Posted on 04/20/2017 4:47:53 AM PDT by Ciaphas Cain
General Motors said on Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to "take all legal actions" to defend its rights.
The seizure comes amid a deepening economic crisis in leftist-led Venezuela that has already roiled many U.S. companies.
"Yesterday, GMV's (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities," the company said in a statement.
It said the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers.
Venezuela's Information Ministry did not immediately respond to a request for information.
(Excerpt) Read more at dailysabah.com ...
Maybe a vast audience which otherwise might never have been introduced to it is now seeing the "benefits" of socialism.
http://money.cnn.com/2017/04/20/news/gm-venezuela-plant-seized/
CNN has the story now too.
I’m shocked, shocked, I say! A socialist government seizing the private property of a crony-capitalist company. How could that happen to a company that was bailed out by its own government in its own corrupt takeover that stiffed the legitimate claimants on the old GM’s assets? That’s a shame.
Note: I swore never again to buy or even rent a GM vehicle when the corrupt takeover of GM ripped off the bondholders to reward those with political pull. I cheer every time I hear bad news for GM, and I’m cheering for this takeover too. It won’t be enough to kill GM, unfortunately, but every wound they suffer is a good thing for the future.
Dear leftists...
Atlas Shrugged is not a how-to book.
Illegal confiscation of legitimately owned property. If there are any employees that aren’t Venezuelan and the government won’t let them leave, they’re basically hostages. In which case, GM should hire a contract company to go rescue them.
I honestly want to hear what Bernie has to say about this.
Karmic, so to speak. (God lives and He is not pleased.)
This is the risk they take when they do business in “questionable” countries.
¿Quién es John Galt?
“Hey guys! Let’s open a plant in Venezuela. What could possibly go wrong?”
I wonder if this is the excuse Trump needs to “intervene” in Venezuela?
Government Motors.
Government Motors.
Government Motors.
Government Motors.
Government Motors.
I guess zer0 told them it would be safe in the people’s republic.
No sympathy for Government Motors.
It won’t be in the media and if it is, it will be page 30.
CNN has the story now too.
I’m shocked, shocked, I say! A socialist government seizing the private property of a crony-capitalist company. How could that happen to a company that was bailed out by its own government in its own corrupt takeover that stiffed the legitimate claimants on the old GM’s assets? That’s a shame.
Please feel free to post your comment another 50 times, anyone bothering to pay attention to how many times GM has “claimed” to pay it’s debt to........us?
I know it’s killing Zuck to see it on facebook.
At least at Twitter all the msm names are posting about it.
And now msm is reporting it on their websites.
Likely their hand is forced because of social media.
And liberal silicon valley folks created it. Gotta love the irony :)
Legal rights in Venezuela ?
Better talk to those who had their property seized in Cube in 1959.
There might not be jobs or food or medicine in Venezuela but the government did ‘hand out’ free tear gas yesterday in large doses.
The “lucky” ones received that gift, with some “unlucky” people getting direct delivery of free bullets.
Yes, the guys who approved the plant right after World War II were a bunch of idiots for not seeing more than 70 years in the future. /s
How is this not the same as GM ripping off its bond holders and dealerships?
Has GM ever paid back the taxpayers for its last bailout?
How soon should we expect Government Motors to come around whining for another taxpayer bailout?
GM and Chrysler are dead to me!
Never knew a auto manufacturer could be so stupid as to build there. Must have been a decision by a Harvard educated 39 yr old.
On an aside, I once had a conversation with a mba student from Miami of Ohio University...his professor took the class on a trip to Venezuela and the student debated with me on how their economy and system is superior to ours. I kid you not. This was about 10 years ago. I look now and think if this professor or anyone from his class would actually blame commusocialfascism for the current conditions. I doubt it...Somehow they’d likely say our corporations there and their greed led to this.
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