General Motors CEO calls for entitlement cuts and declares "We are not a job bank".

[Better Believe It]

GM chief says US needs to live within its means
By TOM COYNE, Associated Press
September 10, 2011

The United States needs to solve its debt problems by making some tough decisions, including changes in entitlement programs such as Social Security and Medicare, and also needs to take steps to improve a failing public education system, the top executive at General Motors Co. said Friday.

"We have to get our fiscal house in order," Dan Akerson, who became GM's chairman and CEO a year ago, told about 300 University of Notre Dame students during a question-and-answer session following a 40-minute speech Friday.

A student asked Akerson whether he would take a public stance in favor of President Barack Obama's job-creation plan, saying it could be a chance for GM to do some good and give back some of its profits after receiving a $50 billion government bailout. Akerson said that is not his job, saying corporations exist to make a profit and enhance shareholder value.

"We are not a job bank," Akerson said.

http://www.google.com/hostednews/ap/article/ALeqM5gXBryOwhUevMSJwjh70NQdJ_ABmA?docId=df2d8d171fda4b0b9a731cc4fd92e27d

Akerson doesn't need Medicare or Social Security hence his eagerness to destroy both and increase GM profits in the process. BBI

"Akerson has already made his millions. In the most recent Virginia Business estimate, in May 2009, he was worth $130 million, down from $190 million a year earlier. His current compensation package at GM gives him him $1.7 million in cash and $7.3 million in deferred or restricted stock annually, an amount approved by the U.S. Treasury’s pay czar."

http://www.freep.com/article/20110906/BLOG40/110906046/Motor-City-Today-IPO-could-made-GM-s-Akerson-millions-more?odyssey=tab%7Ctopnews%7Ctext%7CFRONTPAGE

Akerson is also on the Board of Directors of the American Express Company, Freescale Semiconductor Holdings and the U.S. Naval Academy Foundation. I don't know what his compensation is from those outfits.

[Ruby the Liberal]

1. He is right

The #1 priority to a corporation is to their shareholders, and why Corporate Citizenhood is such a travesty of all that is holy in this country.

[stevedeshazer]

22. Precisely.

Well put.

[RB TexLa]

28. Shareholders are the the most important aspect of any company. With out them the company

does not exist.

Of course that is who the responsibility is to.

[HughBeaumont]

48. WITHOUT LABOR, YOUR COMPANY DOESN'T EXIST!!

Who BUYS your products? Who MAKES your products? Who MARKETS your products?

Son of a goddamned BITCH, you're annoying. Why don't you get the fuck out of here with your Republican-assed bullshit???

[StarsInHerHair]

59. yeah, without BUYERS their precious shareholders are NOTHING! so sick of

hearing that a corporation's whole purpose in life is to make money........so what happened to manufacturing things to sell them & THAT makes money? It's like they've completely segmented that reality, like they don't include that important little fact-demand & sales-when deciding what direction the corporation takes.

[SammyWinstonJack]

64. Exactly!

:applause:

[roguevalley]

32. lets start with his salary and bonus. At this moment I wish they had

been allowed to fail because the fuckers at the top learned nothing.

[TBF]

34. What would you have them learn? They are behaving the way capitalism demands -

why is this so hard for folks to understand? People seem to want a "kindler, gentler" capitalism. It doesn't work that way. The system by definition depends upon people stepping on each other to get ahead.

If you want to see different behavior then we try an economic system that does not reward accumulation of wealth (profits) above all else.

[City Lights]

37. And the next time they need a bailout they should ask their shareholders.

Leave the taxpayers out of it.

[Ruby the Liberal]

40. Damn straight.

[teddy51]

2. Makes one wonder what Mr. Akerson's compensation is for doing his job.

I suspect he is over paid for job like all other CEO's.

