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Unfair Bailouts

David Merkel, at the Aleph Blog, updates his thoughts on the bailouts.  A step-by-step how-to for large corporations.   

Bailouts are Unfair to Those Who are not Bailed Out

Excerpt:  "If you run a large corporation in trouble, there is a drill that you must follow.

  • In measured tones, tell the public that liquidity is no issue, and that you are more than capable of meeting all obligations.
  • Scream loud behind closed doors to Congress/regulators, saying that you have been a prudent manager, but the economic environment is beyond belief.  You need help and you need it now, and the change in administration might be too late for you.
  • Explain how many other jobs would be lost if you disappeared.  (A canard, because the company won’t disappear…)
  • In the crisis atmosphere, judgment will be suspended (as it was before the Iraq war and at the debates over the bailout), and legislators will vote for something that won’t work, but must be done out of the appearance that Congress must be doing something to fix matters.  Anything to justify their existence…
  • Receive the bailout, and thank them for their wise decision on behalf of the American people.
  • When the bailout monies fail ask for more.  (Think of AIG; you might even get really soft terms.)
  • Because Congress has bought into the original premise of bailing you out, they will do it again…

As a CEO with a company in trouble, the objective is to get your foot in the bailout door..."

Full article here.

 


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