09 June 2010

GM Go Home

A year ago you may recall that GM was in bankruptcy, looking to sell off assets around the globe and begging for what turned out to be a $60 Billion bailout package from North American taxpayers.

When GM was on the ropes, Germany and Canadian parts manufacturer Magna put together a bid for GM's European arm, Opel. They thought they could take those facilities and brands and do better with them than GM did. That's capitalism.

But instead, GM got its $60 billion from taxpayers, and all of a sudden Opel wasn't on the block anymore. With its fresh war chest GM had no trouble telling them to take a walk, supremely confident that the same managers and management that had driven them to bankruptcy would have no trouble going forward. Who needs skills or vision when you have cash? That's corporate welfare.

Today, less than a year later, GM is asking the German government for another Billion in loan guarantees for its German facilities. To be clear, GM is asking Germany, who offered to help buy it out for the benefit of those very same facilities, but then was told to piss off when the US and Canadian taxpayers stepped in, is now being told that its national interests depend on making sure these factories keep running.

Of course, Germany and Magna had a plan for that. GM had its own plan. And now they want Germany to back them anyway.

That's capitalism, American style.

1 Comments:

Blogger boyari2 said...

This is quite amazing, Mario Laguë is killed in the worst way possible and the Mainstream Media does not disclose ANY of the details.

Is it possible to be any more incompetent than that?

Thank God, the truth is not entirely ignored.


It's time for a new Administration. Mario Laguë was the only Communications Director in Canada who was worth listening to and HIS message lives !

August 12, 2010  

Post a Comment

Links to this post:

Create a Link

<< Home