[Better Believe It]

5. I just added information on Akerson's compensation to the lead post.

[Hugabear]

3. If this doesn't personify the problem with capitalism, then nothing will.

corporations exist to make a profit and enhance shareholder value

"We are not a job bank"

There you have it. Laid out plainly for all to see. GM and other corporations do not give a flying fuck about helping anyone, creating jobs, etc. If they could use slave labor, they would. If they could replace their entire workforce with computers, robots, and automated systems, they would.

[Faryn Balyncd]

4. This sounds like The Onion!

:hi:




(at least if the world was sane.)

[femrap]

13. Isn't that the Truth???

It just blows my mind how the business 'leaders' of our nation have become such scum. I really don't know how they look at themselves in the mirror.

I wonder if they go to church/temple on Sunday/Saturday? I would love to meet this Akerson guy as he leaves church and give him a huge piece of my righteous ANGER :mad:

I actually think that grassroots activists in Detroit should do this. Shareholders before God...isn't that what Akerson is advocating. Shareholders before morals. Praise the almighty dollar and let the shareholders rule the world.

I will NEVER buy anything associated with General Motors....NEVER. People like him just make me :puke:

I hope to see his Karma come back to him and bite his balls off. :evilgrin:

[rustydog]

6. You had better not ask for one taxpayer cent to save your fucking industry

You had better get out from behind your fucking desk and get oil on your hands, develop calluses on those pampered hands building the cars you do not even sell.
I challenge you to work one 8 hour day in one of "your" factories.
oh, by the way, fuck you you spoiled rich piece of crap.

[47of74]

11. I second through 100th that motion.

[otohara]

14. Corporate Bail Outs Okay, Old People Not So Much

the hypocrisy of these tone deaf millionaires is astounding.

If they get what they want, the undoing of SSI, Medicare - then what?

What kind of America do they envision after they've killed government? I see a crumbling country - extreme poverty vs obscene wealth.

[rustydog]

23. Perhaps you do not realize that America is already there

We are fighting to get it back. This has been going on for decades and theya re reaping their rewards now. There is a big push now ro finish it. if they fail this round, they will keep handing the lines to Rush, Beck, Hannity and in 2016, 2020, they'll go at it again.
3% of 300 million people tell our government wha to do and they do it.

[otohara]

30. Third World?

we're not there yet.
Soon, but not yet.

[rustydog]

36. Drive through Medina, rich enclave on Lake Washington

Cameras catch you coming in, and all over the town..."Whatcha doin' here boy? you don't belong..."
The rich are already protected..why do you think they are not concerned that defunding of fire departments is going on across the country...police departments cut..they can afford their private forces.
We are already there, it is only going to get worse, unless we change it.

[otohara]

55. Drive Though My Neighborhood

we still have the local fire department near by, public school with vegetable garden, public golf course, lovely public pool, community garden.

There still is a middle, albeit shrinking.

[Lucian]

25. + infinity

[Liberal In Texas]

7. But but...he's a "Job Creator" and we shouldn't raise his taxes

because he won't create jobs if we do...

What a crock.

[MindPilot]

8. Another clueless tone-deaf overpaid CEO.

If you are a GM employee, that kind of talk from your CEO must really make you feel good about going to work tomorrow.

[Hotler]

9. Akerson is a shit stain. eom.

[Octafish]

18. Spot-on.

Henry Ford, OTOH, paid his workers $5 a day. At the time, that was a princely sum. Ford's rationale: The people who built his cars also could be his customers.

The wage also made it possible for his workers to buy their own homes, set money aside for their retirement, and even send their kids to college. While Ford did all he could to stop the unionization of his plants, it was the U.S. automakers who helped lead the way for labor across the nation.

In short, building cars built the middle class. Akerson has conveniently forgotten that. Hope the shit stain ends up in the unemployment line.

[OHdem10]

10. Ackerson is accurate when he says Corporations exist to make a

profit and enhance shareholder value.

This was one of the first principles of the Reagan Doctine.

