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...Neither can General Motors'. The company is in the process of axing 1,100 of its 6,000 dealers. When the march of time, the sins of management and the scythe of a bad economy conspire to bankrupt once great companies, who pays? The sort of person, in the words of Tennessee Senator Bob Corker, "who ran a profitable business, civic leader, always responsible," who "very unfortunately" is "going to take a lot of pain" for the mistakes of others. A guy like Steve Weinberg. "It breaks your heart," says the Senator. (See the 50 worst cars of all time...
...bankruptcy all but inevitable. For purist capitalists, the lasting significance of GM's pending Chapter 11 (and Chrysler's bankruptcy, filed a month ago) is the overwhelming intrusion into the private sector by Barack Obama and his auto task force at Treasury. "The day they fired the CEO of General Motors" - Rick Wagoner was dismissed by task-force co-chairman Steve Rattner in late March - "is a day we will look back on with great regret," predicts Corker, a reluctant and critical supporter of the bailout. "The government has no business making those kinds of decisions." Critics of the government...
...marathon negotiating session in the German Chancellery over the future of General Motors' European operations ended inconclusively on Wednesday night, rancor is growing elsewhere in Europe over the prospects of deep job losses...
...loud protests in Germany in the run-up to the nation's general elections have raised fears that GM's European plants outside Germany, such as those in Antwerp and several Vauxhall facilities in the U.K., could become easier targets for closure. British unions are urging Prime Minister Gordon Brown to prepare an aid package for Vauxhall to give the U.K. a voice at the table, but so far London has proffered no numbers...
...Members of the People's Alliance for Democracy (PAD) voted this week to form a political party and contest Thailand's next general election. The head of the still-unnamed party is expected to be movement leader Sondhi Limthongkul, 61, a formerly bankrupt media magnate who has accrued various enemies in a long public career. Sondhi was wounded in an assassination attempt in April that he blamed on corrupt politicians and military men. Millions of viewers regularly watch his satellite television channel ASTV, which openly advocates for the PAD and could provide the new party with a potentially huge voter...