Other Editorials

Worthless Paper

Jim Dollinger
Friday, February 16, 2007

What people don't see are the hundreds of millions paid to the likes of Morgan, Merrill, Sachs, Deutsche, Lazard, UBS, etc... Witness the $140,000,000 paid recently to lawyers alone for the Delphi BK. Between the banks and the lawyers, we're lucky there's anything left. How much do you suppose we paid for "advice" just to not buy Nissan? How much did we pay lawyers and bankers over the Fiat deal? The biggest problem at GM is the lack of accountability for failure. The biggest trouble behind GM is the control of the company by 6 large institutions who own two thirds of the stock and rule the Board. Do you suppose KK selling out on the same day the GMAC deal closed was by coincidence? I don't. Funny how it got buried in the papers, Red Ink Rick got his $14 Billion, and the shareholders received nothing. Now the parasites will suck out the capital as they have done for years.

Personally, I'm really tiring of the shenanigans.

"Previously filed financial statements 'should no longer be relied upon,' GM said in its filing, attributing the adjustment to changes in hedge fund accounting."

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