Exclusive to OpEdNews:
OpEdNews Op Eds

The Obama Administration: June 1-16, 2009

By (about the author)     Permalink       (Page 1 of 9 pages)
Related Topic(s): , Add Tags Group(s): ; , Add to My Group(s)

Must Read 2   Valuable 2   News 1  
View Ratings | Rate It

opednews.com Headlined to H4 6/18/09

Become a Fan
  (10 fans)


This article is the tenth in a continuing series chronicling the unfolding history of the Obama Administration. The writer’s opinions are not offered, leaving the readers to arrive at their own conclusions.

What I have no interest in doing is running GM”__Barack Obama, President United States, June 1, 2009

Day132/June1st/Monday: From the Grand Foyer of the White House, the President commented on the restructuring of General Motors (GM) and the car maker’s bankruptcy filing. He also praised the merger of Chrysler and the Italian automaker Fiat. “What the completion of this alliance means is that tens of thousands of jobs that would have been lost if Chrysler had liquidated will now be saved, the President said, “and that consumers have no reason at all to worry about a restructuring—even one as painful as what Chrysler underwent.”

The restructuring of GM, however, will:

(1)  require the United Auto Workers to make further cuts in compensation and retiree health care benefits

(2)  require GM shareholders to give up the remaining value of their shares, which are, now, worthless

(3)  provide unsecured bondholders with an equitable outcome that will let them recover more than the current value of their claims, and substantially more than they would have recovered if the government had not intervened and GM had liquidated

(4)  the United States government will invest an additional $30 billion (on top of the previous $19.4 billion) in GM that will entitle American taxpayers to ownership of about 60 percent of the new GM.

(5)  GM will be run by a private board of directors and management team, not the government. The federal government will refrain from exercising its rights as a shareholder in all but the most fundamental corporate decisions.  When a difficult decision has to be made on matters like where to open a new plant or what type of new car to make, the new GM, not the United States government, will make that decision.

(6)  GM warranties will be backed by the United States government The United States government will accelerate the purchase of a federal fleet of cars to jumpstart demand and give the industry a boost. Of GM, the President said, “As this plan takes effect, GM will start building a larger share of its cars here at home, including fuel-efficient cars.  In fact, if all goes according to plan, the share of GM cars sold in the United States that are made here will actually grow for the first time in three decades.”  Transcript Video

The President met with his national economic staff in the White House.

The President traveled to the National Naval Medical Center in Bethesda, Maryland, where he visited with approximately 50 patients and awarded two Purple Hearts.

U.S. District Judge Thomas Hogan ordered records in Guantanamo cases to be made public, ruling factual returns (documents a government has to file in response to habeas corpus petitions) cannot be witheld from the public’s access and that the government must petition court approval to keep specific information secret.

United States Attorney General Eric Holder ordered the U.S. Marshall Service to increase security to Planned Parenthood and other facilities across the country due to the murder of abortion provider Dr. George Tiller in Wichita, Kansas.

Day133/June2nd/Tuesday: The President sent members of his economic team to reassure workers haven’t been forgotten and that help was on the way to:

Next Page  1  |  2  |  3  |  4  |  5  |  6  |  7  |  8  |  9


Retired, Robert Arend was president of an AFSCME local from 1997-2007.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact Author Contact Editor View Authors' Articles
Related Topic(s): , Add Tags

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

New Jersey Women Could Vote In 1776. Why Was That Right Taken From Them

First Olbermann, Now Schultz: Reading the Comcast Tea Leaves

Ayn Rand Revises the Sermon on the Mount

Rachel Maddow Gently Rolls Olbermann Under the Bus

Wanda Sykes Takes Aim and Pierces Limbaugh's Treasonous Heart

Extraordinary Extradition: The Brian and Kerry Ann Howes Story


The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
3 people are discussing this page, with 3 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

A real dedication to a task which will do us all g... by Margaret Bassett on Thursday, Jun 18, 2009 at 3:01:27 PM
This is an extremely useful service you are provid... by David Kendall on Thursday, Jun 18, 2009 at 3:22:14 PM
 Thanks Margaret and David,You, maybe, can no... by Robert Arend on Thursday, Jun 18, 2009 at 5:00:33 PM