“Reluctance to Help Detroit Reeks of Class Bias”. Washington Post. 7 Dec. 2008 – Might I suggest class bias?
There is a feeling in this country — apparent in the often condescending, dismissive way Detroit’s automobile companies have been treated on Capitol Hill — that people who work with their hands and the companies that employ them are inferior to those who work with their minds and plow profit from information. How else to explain the clearly disparate treatment given to companies such as Citigroup and General Motors?
Let us stipulate for the record that both Citigroup and GM have made their share of management errors. Citigroup made loans it should not have made and sold lots of commercial paper it should have trashed. But Congress offered barely a whimper of protest to the government’s emergency action granting Citigroup $25 billion in bailout money. Similarly, the Mob of Pundits seemed not to care much that many of Citigroup’s managers remained just as rich after the federal bailout as they did before receiving the government’s aid.
What Citigroup manager was dragged to Capitol Hill to publicly present a long-term plan for business profitability and viability? Did I miss something?