Rufus steps to the mic with a guitar and a Karaoke machine. Is this thing on?If I had a million dollars
(If I had a million dollars)
I’d buy me some stock
(I would buy me some stock)
If I had a million dollars
(If I had a million dollars)
I’d buy me General Motors stock
(Maybe a nice Camaro or a Malibu)
If I had a million dollars
(If I had a million dollars)
I’d not buy a K-car
(A nice reliant automobile)
If I had a million dollars, I’d make a speech.
(Apologies to Barenaked Ladies)

Before we get started. let me thank the GM shareholders who have joined me here on the steps of General Motors World Headquarters. I also need to thank the networks, business, and automotive reporters for covering this event.

And now, here’s Dick Harper who did have a million dollars before he traded it for a million shares of General Motors stock…

Thank you Rufus.

If you believe your company has been stolen from you by a conspiracy of politicians, union leaders, and other hoodlums, you’re right.

If you believe 316 people in Washington see the recession as a beneficial event that allows them to institute their grand plan that will sweep into your lives and bankrupt your children and your grandchildren’s grandchildren, you’re right.

If you believe you can’t do anything about it, you’re wrong.

There is a shared cultural belief inside the Beltway that General Motors makes lousy cars and needs to be taken down. That’s just wrong, too.

During his 1955 Senate confirmation hearings to become Secretary of Defense, Charles Erwin Wilson, then Chairman of General Motors, said “for years I thought what was good for the country was good for General Motors and vice versa.”

We certainly know now that what is bad for the country is bad for General Motors and vice versa.

I have a four-part plan to fix GM. It’s good for General Motors. It’s good for the country. Here’s what we need to do:

• The Department of Justice needs to prosecute the UAW under Taft-Hartley as well as under United States antitrust laws. Heck Judge Harold Greene broke up AT&T with less grounds. Frankly, I think the D.O.J. should bring R.I.C.O. indictments but I’m afraid the evidence would get buried in a landfill somewhere.
• The U. S. Congress needs to prosecute the Administration for Grand Theft (Autos). If lying under oath is grounds for impeachment, isn’t stealing the 600 million shares held by almost every pension fund, mutual fund, and individual investor in this country grounds for conviction?
• The Department of the Treasury needs to force the banks to start making loans or they need to take the bank bailout money back and make the loans themselves.
• The Main Stream Media needs to stop scaring people out of GM dealerships.

Unfortunately, none of that will happen unless we take action.

The Administration says it has reached a deal with GM.

The UAW says it has reached a deal with GM and the government.

GM’s bondholders say they got screwed.

Here are the deals:

• The Administration has “lent” GM $19.4 billion dollars. The Administration will now “forgive” $10 billion of that for half of all GM stock.
• The UAW will “forego” $10 billion of the $20 billion in cash payments owed to the UAW health-care trust for 39% of all GM stock.
• The Administration says the bondholders must “abandon” $27 billion for just 10% of all GM stock.
• The Administration says we existing shareholders can pound sand for just 1% of all GM stock.

If any publicly traded company (like GM, for example) had fragged their shareholders and creditors this way under law that was in place up through a couple of weeks from now, prosecutors wouldn’t have time to indict the directors under R.I.C.O. because said shareholders would have already burned down this glass-towered Detroit headquarters right behind me.

If I really had a million shares of General Motors stock, do you suppose anyone would really listen?

We drove the money changers from the Temples 2,000 years ago.
We drove the Princes from the parishes 400 years ago.
We drove the Kings from the land 200 years ago.

Somehow, they’ve all come back to haunt us.