Friday, March 20, 2009

Don't Bounce GM's Check Just Yet

One-time potential auto czar and now merely actual auto cheerleader, Steve Rattner, said GM may need "'considerably' more government aid than their request for as much as $21.6 billion."

GM, which recently was beaming after it had said everything is cool and no more cash will be needed in the short-term must have finally figured out how to scroll down on the excel-based P&L and seen all those red cells.
“[Aid] could be considerably higher, I won’t deny that,” Rattner said, when asked whether U.S. aid sought could rise to $30 billion or $40 billion. Rattner spoke in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” scheduled to air today.

“What they’ve asked for depends on them achieving plans that are somewhat ambitious,” Rattner said. “Like all management teams they tend to take a reasonably, slightly perhaps, optimistic view of their business. So it could be more, I can’t rule that out.”
"Reasonably, slightly perhaps optimistic view?" Sweet baby Jesus, was Rattner on the verge of confirming that everyone from Geithner down to hot dog vendors all pray in the Church of Latter Day Hockeystick Saints? And the reason why the March 31 deadline will come and pass with nothing at all having been achieved?
“Part of why there’s a lack of appearance of movement is nobody wants to go first,” Rattner said. “You say here’s the deadline, everybody has to get there by this date or we’re going to do something else.”
Hey Steve, isn't it your job to explain just what the downside is if there is no agreement by March 31? Sigh, if only Hunter Thompson were still alive to write about the lunacy that is our everyday lives.

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Sam said...

"Church of Latter Day Hockeystick Saints"

LOL.Funniest thing I've read all day!

Distressed Volatility said...


peter said...

that is a great photo!