Thursday, August 12, 2010

General Motors Is Dead To Me

As far as I'm concerned, and until they make it right, GM owes us $50Bn. They can take their two quarters of profitability and shove them where the sun doesn't shine. Last quarter I thought it was some chutzpa when they declared their loans paid back with borrowed (from us) money. Now they're a profitable enterprise again? What, because they foisted off their union agreements on Uncle Sam? I didn't sit down at that collective bargaining table! How come I get stuck with the bill to pay for their gold-plated retirement and medical benefits, and GM gets to say they have $30Bn cash on-hand? That right there is messed up. And they're thinking of having an IPO now. Great. So Uncle Sam can sell my shares at a loss and GM can just go right on trucking with the same union that sunk them the first time, and then what? the cycle repeats. Fail. Suck. BOO!!!

The same type of sentiment applies to Chrysler as well, by the way. Never again until they revert to being a genuinely private concern will I be buying a new (or used) car from either of them.

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