Bob Lutz, vice-chairman of GM, was on CNBC this morning whining about Congress trying to make GM CEO Rick Wagoner a scapegoat.
Yesterday on "Face the Nation", Senator Chris Dodd of Connecticut (my home state) said that Wagoner should go. (Whether we want Congress making hiring and firing decisions for U.S. industry is another discussion for another time.)
Then, Mr. Lutz said no fair to calling GM's request for taxpayer money a "bailout". He said it is a loan.
Um - hellllooooo??!! Maybe all those joyrides in your personal fighter jets have caused some oxygen deprivation to your brain, Mr. Lutz, but try to get your mind around this concept:
When the CEOs of GM, Chrysler and Ford come to Congress - twice - and say: "We need this money or we'll go out of business" that sounds an awful lot like a sinking ship that needs to be... wait for it...
... BAILED OUT!
And do you really think that arguing over semantics is the way to go here? Two weeks ago, you said you needed $25 billion. Last week it was $34 billion. What's next week's number?
And, as you should know Mr. Lutz, beggars can't be choosers. If the American people, whose money you so desperately seek, want to call it the "2008 Shovel Good Money After Bad to Rescue a Clueless and Failed Auto Industry Run by Morons" Act, well, then you'll just have to live with it.
Now go get de-briefed by your PR staff on how NOT to do a TV interview.