Yeppers.....GM Still Sucks

[TerryMiller]

From USA Today:

GM's CEO Rejects Repaying Feds for Bailout Losses


$10 Billion the taxpayers lose and this guy brags that GM will "not rest on its successes."

"The speech also came as GM announced it is investing $1.2-billion in five U.S. plants, which Akerson said is a recognition that after 15 straight profitable quarters the automaker can't rest on its success."

Investing $1.2 billion after shafting the taxpayer for the $10 Billion.

Classy

 

[TerryMiller]

I also noted this in the story:

"Akerson said that GM repaid all the debt issued by the government beginning in December 2008 when George W. Bush was still president and extending into the first year of Barack Obama's presidency."

The only problem with that statement is that it was (and still is) patently false. Even the government officials over the bailout had to admit that GM repaid those "initial" loans with money received from the government in later payments. Akerson was lying when he made that commercial way back then and it appears that he has convinced himself.

 

[Buddhaman]

It was a business deal that lost money at the end, what's the big deal? Sure I was the government but they made the decision to spend money the same as the choose to waste money on other crap. At least they kept jobs and taxable income flowing along with products that are taxed and profits that get taxed. See how it all plays out in the end?

 

[RickN]

Yep and that is why I will never buy another new GM.

 

[TerryMiller]

It was a business deal that lost money at the end, what's the big deal? Sure I was the government but they made the decision to spend money the same as the choose to waste money on other crap. At least they kept jobs and taxable income flowing along with products that are taxed and profits that get taxed. See how it all plays out in the end?

Yes. Every time that GM offers big dollars off in their advertising, I have to wonder if that $10 billion is still giving unfair advantage to GM. As for saving jobs, I'm of the belief that the only reason that GM and Chrysler got bailed out was to save the union jobs. How did the employees of the suppliers fare in all this? How about all those employees of GM and Chrysler dealerships that lost their jobs because the auto companies closed them?

I'm like Rick. In spite of the fact that I've owned several GM and Chrysler products in the past, never again will I even darken the doors of their dealerships.

 

[dennishoddy]

Never owned a chevy, never will.

 

[ronny]

Bought one last Thursday.

 

[1911Sooner]

Actually Chevy ranks at the top in quality right now for the first time in decades. Ford and Chrysler are near the bottom. I don't drive any of these brands by the way.

 

[71buickfreak]

Why would they pay an investor back for losses? That is not how investing works. They paid back the loan, that is all they have to do. This is specifically why the fed should not have been involved at all.

 

[ronny]

The Fed is hardly an investor. And, yes, the Fed should not have been involved.