A bit of background on me, I worked for Ford Motor company for 13+ years, as an assembler and a shop steward( Yes I have a lot of stories about unions). when my plant closed, I had the option of transferring, to Louisville Kentucky where the Super duty is built and the Explorer which would mean that I wouldn't see my family since my wife wasn't going to move and family is more important than the job. I took the severance package. I then found gainful employment where I am at now. I do not hate my past employer Ford Motor Company, they treated well in a bad situation. I still have my stock and will buy another Ford when the time comes to replace one of my existing Fords. Ford motor mortgaged themselves to the hilt to finance their own restructuring. They refused government help and I was very pleased that they did not accept tax payer assistance. GM and Chrysler abased them selves to Obungler who helped them screw every else over and reward the democrap base with a major stake in the company.
The transformation of General Motors (GM) to Government Motors (GM) has cost a lot of Americans a lot of money.
Many, many of them under questionable and in fact illegal circumstances.
We were originally told – by Obungler himself – that we would make money on the bailout. Now we’re told we’ll lose somewhere between $11 and $14 billion (and given the stock market,s long slow slide maybe even more).
And about which we were lied to by the administration. Which said this titanic loss of coin is less than they were expecting – just seven months after Obama his own self said we’d turn a profit.
Then there was the 2009 GM bankruptcy filing (which we were told our $50 billion would forestall – oops).
Read more here
Were you going to mention the Old GM/New GM warranty problems as well?
ReplyDeleteAs for Ford not taking any stimulus moneys, I was so happy to see this, and to boot, then, not debase themselves by going for seconds as GM and Chrysler did.
Yes I was, That is where this article was going. GM and Chrysler bondholders and stockholders took it in the neck on account of this. Now the warranty issues have surfaced. This will hurt GM and Chrysler car purchases for the future.
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