Obama Saved GM By Building Cars In…China?
Obama constantly brags about saving GM from bankruptcy, but in reality, the company has outsourced much of it’s car making to China. This ad will be very effective at exposing the truth about what really happened with GM. Nice touch to have the CEO say that GM’s future is in China. I bet that is going to shock a few people. Hope they play this commercial in Michigan, Ohio and Pennsylvania.
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For some weird reason, this isn’t getting much news coverage: http://www.economist.com/node/21564269
“New car sales in America rose by 12.8% in September compared with a year earlier, to an annualised 14.9m vehicles, the zippiest rate since March 2008. Toyota and Honda led the way: their American sales soared by 42% and 31% respectively. Chrysler’s sales rose by 12%.”
Judge Robert Gerber is pissed off. He has every right to be.
Judge Gerber signed off on the GM bailout. Now he realizes that GM purposely withheld a substantial amount of information when he made the decision. The one glaring issue is that GM never disclosed that the “lock-up” agreement also wiped out a $1 billion dollar debt owed by GM’s Canadian subsidiary. Now that these creditors have filed suit, Judge Gerber wants to know what other information GM withheld from him during the proceedings. If Gerber decides to reopen the case the entire agreement would be voided and have to be rewritten. This time including a full disclosure of the debt that led to GM’s insolvency. This would expose GM’s reckless disregard of it’s growing debt load over the past 10 years.
There is a legion of litigants waiting in line who were denied a voice in the original decision because of GM and the Obama administration giving Judge Gerber the “bums rush”.
original GM stockholders
Delphi employees
18 major suppliers (debt over $25 million)
Over 100 minor suppliers
Never, ever buying a Chrysler or GM vehicle again.
In Chrysler’s defense, they, unlike GM, have paid us back — with interest, and with the partnership with Fiat, have gotten things turned around.
We also will not be buying GM products.
HopeandChange(TM):
When you say Chrysler paid “us” back with interest I assume you mean that Chrysler paid back its government loans.
Perhaps that is true – and for argument’s sake, let’s assume it is true (going only on memory I believe that such is true).
Lord knows that GM has not done so.
The question is, did Chrysler pay the others back? Those mentioned up front in the article? To wit:
original GM stockholders
Delphi employees
18 major suppliers (debt over $25 million)
Over 100 minor suppliers
The answer to that question is NO!
So Chrysler took the government deal, watched the deleterious results of that deal to the above 4 persons/entities and others not listed (such as pension funds, etc.), paid back its government loans … and that means all is good?
If you buy a genuine Dell computer worth $2,000 off the “back of a truck” for $200, are you aiding and abetting theft?
Damn right you are.
Same thing with Chrysler taking the government deal.
This is simple cooperation in evil.
NEVER, EVER, EVER, buy a GM or Chrysler product again. Period.
Rich, I guess I stand corrected: http://www.factcheck.org/2011/06/chrysler-paid-in-full/
There is $1.3B which we will never see paid back. Grrrr …
I am in full agreement with you that we should not be bailing these companies out — either get your act together (like Ford did and Chrysler did after they partnered with Fiat) or you go out of business. That is the way the market should work.
But the way GM was handled from start to the present, plus the fact that their stock price still is less than half of what we need ($53.00/share) to break even (it closed at $24.27/share on 10/9), *plus* the fact that despite all the favoritism we showed (bailout, C4C/Porkulus, favors for the union) they’re headed for bankruptcy again, this is a perfect example of cronyism and why we shouldn’t do it. http://www.forbes.com/sites/louiswoodhill/2012/08/15/general-motors-is-headed-for-bankruptcy-again/
Do you think the United Auto Works realize yet that it was their own dues elected the fool that made their demise possible. I’d love to know what excuse the union leadership is using now that the UAW owns 17% of GM. They can’t use that evil management line anymore.
Where is this ad running! They have to get this out there!
Obama put a bandaid on a cancer and now it’s metastasized. GM should have been allowed to go into regular bankruptcy. Decades of mismanagement built an unsupportable debt load. Obama stepped in only to save the dems UAW bank and voting machine. Like every other ill planned Obama “brilliant” idea the solution was worse than the problem.
GM is crippled with Obama’s dream car. Which they can’t stop making because Obama says so. If the estimates are correct every Volt costs the taxpayer $238,000 in combines subsidies and GM still isn’t making a dime on them. The new Volt leasing solution is even worse. Estimates are each gallon of gas saved in a leased Volt cost the tax payers over $10.00. Quite honestly leasing a Volt is probably a great deal for the guy driving the car, but it’s killing the rest of us.