General Motors Ranked 5th on Forbes 500... Thank you Obama, or we should have let them go under?
Met
2012/05/07 17:13:46
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I'm not a big fan of GM. I hate Chevy, and can't stand Cadillacs, but their turnaround has been nothing short of Miraculous, given how close they were to going under just 3 years ago.
After Obama Approved a capitalist loan to bail out the troubled American Auto Manufacturer, GM is not only repaying the loan with interest, but kicking ass as a corporation again, getting honored by making the 5 spot on the Forbes 500.
Thank you Obama, or just jobs we should have let go?
After Obama Approved a capitalist loan to bail out the troubled American Auto Manufacturer, GM is not only repaying the loan with interest, but kicking ass as a corporation again, getting honored by making the 5 spot on the Forbes 500.
Thank you Obama, or just jobs we should have let go?
Top Opinion
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Keeping It Real 2012/05/07 17:44:54Good job Obama, you got one right!
+18The president got more then one right and if it wasn't for his leadership our economy would have fallen off the cliff to say the least!
The GM bailout was nothing more than government saving a dying union workforce with other people's money. Standard politics from the dependency party.
its funny how the liberal left forgets that.
whether we paid in $50B or kicked in operating capital, the same number of people would be employed today as if they went through a normal Chapter 11.
its a democrat figment that supposed to play out in some sort of heroic kabuki, that simply didn't happen.
i know. but they got the extra special Obama version of Chapter 11.
in a normal Chapter 11, old liabilities are discharged, the company is put on a cash payment plan and a judge/receiver oversees operations until the court is satisfied that everyone who should be made whole, to the greatest extent possible, is made whole.
GM and Chrysler's so-called 'Chapter 11' bankruptcy was run by the Gov't who established who assets could be sold to, wiped out all pre existing stakeholders and gave the unions a share of the company.
normally, union contracts are voided in a Chapter 11.
the gov't made sure the ball bounced in a way it shouldn't have...
i'm not sure union assets could be sold, after all, they belong to the unions.
what did happen is that the retirement programs were assumed by the unions under VEBA rules, which the predecessor to the current GM and Chrysler had been paying into.
yes, union members did take a hit. but the awful truth was that the company was going to cut itself down to a maintainable size that would permit it to go forward.
if they had gone through a normal Chapter 11, the unions would definitely taken a bigger hit because they wouldn't have gotten that seat at the ownership table and, whatever retirement benefits didn't get picked up by the VEBA would have gone to the PBGC to manage.
You are correct re union assets belonging to the unions; local union halls were sold and the profits went to the national UAW. (That sucked).
that's not something i had heard about...
whatever the politics of the decision to close those outlying small dealerships, it was like an economic neutron bomb. it killed the businesses and left the people standing...
i would not like being the sacrifice.
in this case, though, it was a pointless sacrifice. there was no 'greater good'
this might shock you, Mr Empathy, but many of those dealerships were family owned, going concerns, that when Obama closed them because he could, he wiped out a lot of people versus saving factories that weren't in any sort of danger. it didn't save one factory job.