Rats in the Glovebox
Thursday, December 8, 2005
A close look should be taken at the Fiat scandal. Wagoner agreed to give Fiat 32,000,000 shares of GM common in exchange for the initial $2.4 Billion investment and call option, later extinguished for another $2 Billion. Shortly after the stock went, GM wrote off $2.1 Billion as completely worthless. Merrill Lynch then purchased the same shares for $1 Billion. Stanley O'Neal, chairman of Merrill sits on the GM board. When I questioned Wagoner about this at the annual meeting in 2004, he denied having any knowledge. There are Rats in the Glovebox!
More examples of misdeeds can be found here at GeneralWatch, simply click on the Corruption Section