Not only has the Federal Government given GM $100 billion, but the bond holders and stock holders had their multi-billion investments wiped out.
GM was able to stop paying interest to the bondholders and dividends to the stock holders and still if cannot be competitive.
This is what happens when a socialist government and a communist trade union takeover a corporation.
How is that Volt working for you now?
GM should have been allowed to go through Chapter 11 bankruptcy. They should have broken the union contracts and started over without the UAW.
I buy Toyota trucks for precise reason that they are non-union made.
I would have purchased a new GM, Dodge or a Ford last fall except for the fact that they are all union made and bought the Toyota instead. Made in a non-union factory in Indiana.
Whoa! That writer is gonna get whacked on South Street.
What success GM has had since the fake bankruptcy was in part built on people going for some of their little gas savers, due to freakouts over the soaring price of fuel.
This is precisely what the planners planned, and many went along like good little foot soldiers in the statist revolution.
I can see the pressure they felt, but it was done blindly, based on the family budget, and not with full understanding of the manipulation-capitulation involved.
Irony for the statists...even that capitulation can’t hide the truth of bad results.
The old media can hide it, though, and it’s up to the new media to trump them.
“It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder.” - Frederic Bastiat 1801-1850
Market Cap of 36 Billion. Ford borrowed against all assets to the tune of 30 billion and how as a market cap of 40.55 billion. With that said, it could rise dramatically if the stock price would rise where many think it should be. Ford is now almost investment grade and they are working on a novel approach to ameliorate the effects of the pension liabilities for salaried workers, which would get them to investment grade.
At somepoint and I have been saying it for eons, will Fords Free-Market Approach vs the GM Statist model become an issue this fall?
Especially when the Focus Energi comes out and is compared to the Volt and kicks it's sorry butt to the curb...
Headline should read:
GM, a thoroughly corrupt and failed investment
GM is basically a car building pension fund....and as long as We the People continue to hold the following generation hostage to the appetites of the previous...life is gone be grim for all of us.
Last Friday I bought a VW Beetle.
I shopped Audi’s, Mercedes, BMW and Porsche but never even thought about GM because if you can’t trust the company, you can’t trust their product.
Don’t forget the GM dealerships often owned by conservatives that were forced to close.
It’ still hard to believe that Obama got away with taking over a company. I didn’t think that was legal.
BFLR
Ford took no money and is doing better.i wonder if Romney’s team is smart enough to mention this?