pooled” agreements. You might recall the insurance issues surrounding the World Trade Center. 13 separate insurance companies and several re-insurance companies shared this risk. If any one of those companies were to enter “reorganization” the available options would be to either redistribute that carrier’s pro-rata share of the exposure with the remaining pool members or to seek a new member to join the group to assume the liability. Frankly, these types of activities take place every day. When AIG is asked to consider writing a risk, AIG is not the only Company asked to do so. AIG must compete for every risk it writes in an open market place.  AIG’s seat at the negotiating table would be filled by one of it’s competitors very quickly. http://community.seattletimes.nwsource.com/archive/?date=20040207&slug=tradeattack07

AIG as a Home Insurer

Many of the auto insurance companies listed above not only offer Home Owners Insurance, but the product is offered at a substantial discount when it is combined with an individual’s auto Policy. While AIG is a “player” in the Home Insurance market, it is not an ”indespensible” player. The AIG share of the private home insurance market is roughly equivalent to it’s share of the auto insurance market.

AIG as a Reinsurer 

The top 10 Global Reinsurers wrote $119 Billion in premium in 2007. Two of the top 10 (Munich Re & Swiss Re) accounted for 50% of that total. AIG wrote approximately $3 Billion in reinsuarnce premium.

AIG as a Surplus Lines Carrier

AIG is a significant surplus lines carrier with approximately $8 Billion in writings. Again, while this is a  significant amount, it does not make AIG indispensable to world markets.  http://www.iii.org/commerciallines/rankings/?printerfriendly=yes  

Effect Of An AIG’s Failure On The Market Place

AIG’s Insurance Companies are and have alsways been fully funded and have met all Natoinal, State and Local Capital requirements. http://server.iii.org/yy_obj_data/binary/799316_1_0/globalpcmarkets.pdf

These same companies are being packaged for sale at this time. The stated goal of the sale – to use the funds from the sales to repay the Governments $180 Billion bailout. (Unfortunately, the assets are only worth $100 Billion, at best – $80 Billion short of expenditured     todate).  There is no “survival plan” for AIG. There is no plan for an AIG at the end of the day. The liabilities are being liquidated – the assests are being sold off. You might describe what is being done as a “disorganized, unpackaged, Government supervised, taxpayer funded, bankruptcy”. But I digress – if AIG’s Financial Services Business would have been allowed to fail the Insurance Divisions could have been sold to lessen the loss or, if the marketplace would not purchase those assets (the standard insuarnce divisions), the Insurance Marketplace could have absorbed the AIG book of business in very short order.

Contrary to the scare tactics being used to justify the bailout, no one would have gotten up in the morning to find they could not secure auto insurance or home insurance or commercial insurance for their business. Any claim to the contrary is pure fiction.          

 AIG accused of reckless price cutting to keep business

Dec. 12, 2008 – Officials for American International Group (AIG) are cutting insurance premiums to win new business and boost market share at the possible detriment of the United States taxpayers who are the unwilling investors of nearly $153 billion in the struggling insurer, according to critics and competitors who say now is the time to raise rates and not cut them.

Some critics cite the recent drastic rate cut an AIG subsidiary gave to Las Vegas’ McCarran International Airport when it cut the organization’s commercial insurance premium by 60 percent.  http://www.insurance-website.com/articles.php?id=325

The competition is out there, using AIG’s current financial difficulties in their marketing attempts to “take” AIG business away. AIG has had to respond with “price cutting” to retain business while it tries to sell off its business units/assets. The actual marketplace contradicts the dire scenarios depicted by the alarmists. AIG’s competitors are trying to dismantle the Insurance Divisions through competition rather than purchase.

Obama Administration Misleads Public Again – GM/Chrysler $5 Billion Additional Bailout Dollars For March

Yes, we have been lied to again.

And the bailout beat just keeps on thumping.

No recoevry plan, no reorgainztion plan, no repayment plan and no Congressional Approval required.

You may have read or heard the reports that GM would not need any “bailout cash” for March 2009. That the $2 Billion originally requested in March was unnecessary. http://www.ajc.com/business/content/business/stories/2009/03/13/GM_Bailout.html

GM reported that the “restructuring” and “delayed payments” to suppliers “turned things around”.

What a lie.

Today the Obama Administration announced a new program – direct payment to GM & Chrysler parts suppliers – A direct intervention into the automakers supply chain – to the tune of $5 Billion additional taxpayer dollars. http://www.bloomberg.com/apps/news?pid=20601087&sid=a4WnIZRxLwlU&refer=home

Still no specifics on the GM restructuring plan, no exit strategy from the Treasury Department and no meaningful plan to recapture these taxpayer dollars.

