Posted on 06/25/2025 4:39:23 AM PDT by bert
I’ve owned some wonderful GM vehicles over the years, but lately I’ve gone Asian.
It was called GovernmentMotors for a reason. Obama bought it.
“GM is owned by the Democrats and operated by the UAW. Barack Obama bought GM and the company is dedicated to following the precepts of the Democrats in all endeavors.”
TRUE.
Obama had a meeting offering Federal bailout money. GM, Chrysler accepted government bailouts. Ford Chrysler backed away from the offer.
Obama directed GM CEO Rick Wagoner to build electric cars. Wagoner told Obama Americans didn’t want them. He was fired.
CEO Rick Wagoner was the chief executive Wagonera 32-year veteran of GM serving in the top post since 2000.’
Wagonerannounced his ‘resignation’ at the request of the Obama administration.
The U.S. Big Three were weakened by the expensive automobile fuels, low import tariffs for Japan high export, & high union labor costs than non-unionized imports [including salaries, benefits, healthcare, and pensions.] The Center for Automotive Research estimated that for every job created by a FOREIGN COMPANY transplant, 6.1 jobs were LOST by the BIG THREE.
“On Friday I was in Washington for a meeting with administration officials. In the course of that meeting, they requested that I ‘step aside’ as CEO of GM, and so I have,” Wagoner said in a statement posted to the GM Web site.
Wagoner was replaced by GM’s chief operating officer: Fritz Henderson. Kent Kresa served as interim chairman.
Chikie-poo Mary Teresa Barra has been the chair and chief executive officer (CEO) of General Motors since January 15, 2014.
NOW, CEO, Barra directed GM’s move into driverless and electric-powered cars acquiring companies including Strobe, which is a startup in driverless technology.
NOTE: In 2017, Barra was the highest-paid auto exec: $21.96 million. ALSO in November 2018, Barra announced the closure of FIVE NORTH AMERICAN PLANTS WITH 14,000 WORKER LAYOFFS. President Donald Trump criticized her decision and threatened in response to remove the company’s government subsidies.
In June 2022, a shareholder question asked about reinstating dividends at GM. Apparently, Barra’NO... or rathers response was big NO or rather NOT NOW! Her subsequent response from Barra to this question was: “the company has a “clear priority” to “accelerate our EV plans” and to solely offer EVs by 2035.”
APOLOGY TYPO ERROR:
ONLY FORD backed away from the offer.
She is still doubling down on GM eventually going all electric, but recognizes customers and the tech isn't there yet. GM has increased their YoY EV sales compared to last year. If they are lucky they might sell 150K EVs in the US this year. If my memory serves me correctly an auto plant under full utilization can crank out 300K autos.
“GM is owned by the Democrats and operated by the UAW. Barack Obama bought GM and the company is dedicated to following the precepts of the Democrats in all endeavors.”
Nope.
US government sold back all GM shares it owned from TARP on December 9, 2013.
Right now they own ZERO % of GM.
“”That the point. It’s not over. “””
Was it over when the Germans bombed Pearl Harbor?
animal house was a good flick :)
In the past, the U.S. government was a majority shareholder in the company (after the 2008 bailouts). However, in 2010 GM broke free from the government’s yoke and was reborn in its current incarnation. Today, the top three individual GM shareholders are Mary Barra, Mark Reuss and Dan Ammann.
Yes, those cheekbone “filler implants” are starting to look like saddlebags.
Remember Ol’ Saddlebags?...LOL!
“US government sold back all GM shares it owned from TARP on December 9, 2013.”
ARTICLE
Some Republicans, including Sen. Chuck Grassley of Iowa have pointed out that GM used TARP money to pay back its TARP debt. That’s true, but GM simply handed back TARP money it had been lent and hadn’t used. Those funds had been sitting in an escrow account, should the automaker need them.
