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General Motors auto plant in Venezuela seized by government, GM decries illegality
Daily Sabah ^ | April 19, 2017

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 ...


TOPICS: Business/Economy; Foreign Affairs; Miscellaneous; News/Current Events
KEYWORDS: automotive; generalmotors; socialism; venezuela
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To: Pollster1

No government motors for me either.


61 posted on 04/20/2017 5:45:32 AM PDT by John 3_19-21 (The effectual fervent prayers of a righteous man availeth much.)
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To: DakotaGator

We agree 100% on GM and Chrysler. I don’t deal with crooks and thieves either.


62 posted on 04/20/2017 5:47:09 AM PDT by Pollster1 ("Governments derive their just powers from the consent of the governed")
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To: John 3_19-21

Same here,really like my twin turbo v6 truck!


63 posted on 04/20/2017 5:49:05 AM PDT by heshtesh ((New Yorker for Cruz))
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To: Monitor

“Atlas Shrugged is not a how-to book.”

Every freshman, HS and college, should be FORCED to read the book...Well, on second thought, considering the mentality of what goes to college lately, make’em watch the movie?

They’ll hear, from 50 years ago, what their present politicians are saying today ! Fair/Share/ etc etc etc


64 posted on 04/20/2017 5:50:40 AM PDT by litehaus (A memory toooo long.............)
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To: miss marmelstein

Yes, President Trump is going to be parachuted into Venezuela to lead the charge up to GM. Everything is a plot and a conspiracy theory.


I don’t agree with either of those statements. However, if Americans overseas are important to a president, and there is dangerous termoil in a country, he (as in, our military, of which he is CIC) will go into the country to rescue those people.

Not that it has reached that point, but if it does, I trust him more than I would have trusted Obama.


65 posted on 04/20/2017 5:53:09 AM PDT by Mr. Douglas (Best. Election. EVER!)
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To: Ciaphas Cain

GM isn’t the only company that has had problems in Venezuela. Why they went
over there where gov’t stablility isn’t assured only makes one wonder who is in
charge of their operation. They have taken over oil-rigs, Kimberly-Clark, PepsiCo
and Nestlé Inc, etc.


66 posted on 04/20/2017 5:53:15 AM PDT by deport
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To: wastedyears

In the case of GM, one might question the “legality” of ownership in its capitulation to Ubama over the premium bond owners who were literally screwed down to pennies on the dollar for their investments. Perhaps they are the “legitimate” owners and not some Union Medical Plan and cronies.


67 posted on 04/20/2017 5:55:46 AM PDT by Gaffer
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To: sickoflibs

.......wasn’t it Mao who said “power” comes out of the end of a rifle barrel”?


68 posted on 04/20/2017 5:57:50 AM PDT by Cen-Tejas (it's the debt bomb stupid)
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To: Dana1960
If the protection of property is not enshrined in a nation’s laws, there is NO investment in the nation.

This my FRiend cannot be repeated enough here on FR or out in the public.

But may I add that the laws MUST be practiced and upheld by our Government and the law keepers or again the investment in the nation will lead to chaos.

69 posted on 04/20/2017 5:58:26 AM PDT by eartick (Been to the line in the sand and liked it, but ready to go again)
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To: Ciaphas Cain

This is an example of exactly why the New World Order can not allow any true national sovereignty. And why the CFR views the American military as the world’s policeman.


70 posted on 04/20/2017 6:02:26 AM PDT by jjotto ("Ya could look it up!")
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To: Ciaphas Cain

Maxine Waters approves of this move by Venezuela.


71 posted on 04/20/2017 6:06:22 AM PDT by ealgeone
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To: Ciaphas Cain

Now we know where that Obama bailout money went.


72 posted on 04/20/2017 6:08:25 AM PDT by fella ("As it was before Noah so shall it be again,")
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To: Pollster1

“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.”

Same here. We used to be solid Chevrolet for decades, but ever since the takeover we’ve bought Subaru for cars and Fords for pickups.

I won’t touch Chrysler either.

I really do not feel sorry for GMV, they are just getting the same shaft Americans got a few years back. There’s a Latin saying that covers their demise: “Tuff-em Titty-um”.


73 posted on 04/20/2017 6:10:43 AM PDT by redfreedom
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To: Monitor

He lifted the receiver. The operator announced a long-distance call from Mexico City.

The hysterical voice that came on the wire was that of his political man in Mexico.

“I couldn’t help it, Jim!” it gulped. “I couldn’t help it! . . . We had no warning, I swear to God, nobody suspected, nobody saw it coming, I’ve done my best, you can’t blame me, Jim, it was a bolt out of the blue! The decree came out this morning, just five minutes ago, they sprang it on us like that, without any notice! The government of the People’s State of Mexico has nationalized the San Sebastian Mines and the San Sebastian Railroad.”


74 posted on 04/20/2017 6:11:04 AM PDT by jiggyboy (Ten percent of poll respondents are either lying or insane)
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To: Ciaphas Cain

The cheap labor was easy to fit into the spreadsheet calculations. The capretious nature of Leftist/ Marxist regimes; not so much.


75 posted on 04/20/2017 6:14:59 AM PDT by Flick Lives
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To: Ciaphas Cain

It’s the communist way.

Neither GM nor any other company should be surprised when a socialist/communist government takes their stuff.


76 posted on 04/20/2017 6:16:09 AM PDT by null and void (Drain the swamp! Get rid of the mosque-itoes!)
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To: wastedyears

He’s overjoyed......................


77 posted on 04/20/2017 6:24:17 AM PDT by Red Badger (Ending a sentence with a preposition is nothing to be afraid of........)
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To: Ciaphas Cain

A risk of exporting US jobs.


78 posted on 04/20/2017 6:25:14 AM PDT by anton
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To: Night Hides Not
It will be a line item in next year's tax return, i.e. "loss from Venezuelan operations."

A small line. It's an old facility, I bet every piece of equipment has long since been amortized down to zero value.

Was it Dagny who moved all the worn out engines and cars to Mexico(?) prior to them nationalizing the rails?

79 posted on 04/20/2017 6:29:35 AM PDT by null and void (Drain the swamp! Get rid of the mosque-itoes!)
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To: Ciaphas Cain

Here is a question:

WHAT ARE THEY GOING TO DO WITH IT NOW THAT THEY HAVE IT?

They must rely on outside suppliers for parts. They will not be able to sell the cars that they make outside the country.

No one will buy them......................


80 posted on 04/20/2017 6:31:15 AM PDT by Red Badger (Ending a sentence with a preposition is nothing to be afraid of........)
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