Worse still, the plan clearly discriminates against foreign owned but domestically located auto plants, the workers employed by those plants and the auto supplier chains and dealerships associated with those plants. The communities in which they do business are not being treated equally in this economy are they?

When is enough going to be enough!

Obama Administration Just Can’t Stop – Another $5 Billion Down Auto-Maker Bailout Rathole – Congressional Approval Bypassed

You may have seen or heard this news snippet:

GM says it doesn’t need more cash in March. General Motors Corp. says its restructuring plan is starting to take hold, improving the automaker’s fortunes at least to the point that it won’t need a US$2 billion U.S. government loan instalment that it had requested for March.”   http://www.autonet.ca/autos/news/2009/03/12/8727786-ap.html

This article goes on to state that,

“Chief financial officer Ray Young said Thursday that GM formally told the Obama administration’s autos task force on Wednesday that it wouldn’t need the money this month. But in an interview with The Associated Press, Young would not say when the struggling automaker would need more government money or whether it will reduce the size of its loan request.  “It seems like our company-wide cost reduction efforts are moving well, as well as we’ve been able to defer spending that we previously anticipated in January and February,” Young said. “I think that’s a positive development.”

So, no additional cash is needed this month. Wow, what a remarkable turn around. 

Wait a minute, when something seems to good to be true, it usually isn’t true. Why, could something “be rotten in Denmark”, or in this case ”Detroit”. Might the Obama Administration be prevaricating again, say like feigning surprise over the AIG bonuses?

Auto suppliers to get $5 billion in aid – Government to provide financing for troubled auto parts suppliers

WASHINGTON (AP) — The Treasury Department, trying to stabilize the battered auto industry, said Thursday it will provide up to $5 billion in financing to troubled auto parts suppliers who are linked to Detroit’s carmakers.

The funds would be made available from the government’s Troubled Assets Relief Program, or TARP, said members of the Obama administration’s auto task force. It would create a financial entity similar to a revolving credit to provide financing for auto parts that large suppliers have shipped to the Big Three automakers but have not yet been paid for.

U.S. automakers — General Motors Corp., Chrysler LLC and Ford Motor Co. — would have the option of using the program and would be required to pay a 5 percent fee of up to $250 million to join. The car makers would designate the parts suppliers who need financing and the suppliers would have to agree to terms of the government-backed protection and pay a small fee for the right to participate.

GM and Chrysler, which have received $17.4 billion in government loans, said they would use the program. Ford, which has not sought the government aid, said in a statement it would not participate “as we remain viable and expect no issue with continued payments to our suppliers.”

Members of the auto task force, who spoke on condition of anonymity because their discussions have been private, said the financing was a first step in restructuring the auto industry. The panel is expected to provide a framework for the revamping of GM and Chrysler by March 31.

The move was intended to help with the cash flow needs and stability of distressed auto suppliers, whose collapse could lead to the disruption of car production by the Big Three and lead to significant job losses.

“The program will provide supply companies with much needed access to liquidity to assist them in meeting payrolls and covering their expenses, while giving the domestic auto companies reliable access to the parts they need,” Treasury Secretary Timothy Geithner said in a statement.  

Officials said foreign automakers with U.S. operations would not be eligible to use the so-called “supplier support program.”  

http://biz.yahoo.com/ap/090319/auto_bailout.html?.v=4

So if you work for one of the foreign owned, but domestically located auto plants, a plant that pays Local, State and Federal taxes in your Community – your employer and the Business that is a valuable member of your Community, will be put at a competitive disadvantage by using your private and that Companies Corporate tax payments to strengthen a competitor who made add nothing to your Community.

In addition, the Government will now make direct payment to the Auto Suppliers while GM & Chrysler will receive direct part shipments. I can’t wait to see the waste and cost control measures gone awry.

So now the Government will now make good on GM & Chrysler parts I.O.U.’s – payments that GM & Chrysler “deferred” so that the Government could make direct payment.

No GM did not need the $2 Billion March Bailout Money –  In it’s place the Government agreed to pay $5 Billion on behalf of GM directly to the GM parts creditors ….

Another payout at taxpayer expense – a plan with no plan – a bailout without an exit strategy – a public expenditure with no reasonable means of repayment ….

Isn’t enough … enough.

