Yep....exactly. Go to Youtube, search on Cadillac and China. What you will see will turn your stomach.
I was a GM guy most of my life. Never again.
I spoke with my "Auto Gnome" today...
The discussion items were:
* Scathing article juxtaposing GM's CEO vs. Alan Mulally at Ford and how GM has got it all wrong, but more importantly GM's "VEBA", i.e. the UAW retiree-medical insurance trust.
* You see the GM-UAW got Stock via the screwball bankruptcy (essentially a Warrant to exercise ) to eventually sell for cash to keep this retiree medical plan alive. The problem is the stock price has dropped to the point where they can't exercise it, they would loose money.
And Ford? They gave stock to their UAW and they exercised the options when Ford Stock went up, and the Liability is Gone, it is now the responsibility of Ford-UAW's, and it is off Ford's Books. I am not so sure you can say this about GM, it is hanging out their like a bad curve ball it is another Liability that hasn't been resolved...
This is just like the "Racer's Trust" i.e. the GM land trust with many properties they can't sell, and again another layer of this complex onion that hangs out their like another bad curve ball...