"Congressional Democrats were drafting legislation yesterday for tight
government control of the crippled U.S. auto industry, including the possible
creation of an oversight board made up of five Cabinet secretaries and the head
of the Environmental Protection Agency and led by an independent chairman or
While the form of oversight was still being negotiated by Congress and
the White House, the talks made clear the extent to which the auto companies
would have to submit to substantial government supervision to receive a
taxpayer-financed bailout. "
Despite all the good intentions of corporate responsibility and social and environmental awareness, at the end of the day, a company or corporation will need to turn a profit in order to remain financially solvent without outside intervention.
After reading about this proposed hierarchy for oversight, it will take mass quantities both of sweet talk and cheap liquor to convince us this arrangement will result in the Detroit 3, once again, being profit-making entities.
Then again, the more we read and the more the details emerge regarding this bailout, the more we are suspecting that outside intervention is concerned not a wit with the Detroit 3 ever independently turning a profit again.