Posted on 05/22/2015 8:54:41 PM PDT by Brad from Tennessee
Justice Department investigators have identified criminal wrongdoing in General Motors’ failure to disclose a defect tied to at least 104 deaths, and are negotiating what is expected to be a record penalty, according to people briefed on the inquiry.
A settlement could be reached as soon as this summer. The final number is still being negotiated, but it is expected to eclipse the $1.2 billion paid last year by Toyota for concealing unintended acceleration problems in its vehicles, said the people, who did not want to be identified because the negotiations weren’t complete.
G.M.’s eagerness to resolve the investigation — a strategy that sets it apart from Toyota, which fought prosecutors — is expected to earn it so-called cooperation credit, one of the people said. That credit could translate into a somewhat smaller penalty than if G.M. had declined to cooperate.
For more than a year, federal prosecutors in Manhattan and the F.B.I. have homed in on whether the company failed to comply with laws requiring timely disclosure of vehicle defects and misled federal regulators about the extent of the problems, the people who were briefed on the inquiry said. The authorities also examined whether G.M. committed fraud during its bankruptcy proceedings in 2009 by not disclosing the defect. . .
(Excerpt) Read more at nytimes.com ...
General Motors Says It’s Repaid Bailout. Not True, Says Watchdog Group
http://blogs.wsj.com/drivers-seat/2010/05/04/general-motors-says-its-repaid-bailout-not-true-says-watchdog-group/
May 4, 2010, 5:53 PM ET
Not entirely. The repayment of TARP funds came up about $9 billion short, and there will be no effort to complete the repayment.
Us GM bond holders that had out retirement funds stolen got no such refund
This is the real crime, IMHO. Did you get anything in return for your GM bond? I'm not looking for exact amounts -- just percentage, like 10% of your original investment.
Yes, but I don’t remember. The bonds were actually sold but the price was extremely low, a pittance
That article was published when the government still held a major equity stake in GM. It's been sold now, but it wasn't enough to pay back all the TARP loan.
You can get the information straight from the government:
http://www.treasury.gov/initiatives/financial-stability/reports/Pages/TARP-Tracker.aspx#Auto
$79.7 billion disbursed, $70.4 billion cash back.
I had the same thing happen to me with AIG stock. I didn't buy it directly, as it was in a managed account. I fired the broker shortly after that.
[I own one of the Toyota models supposedly affected and have declined to take it in for the recall work.]
One network interviewed an irate Toyota owner, claiming injury, who turned out to be a GM employee and UAW member.
“That’s my question. Who gets the money?”
In the long run? GM most likely.
GM paid back all the loans. Didn’t you know that? Just ask my liberal son.
Can you give me the Make/Model/Year/Miles when it acted up?
Thanks
GM is being Lynched.
Why GM Hasn’t Repaid Taxpayers
By John Rosevear
July 15, 2013 |
http://www.fool.com/investing/general/2013/07/15/why-gm-hasnt-repaid-taxpayers.aspx
All automobiles are defective in that they allow the driver the capability to try to void the laws of physics and die.
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