Believing that Government was the problem, Reagan set in motion
the FREE MARKET PRINCIPLES which the Republicans have doubled
down on ever since. One of the first actions was to make
Corporations responsible only to their shareholders and therefore
their only duty is to make profits. Thus they have no allegiance
to any country. they are free to roam the world in search of
cheapest labor. After all Labor is the most expensive item
on a business sheet. They have no real responsibility to workers
or to the country.

How many Democrats voted just about all Reagan's policies into
effect??? How many Democrats--Pro-Business Democrats still
vote with Republicans most of the time. Conservative Economic
Conservatism. We all sat on the sidelines while all of these
measures were put into place.

c

[doc03]

12. While he collects a bloated salary to run a company the

federal government had to bail out because of poor management.:nuke:

[Jackpine Radical]

15. I figured someone would get around to making that obvious point.

Thanks for saving me the bother.

How is a corporate "person" different from a psychopath?

[HughBeaumont]

16. Sounds really funny coming from a guy .. .

. . . who heads a government bailed-out shell of what used to be the largest employer in the world.

Yeah, make your cars without labor. Sell them without labor. See how far you get without labor, you tax-fattened shitbag.

I'm your boss, temp. Your place is filthy; grab some brooms and cleaners and start scrubbing. Let's give you a taste of what workers have to put up with every day.

[begin_within]

17. I'll remember that remark next time I'm ready to buy a new car.

[sam11111]

20. CO-OP makes AUTO parts in mondragon Spain

Soooooo here too?

Turn GM into a co op and dismiss akerson

[Romulox]

41. LOL. Make those UAW workers suffer! nt

[begin_within]

45. No, make GM suffer.

[Romulox]

49. "GM" isn't a person. Autoworkers are.

:eyes:

[girl gone mad]

51. Just one reason I buy Japanese.

The CEOs of Honda and Toyota earned less than $1 million in compensation last year.

[Safetykitten]

19. So sez the man that got money from the "we are not a bank" government.

[EFerrari]

26. This is what happens when you coddle corporate welfare queens.

[Romulox]

39. No he didn't. He wasn't with GM during their BK; he was appointed by Tim Geithner in 10-2010. nt

[Safetykitten]

42. Oh, so Timmy is a job placement firm, and we are the bank. Got it.

[Romulox]

46. That's it, precisely. nt

[femrap]

21. That second link you offered is

something!!! I see that The Carlyle Group announced an IPO. And here Akerson worked for them just a year ago. The Business World is really a very small group of 'self-entitled' boyz primarily....all members of The Business Roundtable and its various branches such as The Finance Roundtable.

I don't think there is a CEO of a multi-national that is ethical...sometimes I wonder if they are in fact 'human.' They seem to be so evil and cruel...especially in their overseas facilities...and that includes 'cool' Apple.

I really do detest Corporations and the 'beings' that run them.

[Trillo]

24. If GM is not a job bank, then why is the CEO addressing college students? NT

[truth2power]

27. I'm going to try to phrase this in a way that doesn't sound like

I'm advocating violence, which I'm not. I'm just a senior citizen with no particular survival skills, who's trying to get by, day by day. I rave and rant a lot, to my friends and such, but that's all I have, is my voice.

Here's an observation, though, in regard to Mr. Akerson and his ilk. He thinks he's in the catbird seat, now. But there's a lot of free-floating anger in this country these days. Eventually it's going to reach a tipping point and people are going to be fed-up to the gills with these effing narcissists and sociopaths like Mr. A. who don't have enough sense to keep their misanthropic thoughts to themselves.

When that day comes, I assume there are a lot of people in this country - I'm thinking ex-military and such - who have specialized skills, such as rooting vermin out of their hiding places, who could cause Mr. Akerson and others like him, great consternation. Just sayin'

If I were writing a novel.....

[Autumn]

29. But we tax payers are your company's

piggy bank. Fuck you. Your vehicles suck anyway.

