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

formatting link

Reply to
Jim_Higgins
Loading thread data ...

Den l=F6rdagen 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

Reply to
gosinn

It's not that GM is heading to bankruptcy #2 but that they are following 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.

Reply to
JimG

In general the US and Europe has been living with a lot higher wages than t= he 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 wil= l 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 toge= ther for something new or the wages of everybody will be adjusted down even= faster than what has happened in the past.

Reply to
gosinn

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.

Reply to
Canuck57

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.

Reply to
Canuck57

Panic at RenCen. It=92s not that people are leaving GM. It=92s how they lea= ve. Two weeks ago, Opel chief Karl-Friedrich Stracke presented numbers to = Dan Akerson. Akerson fires him. Opel gets two interim chiefs in a week. L= ast Thursday, Opel=92s new design chief Dave Lyon doesn=92t even start his = job. Today, media in the U.S. and Germany report that Lyon had been escor= ted from the building and to a waiting car by GM=92s head of personnel. A d= ay later, global marketing chief Joel Ewanick suddenly leaves. Instead of w= ishing him all the best for his future endeavors, GM spokesman Greg Martin = puts a knife in Ewanick=92s back: =93He failed to meet the expectations the= company has of an employee.=94

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 expectat= ions, because half a year later, Ewanick was promoted to global chief mark= eting officer. The leaked reasons for Ewanick=92s ouster. Facebook and socc= er, don=92t 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=92s serious. The same day, there would be a comment that the marketing c= hief 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 we= ek, GM won=92t look so good, industry oracles say. Mass executions=20

always are great to deflect criticism =96 for a while.

formatting link
=20

Reply to
gosinn

MotorsForum website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.