No it was not. There are a few union members who made out like bandits and a few more senior managers who got to keep their very generous pensions. It was worth it for the president because he was able to sway Michigan and Ohio by convincing people the auto bailout was for them. But for the rest of us, the world would be better off if GM had died in 2009.
It never stopped being Government Motors. But the “partnership” seems to be strengthening again as the ignition switch scandal continues.
For the companies which make parts for car manufacturers Government Motors now ranks as the worst with which to do business. GM even beat out Chrysler which has traditionally occupied this particular basement.
No biggie. $11 billion here. $11 billion there. And because Treasury sold the shares back to GM, even though it was at a loss, the move took the restrictions off of executive pay. So that’s nice for the executives.
We’ve said multiple times that GM is a company which deserved and deserves to die. It is a shame that this company still treads the earth along with the rest of the herd of bailout dinosaurs.
We are just beginning to get the story on why vehicles were not recalled to GM when they should have been. That the vehicles involved might have shown the government sponsored car manufacturer in a bad light had nothing to do with the slow response of course.
GM at this point should be GMC, Corvette, and Cadillac. These make make sense. There are customers for them and the quality of the cars is nearly that of Japanese and German autos. Cadillac particularly has made tremendous strides. It’s no Mercedes Benz or even BMW, but it has gotten consistently better over the last 10 years. The bumpers don’t fall off anymore. (Remember the Coupe Deville?)
Earlier this year the Treasury decided to sell off the remaining position it (and the taxpayers) had in Government Motors at a $10 billion loss.
Hey it’s only the taxpayer’s money. Why any American who cares about the size of government, or simply just using money wisely, would ever buy a GM product is lost on me.