***(The company didn’t borrow new money to pay back an older loan.)
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ARTICLE
General Motors’ Debt
By Lori Robertson
Posted on May 3, 2010
https://www.factcheck.org/2010/05/general-motors-debt/
• Yes, it’s true that GM paid back its loan from the Treasury Department, in full, ahead of schedule.
• But the debt was only part of the automaker bailout package. Through the Troubled Asset Relief Program, the Treasury gave GM $49.5 billion, most of which was converted into an ownership stake in the form of stock. Through this equity stake, the government still owns 61 percent of GM.
• Some Republicans, including Sen. Chuck Grassley of Iowa have pointed out that GM used TARP money to pay back its TARP debt. That’s true, but GM simply handed back TARP money it had been lent and hadn’t used. Those funds had been sitting in an escrow account, should the automaker need them. (The company didn’t borrow new money to pay back an older loan.)
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Grassley has argued that this wasn’t a “meaningful” repayment of a loan, since it didn’t come from earnings.
The TARP special inspector general, Neil Barofsky, has said the repayment was “good news,” since it meant the automaker didn’t need to use those funds held in escrow.
In testimony before the Senate Finance Committee on April 20, Barofksy made it clear GM still was operating with government help:
Barofsky, April 20: G.M. has paid $1 billion, and I think they’ve announced that they’re going to be paying back the debt portion, which is about — I think there’s about $6 billion left in its entirety very shortly. But we should be a little — we need to be a little bit cautious about that because the way that that payment’s going to be made is drawing down an equity facility of other TARP money.
SO IT’S GOOD NEWS IN THAT GM IS REDUCING ITS DEBT, but they’re using it by taking other available TARP money to repay the TARP. It’s good news because it means that money, which was going to be available for future problems with G.M., that there’s a determination that they don’t need it, but we should caution that it’s NOT necessarily being generated out of earnings, but out of other TARP funds.
In an April 21 interview with Fox News’ Neil Cavuto, Barofsky repeated his assessment that the repayment was “good news” but should be taken with a GRAIN OF SALT. “I mean, the good news is, that money — they already have that money that’s in that escrow account, so it does lower the total amount of money that they owe to the government, so that’s somewhat good news,” BAROFSKY SAID. “But I don’t think we should exaggerate it too much, when we remember where — the source of this money is just other TARP money.”
“’General Motors CEO Mary Barra...’
All that I need to read - bitch should have been fired by the Board the day she sucked up to the Democrats, rather than GM’s CUSTOMERS (remember them?).”
REMEMBER WHEN LEE IACOCCA (Chrysler Corporation)
“After a 32-year career at Ford, Iacocca took the helm of Chrysler in 1979 as the iconic American company faced bankruptcy, taking an initial salary of $1.
To start, Iacocca negotiated $2 billion in labor concessions paired with a $1.5 billion federal loan guarantee from the U.S. Government—a deal obtained by positioning the potential unemployment benefits tied to Chrysler’s bankruptcy as a greater cost to the U.S. government than a guarantee for Chrysler’s borrowing.”
INSTEAD COMPARISON TO CHICKIE-POO BARRA!
https://freerepublic.com/focus/news/4325174/posts?page=23#23
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NOW CEO, Barra directed GM’s move into driverless and electric-powered cars acquiring companies including Strobe, which is a startup in driverless technology.
NOTE: In 2017, Barra was the HIGHEST PAID AUTO EXEC: $21.96 million.
ALSO in November 2018, Barra announced the closure of FIVE NORTH AMERICAN PLANTS WITH 14,000 WORKER LAYOFFS. President Donald Trump criticized her decision and threatened in response to remove the company’s government subsidies.
In June 2022, a shareholder question asked about reinstating dividends at GM.
Apparently, Barra’S response was NO... or rather NOT NOW!
Her subsequent response from Barra to this question was: “the company has a “clear priority” to “accelerate our EV plans” and to solely offer EVs by 2035.”
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