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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81 votes
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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 very generous but underfunded GM pension funds were the cause of GM's downfall, not its business model. We the taxpayer are now funding those pensions at the expense of the pension funds of the rest of us across the country.
Lmao.
Obama also gave GM 12 Billion for their broke pension plan, since when does the tax payer bail out pension plans ? While our seniors barely survive on SS cuts
Where are all these jobs you promised Barry
Nice.
But wait! Even that's not the full story given that GM, which has not yet broken even, much less turned a profit, can't pay even this puny amount from its own earnings.
So how is it paying it?
As it turns out, the Obama administration put $13.4 billion of the aid money as "working capital" in an escrow account when the company was in bankruptcy. The company is using this escrow money--government money--to pay back the government loan.
GM claims that the fact that it is even using the escrow money to pay back the loan instead of using it all to shore itself up shows that it is on the road to recovery. That actually would be a positive development--although hardly one worth hyping in ads and columns--if it were not for a further plot twist.
http://pleasecutthecrap.typep...
Instead the company was Seized by the government , stolen from the owners and given as a bribe for political support . Then Given Billions dollars to build $300,000 thousand dollar cars to sell for $50,000 with a $75000 dollar check to any who would buy them.
Still couldn't sell the junk. Profits can be made moving the company out of the country.
GM then uses those billions of dollars to outsource the factory to Mexico.
2011
GM To Build Engines In Mexico
http://www.manufacturing.net/...
2011
GM plant in Mexico will build Sonics starting in mid-2012
http://www.soldiersofsolidari...
2010
After Receiving Bailout, GM May Move Volt Production to China
http://www.theblaze.com/stori...
So if you willing to steal factories for free, then pump tens of billions into a company and lose half of it , Have the company PAY NO TAXES ( News for GM pays no taxes https://www.google.com/search... ) , while the CEO's pay themselves millions of dollars and bonuses ( GM Bonuses Paid To White-collar, Blue-collar Workers Top $500 Million http://www.huffingtonpost.com... ) then you too have a chance be a top rated company as long as you have the right political coinage.
Instead the company was Seized by the government , stolen from the owners and given as a bribe for political support . Then Given Billions dollars to build $300,000 thousand dollar cars to sell for $50,000 with a $75000 dollar check to any who would buy them.
Still couldn't sell the junk. Profits can be made moving the company out of the country.
GM then uses those billions of dollars to outsource the factory to Mexico.
2011
GM To Build Engines In Mexico
http://www.manufacturing.net/...
2011
GM plant in Mexico will build Sonics starting in mid-2012
http://www.soldiersofsolidari...
2010
After Receiving Bailout, GM May Move Volt Production to China
http://www.theblaze.com/stori...
So if you willing to steal factories for free, then pump tens of billions into a company and lose half of it , Have the company PAY NO TAXES ( News for GM pays no taxes https://www.google.com/search... ) , while the CEO's pay themselves millions of dollars and bonuses ( GM Bonuses Paid To White-collar, Blue-collar Workers Top $500 Million http://www.huffingtonpost.com... ) then you too have a chance be a top rated company as long as you have the right political coinage.
What would have happened in court will never be known as the Government Seized the company without the benefit of courts. Never found the section of the constitution that allowed Obama to take companies by force , surely it is legal.
Those are the Obama voters.
they have no voice in wether they get the pension amounts..
MANY people including Romney said to have GM go through "STRUCTURED BANKRUPTCY" and they would have been MUCH better off than they are today:
GM STILL OWES THE AMERICAN TAX PAYER MORE THAN TWENTY FIVE BILLION DOLLARS!
YOU CALL THAT A SUCCESS???
http://news.investors.com/art...
It was Obama screwing the investors in GM just to pay off the Unions for their donations to his campaigns.... past and for 2012.
PAY TO PLAY - THE CHICAGO WAY
It wasn't the bailout that bothered me.
It was the fact that on top of the bailout GM was allowed to relieve itself of debts that were owed to other companies. A local sign company that was contracted to provide GM signage lost around 2.1 million dollars that it was owed by GM. As a result the company went out of business and jobs were lost. In fact , many businesses that supported GM closed their doors permanently while GM did not. When GM was bailed out they should have had to pay their business debts , not be relieved of those debts.