LETTER TO THE EDITOR:

Supervision should accompany bailout

Philip Hoffman, Las Vegas

Monday, Nov. 24, 2008 | 2:03 a.m.

I am an attorney, former corporate executive in manufacturing/international trade and current small business owner, and I have a suggestion for the auto industry bailout:

Having lived overseas for five years and gained a substantive knowledge of industry in an alternative capitalist system, I suggest that Congress use the Australian model and place one or two government representatives on the board of each auto company.

Alternatively, Congress could have an experienced private sector “government executive” placed in each company to gain a pulse of ongoing daily operations and to ensure that any money loaned is being spent in accordance with the upcoming presentations made on the hill.

As we have seen with the financial rescue, the money is not being utilized as directed. The Big Three auto executives will say anything to keep their positions, but once the money is transferred into their accounts, without direct supervision within each company, they will inevitably use the money to maintain control and enact little if any actual change at all.

Let’s learn from our mistakes and use a stick to ensure that money loaned is not money wasted.

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By Teaser

Nov. 24, 2008

8:10 a.m.

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uddeboda: I concur. All we seem to do is reward their incompetence. If they let the situation get this bad, they should be fired. For that matter, Paulson should have been ousted immediately. We keep allowing the same idiots to repeat their trillion-dollar mistakes. And we worry about socialism?