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 ...
“are negotiating what is expected to be a record penalty”
Hmm. So does this count as loan repayment, a refund to the taxpayers, or ... I’m confused.
Obama Motors will get no sympathy from me.
Wow. What’s it like knowing the defective product is killing people and in the end no one goes to jail?no but what happened to you and I if we sold a product that we knew could result in a death and it did result in death.
That’s my question. Who gets the money?
No but we will all be footing the bill. It will be paid out with taxpayer money.
We sure will..... and it’s crazy.
People should go to jail over this. Including that lying dame they put up as the CEO.
My kid drove around in a Cobalt for years.
I guess it is just dumb luck that she’s still alive.
And the people who made and sold her the care couldn’t have cared less.
To hell with them. I’m never buying an American car again because of this.
Talk about a freaking mess!
The Cobalt had tons of other problems that were similarly lethal that weren’t the ignition switch problem. I do hope you didn’t buy it for her.
No, we did buy it. We all bought it together.
She really liked it, for a while. It was a pretty nice car.
But she did have some serious/stupid problems with it.
My impression is that car was only good for about 60K miles.
She traded it in for a used Kia Sorrento, which she loves.
I love this mentality....like a mental disorder.
Didn't you read how Toyota tried to cover-up its acceleration problem? It hid data from investigators? Toyota faked the software rather than gave investigators the defective software?
Then, when Toyota was caught absolutely lying, they fought the settlement tooth and nail.
You think the Japanese, Koreans, Germans or anyone gives a rat's rear?
Like government, when companies grow large, they grow corrupt.
Out of the frying pan, into the fire. Hyundai/Kia has a great executive development program. Each exec spends a few years in engineering, manufacturing, marketing, finance, jail.........
CEO Chey Tae-won, four years
Youn Bum Lee, nine years
Chairman Chung Mong Koo, embezzlement
....
I own one of the Toyota models supposedly affected and have declined to take it in for the recall work. 82K miles and it only speeds up when I step on the pedal. Plus, I like the full length gas pedal vs. the short version they put on to "keep it from getting stuck on the floor mat". Other than globull warming (and Obama), it's one of the biggest scams out there and was designed to take some heat off Government Motors.
- - -BELIEVE IT !!! Random acceleration is REAL. it happened to me on 12/2/13.
A fine. At the top, that’s as harsh as the punishment gets.
Fines are nothing. Nothing will change unless manslaughter and/or negligence charges are brought against the appropriate employees and executives.
The first mistake was buying a GM.
The taxpayers got their money back. Us GM bond holders that had out retirement funds stolen got no such refund
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