From the mind of Kalidas Vultures circling on US Auto Makers Page 1 of 3

Ref: 0811-016 of 2008/11/23

Wall Street and Private Equity vultures are at it again. They are aided and abetted by Republican
senators and its sponsoring media with well orchestrated campaign to cause the death of the United
States’ biggest employer - General Motors, Ford and Chrysler.

The vultures are interested in causing deliberate bankruptcies so that all the equity and options owned
by United Auto Workers in their respective companies be turned worthless, the pension fund liabilities
avoided partly or altogether, the health and insurance benefits to retirees reduced to zero, termination
benefits also reduced substantially for want of funds, and the companies so stripped off its statutory
liabilities be bought over in Bankruptcy Court for a song.

The officials from FED, Treasury, Office of the President, and hosts of senators mainly from Republican
Party want to rehearse the events of United Airlines, WorldCom, Bethlehem Steel and lately Lehman
Brothers, all of whom were allowed to go bankrupt to the detriment of all its workers and employees

Destroy the United Auto Workers...

REASON, all these companies were partly or majority owned by the Employees or Workers, which
acted as “eyesore” to the brokers on the Wall Street and predators- Private
Equity firms.

The Courts of United States also favor the predators. They also award the companies to those vultures
by refusing to let the company liquidated compulsorily, but handing over to bond or debenture holders
by allowing writing off the entire equity of the company, so that the employees are not left with any
power without money.

The whole system sucks - from monetary (FED & Treasury) to Political (Senators and
Representatives), to Executive (President) to Judiciary arm (Courts) - all are corrupted by the wily
suckers on the Wall Street who use its orchestrated media - in print or television. Day in and out, you
tune in to CNBC, NBC, Fox News, CNN or CBS or read Wall Street Journal, Barron’s, Business Week,
Forbes who all praise such actions in the name of saving the company and enforcing cost savings.
Even today, the questions are asked - why Lehman Brothers were allowed to fail. Why not Merrill
Lynch, Bear Stearns, Morgan Stanley, or even Goldman Sachs?

What is so common in rest of four and unique in Lehman Brothers? The answer is LHB was majority
owned by employees. The employees or workers are treated like disposable diapers in United States,
whatever is the outer façade to describe them.

It happened to United Airlines only in recent past...

Why United Airlines was allowed to fail and thrown into bankruptcy court - because it was majority
owned by employees. All of their shareholdings were reduced to ZERO by the bankruptcy court and
awarded the company to the debt holders who deliberately bought debts to exercise the control. The
life time savings of all employees were lost in a flash like homes destroyed in Californian wild fires.
© Copyright 2008 Kalidas (Anil Selarka)
From the mind of Kalidas Vultures circling on US Auto Makers Page 2 of 3

The debt holders were given the new equity at most favorable terms and reducing all past equities
(majority owned by workers or employees) to Zero value. If the company was still worth, the question
arises why UA was not placed by the court on auction block with open and transparent public tender or
why was it not sold part by part to realize the best value? The stocks owned by employees were
reduced to zero and the new stocks awarded to debt holders in exchange of debt soared to as high as
$ 49 from just under few cents.

All have been accomplished in the name of free enterprise, freedom, capitalism, efficiency of the capital
market, and similar nouns and adjectives. They invent new names, phrases or synonyms from Roget’s
Thesaurus.

Wall Street Brokers Cheers and Jeers at the Loss of Other People’s
Jobs
Whenever a company merges or taken over by a predator, announcements are made to dismiss the
thousands of employees in the name of cost cutting exercise and boosting the profits. Wall Street
Brokers from Goldman Sachs, Morgan Stanley, Smith Barney, Merrill Lynch, UBS and all down the line,
applaud such moves and start recommending the respective stocks by shooting them up by 10% to
50% in a few days.

While the thousands of laid off employees live sleepless nights, sobbing until dawn how to meet the
mortgages or tuition fees of their kids, the irresponsible brokers and investment bankers on the Wall
Street go on celebrating in high profile parties hitting wine or champagne glasses with the shouts of
“cheers”. They are interviewed on popular channels like CNBC or Bloomberg by Anchors with glee on
their faces.

