[Skybird]

German politicians have started to take each others scalps over the "deal". It slowly turns out that Magna burdens zero risks, the tax payer shoulders all risks, no obligation of Magna whatever exists concerning how many jobs they will kill or keep, even to keep all factories - what before was assumed to be formally mandatoryin the agreement they reached - is just a declaration of intention that legally is no binding at all. Germany signed to give credits and sureties over roughly 6 billion - and got nothing but a vague , non.-binding declaration of intention in return.

Dickheads.

As one commentator summarised it: the Germans have signed a blank check without having been given anything legally binding in return. Simply that. One could as well throw diamonds out of the window and hope that honest people outside will not keep them, but will return them.

Stupid, stupid, stupid. Damn those elections. One can only pray that Magna will stay by it's declared intentions to keep all factories and to kill not more than 2200 jobs. A legally binding obligation to do so they have NOT.

It is even feared that the deal could cost Germany more jobs, since Magna will not accept Opel to buy from suppliers that are in direct competition with Magna. Since Magna is a global giant in its field, it could mean crushing business losses for smaller suppliers and sub-contractors of the automobile industry. If Magna/Opel push onto the Russian market in strength, as they intend, it could mean losses of market shares there for non-Magna suppliers.

What a money-burning mess. All just to dazzle voters for the upcoming elections.

Additionally, a precedence has been created for the state being demanded to come to the rescue of other companies as well. The SPD is all for it, since they never cared for earning money they want to spend for their ideology anyway, and just increase debts, or tax arbitrarily so-called "richer people" to raise money. This year we also heared increasing voices from the political left that called for the introduction of a completely state-run economy like it was in the GDR.

Ironically, the economy minister zu Guttenberg has won in popularity with the German publlic because although he lost the voting on the deal, he does not hide that he is against this arranegement and still prefers a regular insolvence . The spending frenzy of the government and especially the SPD, and the handling of Opel, seems to be unpopular with a majority of Germans.

One should not have decided anything before the american decisions anyway, and one should have refused to invest any taxmoney into this insane situation anyway. Magna now holds all the trumps, and no risks, just chances, while Germany takes all the risk, with a solid chance that in the longe run it will cost not only all the invested money, but more Opel jobs then they now are saying, and job cuts amongst other suppliers as well.