So GM doesn’t need any “March Bailout Money” 

What a sham! What a bunch of prevaricators!  

pre⋅var⋅i⋅cate

–verb (used without object), -cat⋅ed, -cat⋅ing.
to speak falsely or misleadingly; deliberately misstate or create an incorrect impression; lie.

evade, shift.

Obama Administration Prevaricates Again – GM/Chrysler Bailout Anti Increases By $5 Billion – Congressional Approval Bypassed Again

You may have seen or heard this news snippet:

GM says it doesn’t need more cash in March. General Motors Corp. says its restructuring plan is starting to take hold, improving the automaker’s fortunes at least to the point that it won’t need a US$2 billion U.S. government loan instalment that it had requested for March.”   http://www.autonet.ca/autos/news/2009/03/12/8727786-ap.html

This article goes on to state that,

“Chief financial officer Ray Young said Thursday that GM formally told the Obama administration’s autos task force on Wednesday that it wouldn’t need the money this month. But in an interview with The Associated Press, Young would not say when the struggling automaker would need more government money or whether it will reduce the size of its loan request.  “It seems like our company-wide cost reduction efforts are moving well, as well as we’ve been able to defer spending that we previously anticipated in January and February,” Young said. “I think that’s a positive development.”

So, no additional cash is needed this month. Wow, what a remarkable turn around. 

Wait a minute, when something seems to good to be true, it usually isn’t true. Why, could something “be rotten in Denmark”, or in this case “Detroit”. Might the Obama Administration be prevaricating again, say like feigning surprise over the AIG bonuses?

Auto suppliers to get $5 billion in aid – Government to provide financing for troubled auto parts suppliers

WASHINGTON (AP) — The Treasury Department, trying to stabilize the battered auto industry, said Thursday it will provide up to $5 billion in financing to troubled auto parts suppliers who are linked to Detroit’s carmakers.

The funds would be made available from the government’s Troubled Assets Relief Program, or TARP, said members of the Obama administration’s auto task force. It would create a financial entity similar to a revolving credit to provide financing for auto parts that large suppliers have shipped to the Big Three automakers but have not yet been paid for.

U.S. automakers — General Motors Corp., Chrysler LLC and Ford Motor Co. — would have the option of using the program and would be required to pay a 5 percent fee of up to $250 million to join. The car makers would designate the parts suppliers who need financing and the suppliers would have to agree to terms of the government-backed protection and pay a small fee for the right to participate.

GM and Chrysler, which have received $17.4 billion in government loans, said they would use the program. Ford, which has not sought the government aid, said in a statement it would not participate “as we remain viable and expect no issue with continued payments to our suppliers.”

Members of the auto task force, who spoke on condition of anonymity because their discussions have been private, said the financing was a first step in restructuring the auto industry. The panel is expected to provide a framework for the revamping of GM and Chrysler by March 31.

The move was intended to help with the cash flow needs and stability of distressed auto suppliers, whose collapse could lead to the disruption of car production by the Big Three and lead to significant job losses.

“The program will provide supply companies with much needed access to liquidity to assist them in meeting payrolls and covering their expenses, while giving the domestic auto companies reliable access to the parts they need,” Treasury Secretary Timothy Geithner said in a statement.  

Officials said foreign automakers with U.S. operations would not be eligible to use the so-called “supplier support program.”  

http://biz.yahoo.com/ap/090319/auto_bailout.html?.v=4

So if you work for one of the foreign owned, but domestically located auto plants, a plant that pays Local, State and Federal taxes in your Community – your employer and the Business that is a valuable member of your Community, will be put at a competitive disadvantage by using your private and that Companies Corporate tax payments to strengthen a competitor who made add nothing to your Community.

In addition, the Government will now make direct payment to the Auto Suppliers while GM & Chrysler will receive direct part shipments. I can’t wait to see the waste and cost control measures gone awry.

So now the Government will now make good on GM & Chrysler parts I.O.U.’s – payments that GM & Chrysler “deferred” so that the Government could make direct payment.

No GM did not need the $2 Billion March Bailout Money –  In it’s place the Government agreed to pay $5 Billion on behalf of GM directly to the GM parts creditors ….

Another payout at taxpayer expense – a plan with no plan – a bailout without an exit strategy – a public expenditure with no reasonable means of repayment ….

Isn’t enough … enough.

So GM doesn’t need any “March Bailout Money” 

What a sham! What a bunch of prevaricators!  

pre⋅var⋅i⋅cate

–verb (used without object), -cat⋅ed, -cat⋅ing.
to speak falsely or misleadingly; deliberately misstate or create an incorrect impression; lie.

evade, shift.

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