SIGTARP auto report out.
The short version? Having the government do your restructuring for you isn’t necessarily the brightest thing in the world. Particularly when there’s a variety of conflicting objectives. At least, if what you’re trying to do is actually create a better version of your company; if your goal is to use government fiat to streamline the operations of your newly government-owned automobile manufacturer it apparently works | Read More »
It’s Too Good to Be True . . .
. . . and most likely it is. Government Motors has done something truly stupendous. After paying back all of its loans to the federal government, it still was able to report a big first quarter profit. After all the problems with debt and union liabilities and sales slumping, it is truly a miracle to see the amazing feat that is Government Motors. See, socialism works. | Read More »
Government Motors Has a Truth Problem
Have you seen the Wall Street Journal op-ed by General Motors’ CEO Ed Whitacre? Have you seen the commercials GM is running, bragging about having repaid their taxpayer loan ‘in full?’ Whitacre acknowledges that there’s ‘still more to do.’ At the top of the list should be ending their attempts to fool American taxpayers, to whom GM still owes tens of billions of dollars: Uncle | Read More »
UAW Becomes Giant Tick, Sucks U.S. Dry
Following our earlier post on the UAW suing Government General Motors, a friend sent us this story about the Government Accountability Office warning that U.S. taxpayers may have to cough up another $14.5 billion to bail out the UAW pensions of both Government General Motors and Chrysler. Automakers General Motors and Chrysler will need to put billions of dollars into their pension plans over the next five years | Read More »
More on the UAW at NUMMI: Police called on fed-up members (again)
After Government Motors (the auto company formerly known as) General Motors, abandoned its 50% partnership with Toyota at the NUMMI plant in California last year and Toyota’s subsequent decision to close the NUMMI plant, the Union of Ailing Workplaces United Auto Workers has gone into overdrive in an attempt to shift the blame for the plant closure from GM and its Obama-administration bailout structured bankruptcy | Read More »
Too-Big-to-Fail GM to UAW workers: Buy our cars…please? Oh. And sell them too!
Just how bad are sales these days for Government Motors General Motors? Apparently, it’s so bad that GM can’t even get its own UAW employees to buy the cars they make and is asking for help to sell them. But wait, that’s not the punchline and this is no joke: GM is planning a campaign aimed at its own employees! General Motors is kicking off | Read More »
Crooks, Liars, Thieves, and more war against Toyota
crossposted at The Minority Report You may have missed it. It was in all the news, but perhaps you’ve been away — to Mars or somewhere equally distant from the long reach of American media. So let me catch you up quickly: Toyota, the world’s leading auto manufacturer, is evil, greedy, hates Americans –especially children and minorities — and clubs baby harp seals, pollutes streams | Read More »
GM TV Ad Malfunction. How appropriate.
This morning I was watching This Week on ABC. During one of the commercial breaks a new Chevrolet advertisement appeared. In the 60 second spot, the new Chevy CEO was walking and talking in glitzy Madison Avenue style in front of new or newly redesigned Chevy automobile products. The music soundtrack was upbeat and positive. I’m sure Mr. Chevy CEO was saying some really nice | Read More »
Mercury fallout from the Cash-for-Clunkers program.
Let’s walk through the mercury problem (H/T: Instapundit). Automakers used mercury as a component for various auto systems until 2004. They stopped because mercury is toxic, and it gets into stuff that we eat (the actual level of risk is in fact not relevant for this discussion). People get very touchy about toxic elements being thrown out with the rest of the garbage, so there’s | Read More »
Democrats Treating Car Dealerships as Jobs Program
Roll Call reports that Democrats in Congress are starting to get serious about forcing the Obama administration to reduce the number of auto dealership closings: Lawmakers concerned about car dealerships being forced to close amid General Motors and Chrysler restructuring moved fast this week to shine the spotlight on the matter — and seem to have gotten the attention they wanted. The House Energy and | Read More »
Today, I noticed a change. Let me be straight, I don’t like change, even when it comes in the form of slow-motion to be hardly noticed. In fact, it is the slow-motion as to be hardly noticed until it is too late change I hate the most! For about a year, the fellow who sold our two vehicles to us has been calling us daily | Read More »
Will Obama kill GM’s last interesting cars?
Government Motors(TM), the new automaker which will replace General Motors, has already experienced regime change at the direction of new CEO-in-chief Barack Obama. In light of some recent product mix realignment at GM, one has to wonder if POTUS is not calling the shots on GM’s model line-up as well. Changes at Cadillac, Chevrolet and Pontiac, the GM divisions which were making interesting cars, don’t | Read More »