There could not have been better shameless spectacle. Read every take over in the past or mega
merger, you will find the same gimmicks all the time.

Consign the Wall Street Brokers and Investment Bankers to

Guantanamo Bay…
It is therefore highly a celebration event that finally the Wall Street brokers saw what they deserved
most. Thousands of Wall Street brokers are now being laid off in worst ever crisis which was their own
making. They now realize how it feels like losing a job - celebrating with wine glass or with full glass of
tears of their loved ones.

There should be no sympathy for all these bankers, Investment bankers and brokers - they should be
condemned and consigned to Guantanamo Bay Detention Camp. Osama Bin Laden may have caused
pain only once - on 911. But these Wall Street brokers, banks and investment banks are the biggest
financial terrorists who cause pains every day to every family in United States.

$ 218 Billions charity by Paulson to AIG to help them pay Goldman Sachs, his former company?
And look at the perfidy of Hank Paulson, Treasury Secretary and Ben Bernanke (FED Chief) who have
been pouring the billions, even trillions of dollars, into bankrupt banks and brokers for the losses of their
offshore arms who never contributed any taxes or employment to the local American Tax Payers.

They never asked or justified why the off shore obligations of banks have suddenly become the liability
of domestic Americans who have nothing to do with independent off shore operations of those defunct
companies.

And why does Paulson pays $ 89 billions +$ 129 billions to AIG? Is it because AIG could repay its dues
to Goldman Sachs (wild guess is $ 20 billions to $70 billions), a firm of whom he was the President
before joining Bush Administration? Yet, the President Bush is so blind and complacent that he can not
see the naked truth.
© Copyright 2008 Kalidas (Anil Selarka)
From the mind of Kalidas Vultures circling on US Auto Makers Page 3 of 3

Devils’ Donation to Tax Dodgers and Denial to Domestic Tax Paying

Corporations.
They are giving hundreds of billions of dollars to “Asset Void Banks with no possibility of Repayment”
for the obligations of their off shore operations, the tax dodgers. Same gang is refusing to pay $25
billions to 3 Auto makers - General Motors, Ford, and Chrysler who have been paying billions of dollars
of taxes for over 60 years, who have created over 2 million jobs, who have solid assets, who developed
thousands of townships, who became the backbone of the American Industrial expansion.

United Auto Workers may come out in full force to

demand full justice and ensure that all the
excesses of the past defeating the cause of labor
are put to rest. It is now or never for them.

NO, this stubborn Paulson and Bernanke say. And

the Republican Senators join them - Do not give
them $ 25 billions - they are inefficient. As if AIG,
Citigroup, JP Morgan Chase, Bank of America
who are recipient of over $300 billions were
efficient.

If these 3 auto makers fail, and 3 million affected

Americans are laid off, it will cost $12 Billions per
month towards “unemployment allowances” that is
over $144 Billions annually, if we consider the
recent extension granted by the President Bush.
Simple arithmetic - lose $ 25 billions now with full
guarantee of repayment or lose $144 billion in a
year without any possibility of repayment towards the unemployment allowance alone, loss of tax
income if they were gainfully employed is not even counted.

What would you do, if you were the President of United States?

The country is on steep decline. There could be unrest, strong protests, riots, loots, murders, real blood
bath on the main streets of United States, if no actions were taken to blunt the attack of the Wall
Streeters on the Main Street participants. Can you imagine what happens when 52000 employees of
Citi Group and over 2 million direct or indirect employees of 3 Auto makers are suddenly thrown out on
the street in just under 7 days? Blue collar workers are normally less tolerant of job losses than white
collar employees.

It just defies my common sense - how come these VIPs in the White House are pouring hundreds of
billions of dollars into bankrupt off shore operations in the form of 100% unsecured advance while
denying relatively small but fully secured $25 billions to America’s biggest industry at home - Auto
Makers?

The present administration has gone absolutely mad, just mad.

Kalidas Hong Kong

Ref: 0811-016 Vultures preying on US Auto Makers

Blog: http://anilselarka.wordpress.com/

© Copyright 2008 Kalidas (Anil Selarka)