GM Ramps Up Risky Subprime Auto Loans To Drive Sales

GM aiming for bankruptcy #2
GM Ramps Up Risky Subprime Auto Loans To Drive Sales http://tinyurl.com/cxffx6y

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Den lördagen den 28:e juli 2012 kl. 21:33:14 UTC skrev Jim Higgins:

New studies show that you can fool some of the people all the time
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On 7/28/2012 5:33 PM, Jim_Higgins wrote:

the same path that the mortgage industry used to damage the economy as a whole! A business model that markets to people who can't afford your product is destine to have repercussions.
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Den måndagen den 30:e juli 2012 kl. 11:37:51 UTC skrev JimG:

In general the US and Europe has been living with a lot higher wages than the rest of the world for quite some time.
Moving jobs to far away places with much lower wages is changing our way of life.
Our wages is going down and in the meantime a lot of people lose their jobs and the next job they do get will pay a lot less.
It in turn means that many people can not pay for overpriced goods.
GM is just one example of the problem.
One of the biggest problem is the number of dollars used all over the world.
The price of the dollar is going down and that in turn means everything will cost more and more dollars.
The problem with the dollar is just gradually beginning to emerge.
Either the dollar will drop like a stone and may even be abandoned all together for something new or the wages of everybody will be adjusted down even faster than what has happened in the past.
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On 30/07/2012 5:37 AM, JimG wrote:

Actually GM was never late to the corruption scam.
They with the mortgage and loan companies were well ahead of the game with GMAC. GMAC, like GM Financial today makes questionable high risk loans at rates that will not cover losses and collection costs....pilling up a lot of bad debt then go bankrupt.
This is GMs second kick at the fraud. Rewarded them well the first time, why not again? Obama thinks it is legal as it is Gov'mint Motors.
Your grand kids can pay for it. The liberal-socialist-democrat way. Share the pain and let the corrupt keep the gain.
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On 28/07/2012 3:33 PM, Jim_Higgins wrote:

No one should be surprised th GM fraud continues. I predicted this the day GM bought AmeriCredit with $3.5 billion of taxpayers money.
This is the same story of GMAC but now AmeriCredit, now renamed GM Financial. The scam on the taxpayers is simple. Have the lender lend money for auto sales that you know the credit will go bad. Yep, loans that are high risk of default and problems, but anything to sell a GM. Ex-con, no job, bankrupt, no problem, GM Financial will lend to you.
The financial institution will accumulate bad debt and then go bankrupt stiffing the taxpayers.
Just a big huge fraud game of corrupting and government sanctioned embezzlement approved because it is Gov'mint Motors.
But hey, Presidente 0bama does like bailouts, Solyndra, bank buddies, GM and all......
Its all about corruption and the biggest organized criminal on the planet, the gov'mint. Can't pay their bills with real money, Bernanke will electronically counterfeit more USD....to keep the ruse going as long as possible.
And people wonder why the USA economy is in the crapper. No legitimate capitalist or investor made money in criminal debt and currency management.
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Liberal-socialism is a great idea so long as the credit is good and
other people pay for it. When the credit runs out and those that pay
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Panic at RenCen. It’s not that people are leaving GM. It’s how they leave. Two weeks ago, Opel chief Karl-Friedrich Stracke presented numbers to Dan Akerson. Akerson fires him. Opel gets two interim chiefs in a week. Last Thursday, Opel’s new design chief Dave Lyon doesn’t even start his job. Today, media in the U.S. and Germany report that Lyon had been escorted from the building and to a waiting car by GM’s head of personnel. A day later, global marketing chief Joel Ewanick suddenly leaves. Instead of wishing him all the best for his future endeavors, GM spokesman Greg Martin puts a knife in Ewanick’s back: “He failed to meet the expectations the company has of an employee.”
It took them two years to come to that uncivilized conclusion? Ewanick was hired as U.S. marketing chief in May 2010. Apparently, he exceeded expectations, because half a year later, Ewanick was promoted to global chief marketing officer. The leaked reasons for Ewanick’s ouster. Facebook and soccer, don’t ring true. In a normal company, when a marketing chief decides not to put ads on Facebook and to ditch football for soccer, a Facebook and football loving CEO simply would call the marketing chief and ask whether he’s serious. The same day, there would be a comment that the marketing chief was misquoted, in a normal company.
It all looks like Dan Akerson is panicking. The GM stock is at an all-time low. GM is losing market share. When July numbers will be announced this week, GM won’t look so good, industry oracles say. Mass executions
always are great to deflect criticism – for a while.
http://www.thetruthaboutcars.com/2012/07/series-of-high-level-executions-paint-a-picture-of-gm-in-turmoil/#more-454751
Den måndagen den 30:e juli 2012 kl. 18:01:23 UTC skrev Canuck57:

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