Lets add up GM waste:
$62 billion of Canadian and US governments $9 billion in cleanup $178 billion in lost capital, bonds and preferreds (Dec 2008 financial, in your pensions) $16 billion or so in cash floats $26 billion GMAC (and they are not out of the woods yet)
----- $291 billion wipe out excluding misc, legal and other. $6.5 paid back (our own money used)
----- $285.5 billion net.
It was criminal to let GM operate that long in this much debt. Courts even said GM was guilty of misstated financials that SOX was supposed to prevent and make management more accountable.
Remember this number, as most analysts agree that GM is not worth more than $10 billion tops for the total sum of paper it might issue.
And not one person has been charged for the crime that in the end will have cost our society some $285.5 billion plus unaccounted for extras like Delco, more cleanup and legal..In fact management walked away with fat bonuses for this. Wagoner, Obama, Ignatieff and others all good old Harvard buddies., .
Yep, GM, redefines the corruption big time.
Next part. Ever wonder why NDP tried the alliance with the Liberals and the offer for more money to Quebec for Bloc support? Bush just gave $13 billion (forgot that in the previous note) to keep GM going for Obama.
I don't believe the timing was coincidental. Up to that point Harper wasn't into bailing out auto. McGuinty, NDP and Liberals wanted huge bailouts. Yep, together they sold out Canadian taxpayers and a wild chunk of our debt -- and no jobs. GM now directly employs less than
10,000 people in Canada now that Windsor is history.While Chinese can buy a 4x4 SUV for under $10,000, and in India you get a 50++ mpg Tata Nano starting at $2,500 - yes, twenty five hundred, Canadians get it in the tax and cost ears.
Well Laytoon, was 10,000 (Canadian) jobs worth $10 billion? I think not, that would pay EI for decades.
Now I have a big ethical problem with workers in say SK or BC pumping gas paying more taxes and less federal services for corrupt corporations. Sorry, this is not morally nor ethically right.
Thank you leftie-unionist socialists for selling out Canadians coast to coast like no other in the history of Canada.
I do not vote NDP, I do not vote Liberal and I do not vote Conservative, they all sold us out!!!
GM, a real looser.