End of the line for Holden

[tomcat racing]

Originally Posted by ERA2076

They should have been forced out of existence in 2008 along with GE, Citi, Chase Morgan, Merrill Lynch, Bank of America and Wells Fargo. One of the largest transfers of debt to U.S. citizenry - at the end of a gun.

I would not drive one of their vehicles if it were given to me.

Thank You ERA 276,
Herein lies the real facts about GMH folding, go back and read your quote you posted up about the last 10.5 billion in shares being sold by the US Govt last monday.

There is no more money coming from the american taxpayer to prop up GM USA who are in serious trouble.

Wednesday morning in Australia, GMH announces its closure.

You dont have to be einstein to work that one out.

I knew this had happened, but this info is not readily published in any australian media, they like to keep everyone downunder dumbed down so the 70%s blame the unions etc.

This company has been surviving worldwide on taxpayers handouts by bribing governments, while their CEOS have been flying around the world in their private jets.

Another Fact,
When the american car industry fell in a heap in 2008 under Bushs watch, Barack Obama in 2009 called in the heads of the big three car companies, the CEO of GM flew into Washington DC in his BIG ostentacious jet and Obama was not amused, such a display of greedy arrogance for a company in deep trouble was not going to be tolerated.
He called for his head, and he got it, the CEO was sacked and im pretty sure all the board resigned.
Total ineptude at the top of the company.

Thats whats wrong with this world, all corporate debt is being transfered to the citizens of countries by conservative governments, thats the real story of what happened in Greece and Spain.

But you wont read anything about that in Murdocks newspapers or on ****tell

[ERA2076]

Originally Posted by tomcat racing

Thank You ERA 276

My pleasure - I forgot Chrysler - we essentially paid Fiat $1.2b to take it.

[ERA2076]

perhaps more

American taxpayers have already spent more than $13 billion bailing out Chrysler. The Obama administration already forgave more than $4 billion of that debt when the company filed for bankruptcy in 2009. Taxpayers are never getting that money back. But how is Chrysler now paying off the rest of the $7.6 billion they owe the Treasury Department?

The Obama administration’s bailout agreement with Fiat gave the Italian car company a “Incremental Call Option” that allows it to buy up to 16% of Chrysler stock at a reduced price. But in order to exercise the option, Fiat had to first pay back at least $3.5 billion of its loan to the Treasury Department. But Fiat was having trouble getting private banks to lend it the money. Enter Obama Energy Secretary Steven Chu who has signaled that he will approve a fuel-efficient vehicle loan to Chrysler for … wait for it … $3.5 billion.

The fake Chrysler loan payoff « Hot Air

[Rog246]

What !??! WTF
All this in a free market economy
And you won't cough up for a decent medicare system for everyone ?
Would that be because the free market capitalists have spent ALL your money ?
Is it the 3rd or 4th time GM has been bailed out ? And God only knows about Chrysler
How do share holders put up with that and with CEO's getting not big bucks, but MASSIVE $'s ?
What I truly don't understand is that CEO's get paid squillions and are really only responsible to maybe 100,000 shareholders and the country's CEO (El Presidento !) who is responsible to hundreds of millions of people, gets a pittance in comparison Where exactly is the logic in that ?
As a quick aside wonder if the CEO's got paid a performance bonus by getting Gov't to bail them out ?
Jeez I'm a cynical bastard