The Oracle of Omaha has made the reasonable suggestion that the Big Three automakers’ CEOs put their own money where they want taxpayers’ money to go, by investing a significant portion of their own net worths in the Detroit-based companies. Warren Buffett said last week that he would tell the executives, “We’ll give you more upside, but you’re going to lose if we lose.” Buffett, a member of President-elect Barack Obama’s economic transition team, also said that bankruptcy is the less preferable of two choices for the industry. “The other one is to have the president of the United States sit down and say, ‘Look, we’ve got $25 (billion) or $50 billion, if the outcome is going to be a successful American auto industry, and we need a business plan that will work. You can get it in bankruptcy, or you can get it from me.’”
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