Today, the government's Mr. Outside in running GM, Steve Rattner, was forced to resign due to an ongoing investigation by the New York State Attorney General into his role in bribing a pension fund with $122 Billion to give management of their funds to selected companies.
His replacement is another former Wall Street banker named Ron Bloom. Although Bloom has no experience running a manufacturing company, he is already full of promises about how he is going to run things at GM.
This is a perfect example of two really scaring trends we discussed in our book, The Great Recession Conspiracy. One is the steady stream of Wall Street bankers through the Treasury Department, and the other is the rapidly growing incursion of the U.S. government into running the private sector.
Are France yet??