President Obama may have “no interest” in running General Motors, but Barney Frank sure does. From Today’s Wall Street Journal Opinion page.
The latest self-appointed car czar is Massachusett’s own Barney Frank, who intervened this week to save GM distribution center in Norton Mass. The warehouse, which employs some 90 people, was slated for closure by the end of the year under GM’s restructuring plan. But Mr. Frank put in a call to GM CEO Fritz Henderson and secured a new lease on life for the facility.
Mr Frank spokesman Harry Gural says the Congressman discussed, among other things, “the facility’s value to General Motors.” We’d have thought that would be something that GM might have considered when it decided to close the Norton center, but then again, a call from one of the most powerful Members of Congress can certainly cause one to reconsider what qualifies as “value”
The article goes on to say…
As Mr Gural put it, Mr. Frank was “just doing what any other Congressman would do” in looking out for the interests of his constituents. And that’s the problem with industrial policy and goverment control of American business. In Washington, every Member of Congress now thinks he’s a czar who can call ‘ol Fritz and tell him how to make cars.