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GM's CEO rejects repaying Feds for bailout losses


Strictly Street

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http://www.usatoday.com/story/money/cars/2013/12/16/general-motors-gm-bailout-repayment/4043607/

 

WASHINGTON -- The General Motors bailout may have cost the government $10 billion, but GM CEO Dan Akerson rejects any suggestion that the company should compensate for the losses.

 

He says Treasury officials took the same risk assumed by anyone who purchases stock.

 

 

I would have to dis-agree. They used my money not their own so there was no risk to them.

 

He said GM's bloated and overly complex operations have been streamlined, products are better and, with the government's help, a crushing debt was reduced.

 

Not reduced, transferred to me and you.

 

"This will bring the four-year total of investments in our U.S. plants to more than $10 billion," Akerson said. He said about 7,500 people already work in those five plants and today's announcements will create or retain more than 1,100 jobs.

 

 

Odd how the numbers are so similar. Treasury lost 10 billion and they are investing 10 billion.

 

Taking Taxpayers Out for a Ride

 

http://www.usnews.com/opinion/blogs/peter-roff/2013/10/17/gm-and-the-obama-administration-took-taxpayers-for-a-ride

 

 

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Edited by Strictly Street
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GM survived, but not here in Dayton.  I shake my head every time I drive by one of the shuttered plants around here, mostly Delphi in Moraine.   Somehow, the area has sort of survived.  Sort of.   Not sure where all of the workers went.

 

GM screwed Dayton.
GM screwed America (or at least those of us who pay taxes).

 

Screw GM.   If I were shopping for a new car, I wouldn't even consider GM nor Chrysler.  

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 Chrysler.  

 

That's the one the really pisses me off. Second time we have bailed them out. They needed a bunch of contract concessions this time around. They told the stamping plant in Northfield that their plant was safe if the deal came together.  Northfield plant passed the contract and within a few weeks Chrysler announces that the plant was closing.

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That's the one the really pisses me off. Second time we have bailed them out. They needed a bunch of contract concessions this time around. They told the stamping plant in Northfield that their plant was safe if the deal came together.  Northfield plant passed the contract and within a few weeks Chrysler announces that the plant was closing.

 

And now it's an Italian company.

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No. That would be typical union speak. I'm smarter than that.

No comment about the last part ;)

 

But 100% right, Honda and Toyota are more American than the big 3 ever will be again.  And this is coming from a diehard Ford owner, but yep, more components are made in the US for those 2 cars than the other 3 and it's not even close.  Not just "assembly" but components. 

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I sure wish they'd start making motorcycles here again. Maybe someday.

It's being considered, but we (almost 14 years at marysville auto plant!) need a much larger plant for all the models. Our business plans requires multiple model platform production.

Sent from my iPhone using Tapatalk

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No comment about the last part ;)

But 100% right, Honda and Toyota are more American than the big 3 ever will be again. And this is coming from a diehard Ford owner, but yep, more components are made in the US for those 2 cars than the other 3 and it's not even close. Not just "assembly" but components.

+1

First hand knowledge.

Sent from my iPhone using Tapatalk

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