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Editorial - Detroit Bailout

December 14, 2008

Dear Editors,

I ask these questions hoping you or other readers of the Post can provide a sensible answer.

The oil companies have earned excess profits over the past three years averaging $300 billion /year. This is just under a trillion dollars assuming they have not "cooked the books" to lower the numbers as much as possible.

Since Detroit ultimately runs on oil and gas, why don’t the big oil companies lend GM, Ford and Chrysler the cash they need to become solvent and competitive? Why doesn’t Washington look to oil men to "fix" Detroit's problems? Why doesn't Nancy Pelosi and Harry Reed threaten an excess profits tax on oil revenues going back three years if "Big Oil" doesn't step up to the plate and help, instead of asking taxpayers to "lend" Detroit the cash it claims it needs?

As a citizen, I wonder if the Oil barons think the restructuring plans of the big three are just too risky, or are they simply too greedy to take the risk of helping their country avoid a deep depression?

Yours truly,

Edward M. Ricci

Consumer Justice Attorney

Attorney Edward M. Ricci in the law firm of Edward M. Ricci, P.A., has specialized in civil trial law for more than 34 years. The firm is headquarted in West Palm Beach, Florida at 515 N. Flagler Avenue, Suite 400. Mr. Ricci can be contacted at (561) 842-2820. Additional information about Edward M. Ricci, P.A. may be obtained from the firm's website at www.edriccilaw.com.
 

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