GM says bankruptcy excuses it from repairs

Drudge rotates links... it's best to put in what he links to.

The story is here:

The way the government did the special bankruptacy was to put all the liabilities on what is known as the 'old GM'. Thus people owed anything that didn't have government on their side are just SOL.

The way I see it, if you bought most GM products in the past 35 years, you were "SOL" anyway...

Still looking to keep the shareholders happy by making sure the customer is #1, i see...

This is the "New" GM?

No, it's the old GM. The new GM is a good sight better, not that that is a hard thing to be.

--scott

Brent wrote in news:j2na76$hdl$ snipped-for-privacy@dont-email.me:

Plus the government gave the new GM a perk no other bankrupt has ever gotten: the old company's considerable tax-losses. Therefore the New GM's "profits" are largely illusory.

Must be nice to have friends in high places...

make that "completely illusory". because they are.

toyota are thinking the exact same thing. indeed, the only way they got out of that mess was to invest heavily in, ah, "new friends". d.c. has become a cesspool of utter corruption.

what a disgraceful disgusting chicagoan shakedown that was - nothing short of maritime piracy. if i were a foreign company looking to invest in the u.s., that would give me serious pause. especially as we're continuing to reward and bail out the financial pirates that are still intent on sinking our ship as fast as they can.

further reading:

That's how fascism (in the economic sense, aka corporatism) works. Been that way for a very long time.

That's how it works when government has so much power. The only way to stop it is to keep government from having the power.

Matt Tabbi (sp?) has many good articles on the theft that's been going on. ( I assume that's the same one I read a few days ago, didn't check)