Kevin P. Moroney of Montgomery
When Toyota was building hybrids, the Big Three automakers were lobbying Congress to ignore every progressive advance in automotive technology. They opposed every attempt to increase fuel economy standards, did not innovate on flex fuels, even opposed safety issues as “too expensive,” Instead of spending money on making their products more relevant to the realities of the environment and energy independence they spent that money on lobbying to extend their own antiquated business plan without any thought to their own future. They have brought themselves to the brink of collapse.
Now they come to the American taxpayer, hat in hand pleading for rescue. The industry is too important to let fail, but they must do what every company does when their business plan fails. They must get rid of the upper management that caused the problem. This cleansing of the virus of mismanagement must be free of golden parachutes and sweetheart buyouts. This must be a prerequisite of any bail out.
The bailout is really a buy-in by the government. And as such, we as taxpayers must demand that there is a commensurate representation of the people, who are being asked to take this enormous investment risk. For the government to do any less should be considered a failure of the government-taxpayer relationship.
Kevin P. Moroney
Montgomery