[coalition_unwilling]

31. Let's expropriate Akerson's assets and strip him of his titles - n/t

[Rochester]

52. Yes!!!

Send him off to the gulags too. No sarcasm.

[Gidney N Cloyd]

33. You're not a 'job bank' but you were almost a fucking parking lot.

Stick a Lear up your rear, Akerson.

[Greybnk48]

35. But they ARE a charity case and take our money

without hesitation. I always buy American. But I'll not buy GM if they go against this or until this asshole is gone.

[Romulox]

38. Dan Akerson was appointed by the OBAMA ADMINISTRATION to run GM in September, 2010.

Akerson was a former telecom exec--an "outsider" to GM--brought in by Obama's Treasury Dept (Tim Geithner) some two years AFTER GM's Bankruptcy. Akerson has no connection to the pre-bankruptcy GM.

But don't let facts interfere with your two minutes of hate! :hi:

[Better Believe It]

47. "But don't let facts interfere with your two minutes of hate!" ??? It's a hate article??!!!

So the article misquoted Akerson?

What's your point and did you read the article?

Well, tell us what you think he really said if you dispute the article.

[Romulox]

50. Better Believe It: "Buy American Campaigns Ineffective, Divisive"

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1678224

[Better Believe It]

53. Your post is way off topic. It's a rather crude attempt to hijack and derail this discussion

Democratic Underground Rule:

Do not post anything which is disruptive and likely to derail an otherwise thoughtful discussion.

It is the responsibility of every DU member to help promote thoughtful discussion by staying on-topic and exercising the appropriate level of self-control. This is especially important when interacting with other DU members who are making a good-faith effort to have a thoughtful and respectful discussion. The moderators are empowered to remove any post that serves to disrupt, derail, or hijack an otherwise thoughtful discussion, if they believe doing so will help keep the thread open and on-topic so other DUers can participate in good faith. Note: The purpose of this rule is to remove the proverbial "turd in the punchbowl" -- but please be aware that the moderators are not required to pick turds out of a punchbowl filled with turds.

http://www.democraticunderground.com/forums/rules_detailed.html

[Bobbie Jo]

54. Copy/Paste, etc....

Original thought, not so much.

[Romulox]

61. You pro-outsourcing/anti-Labor posts are extremely relevant to this topic.

Why shouldn't people know that Akerson is an Obama appointee from 2 years AFTER the Bankruptcy, hmmm? :hi:

[Cool Logic]

43. "corporations exist to make a profit and enhance shareholder value."

I have no quarrel with that policy Mr. Akerson; but what about the shareholders we refer to as "the People," who pay taxes?

[leftyohiolib]

44. corporations and share holders serve one master, and that is greed

just because a thing can be done doesnt mean it has to be done

[QC]

56. OK, GM is not a job bank, but the American taxpayer is apparently a bank

to which corrupt and incompetent executives can always turn when they run their companies into the ground.

[Better Believe It]

57. And GM under their "reforms" has been a job destroyer, not a job bank.

They have shut down production plants in the United States and moved them to cheap labor nations that have a "union free" environment.

[hobbit709]

58. Let's start with HIS entitlements.

you know; the ones that are called "stock options, "retirement package", etc.

[B Calm]

60. Seeing how he got one hell of a lot of our tax dollars, I think we need to drug test him!

[Romulox]

62. No he didn't. He was appointed by Tim Geithner/Obama admin in Sept. 2010. nt

[Safetykitten]

66. See? He was appointed. by Timmeh. He was doing us ingrates a huge favor.

[Rex]

63. The garbage from these corporate whores is alarming.

They smell the blood of the innocent and must feed. It is in their nature to destroy.

[JVS]

65. Fuck him!

[Generic Other]

67. Akerson was a Managing Director of The Carlyle Group before he took the gig at GM

He lost 60 million in one year! Look what a sacrifice he made working for GM.

Oh you insensitive DUers picking on this poor unfortunate CEO.




:sarcasm: