GM ad is flat out lie from top executive. "Paid back govt loans with interest 5 years early". They are going to need another bail out to cover share holder law suits for fraud. Timing of Toyota troubles awfully peculiar. The Govt owns 61% and as the majority share holder have a fiduciary duty to GM and all other share holders. Beyond Slippery slope... icy mine ridden cliff.
If they deliberately lied in that commercial it is possible that GM is finished. Let them fail. They are just costing us all money and they are the poster child for union abuse of power and government abuse of power. Just close the doors, renege on the pensions and medical benefits and start trying to sell that shiny building downtown. We want our money back Ed.
saw anarticle that GM is due to pay $12 billion in PENSION funds over the next several years, and this money is totally unaccounted for yet. The point of the bankruptcy, uncluded the union took on the medical obligations to retirees. Didn't GM also unload this???? http://www.time.com/time/business/article/0,8599,1981958,00.html
"Moreover, a report last week from the Government Accounting Office (GAO) says the pension crisis in the auto industry could create an unprecedented crisis for the federal Pension Benefit Guarantee Corp., a government-sponsored organization to backstop company pensions." Another bailout. Or is it a re-bailout? I'm losing track...
unprecedented crisis for the federal Pension Benefit Guarantee Corp., a government-sponsored organization to backstop company pensions." ---------------- Not to worry, a while back the PBGC was directed to invest more of it's money in equities. As far as I know the PBGC was on its way to brokedom several years before this crisis began.