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GM Cooked It's Books

Discussion in 'Political Issues' started by evlbruce, May 17, 2012.

  1. evlbruce


    Nov 3, 2003
    • GM received $100 billion in taxpayer funds but is worth less than $34 billion.
    • GM has not payed back all it's borrowed gov't money, it's TARP loans where payed back with other borrowed gov't monies.
    • Thanks to increasingly worthless stocks, the US gov't will not recoup money it lent directly to GM.
    • "A million jobs saved" with the bailout is outright dishonesty, given that there are less than a million jobs in all the combined auto and auto-part industries in the US.
    • Jobs saved cost $780,000 each.
    • GM is not the world's largest car maker. Auditing reveals that this claim is based on cars manufactured in China where GM is a minor share holder after VW. Revenues from Toyota and VW still well exceed that of GM.
    [url=''"]- Story[/url]
    Last edited: May 17, 2012
  2. alabaster

    alabaster Swollen Member

    Mar 18, 2009
    Another reason to buy a Ford.......

  3. Mrs. Tink

    Mrs. Tink Semper Fidelis

    Mar 1, 2005
    I'm quite sure all this is accounted for under perfectly legal accounting rules. I'm not too concerned about the list above, with the exception of the "million jobs saved" claim. This is mainly because it's water under the bridge--of course GM, and nearly any company, will take money where it can get it, and will choose to save itself. We should be much more conscious of the rhetoric on the front end. "Too big to fail," the idea of keeping automotive manufacturing capabilities here in the U.S. under American companies, etc. These companies need to be allowed to take their lumps, then we won't be complaining about any of the items on the OP's list.

    I think we ought to be far more concerned about effecting meaningful changes in elected officials who voted for bailouts.
  4. JBnTX

    JBnTX Bible Thumper

    Aug 28, 2008
    Fort Worth Texas
    That's what you get when you bailout a grossly mismanaged company and leave the people who caused the problem in charge.

    They (and all the other bailout companies) should have been allowed to fail.

    Then someone else would have bought the bankrupt company,
    restarted it and run it right.

    ...And it wouldn't have cost the taxpayer one red cent.

  5. TKM

    TKM Shiny Member Lifetime Member

  6. HarleyGuy


    Mar 29, 2008
    If you really want to assess blame, you need to start with Congress.
    Our National Debt is nearing $16 TRILLION DOLLARS.
    That's close to about $ 50,000 for every American, woman and child.
    Congress had oversight responsibilities of Fannie & Freddie,as well as the banking institutions and Wall St.

    Had the financial fiasco of 2008 not happened, GM, Chrysler, AIG and many other businesses would have been in much better shape than they are today, and a few million mortgages wouldn't have been foreclosed or currently under water.

    Stay tuned, this mess is going to get worse before it get's better
  7. certifiedfunds

    certifiedfunds Tewwowist

    Apr 23, 2008
    GM's assets should have been auctioned off.
  8. itstime


    Apr 9, 2006
    Did you expect anything different?
  9. Brucev


    Jul 19, 2009
    Haven't bought a GM product since 1974. There is not now anything in their product line that remotely interest me. Further, I would not want to buy a car from a company dependent upon the largess of demokrats and the squatter for its continued existence. Why? What the domestic terrorist and his ganstas give they can take away. It'd be all to easy for them to do exactly that... and leave the consumer holding the bag.
  10. walt cowan

    walt cowan

    Feb 18, 2005
    right on, right on.:wavey:
  11. HarleyGuy


    Mar 29, 2008
    I truly believe that you folks are misguided.

    Do y'all ride on Amtrak, purchase fruits and vegetales tht are grown in the USA?

    Do y'all use domestic oil/gas products?

    Do y'all, or any of you relatives receive food stamps, or receive S/S, medicare, medicaid, VA benefits or Unemployment benefits.

    There are "bailouts" issued to almost HALF of the residents of this country everyday and most of us in one way or another are touched by them.
    The Federal Goverment gets most ot their money from the "producers" in our country (they borrow and print the rest).
    GM and Chrysler has generated billions of dollars (along with their employees) in the last century to help fund our government and built tanks, trucks, jeeps, weapons and airplanes for both World Wars, going back before most of us were not even born.

    We're "borrowing" FOR BILLION DOLLARS everyday to keep the doors open and the lights on!

    If y'all want something to complain about, start with that!
  12. Mrs. Tink

    Mrs. Tink Semper Fidelis

    Mar 1, 2005
    Where have you been? That's half of what we do around here. :rofl:
  13. Alizard


    Apr 5, 2012
    They just hate Obama so much they are compelled to dump on anything he did that worked out well because it proves that sometimes the government can fix things.... their argumant is basically:

    They didn't save a MILLION jobs, so it was worthless...... OK, maybe they only saved 500,000 jobs, but they also saved the auto inductry from extinction.

    GM isn't really #1, they are only #3 in the world? Well, that's a hell of a lot better than being extinct.

    Accounting "tricks"? Who cares, the outcome of GM, Ford and Chrysler is still a lot better than just watching another US industry die and lose all the jobs and revenue that goes with it.
    Last edited: May 18, 2012
  14. MZBKA


    Apr 14, 2004
    GWB started the auto bailouts, Obama continued them. Both the democrats and republicans were wrong here.
  15. Gunnut 45/454

    Gunnut 45/454

    Jun 20, 2002
    Lets put the blaim squarely where it belongs - The Dumocratic run Congress did the bailouts, The Dumocratic oversite committies( Barney and Dodd) failed to stop Fannie/Freddie meltdown. The Dumocratic run WH & Congress ran up the dept by 5 trilllion dollars and have failed to make sure we the tax payers have been paid back on TARP and the rest of the off the book loans. :steamed:
  16. Mrs. Tink

    Mrs. Tink Semper Fidelis

    Mar 1, 2005
    You are as bad as the people who assume that any criticism of Republicans means you're an Obama lover. And you're intellectually dishonest. Yeah, WHO CARES about accounting tricks?! Fraud is just fine as long as the result is something I LIKE!!

    You are correct. They all fell for the "too big to fail" argument.
  17. Lethaltxn


    Mar 23, 2010
    Industries die because of the people who run them. You mismanage a company, why should I or anyone else help you out if you make poorly designed items and allow unions to run rough shot over you?
  18. certifiedfunds

    certifiedfunds Tewwowist

    Apr 23, 2008
    Oil and gas? O&G = no subsidies
  19. mgs

    mgs Always Carrying Millennium Member

    Dec 21, 1998
    cogan station, pa, usa
  20. writwing


    Jan 23, 2008

    What worked and well and what did the government fix???