Saturday, August 20, 2011

General Motors: Another Government "Investment" Gone Sour, And Begging For A Waiver...

Remember how we would make all of our money back, and more, from the government's investment in GM's IPO? That the $33-/share IPO price was a steal, certainly to skyrocket past the $50 range and bring a tidy return for us "investors"?

Like every other investment Obama has made the with American treasury, this too is suffering from his reverse-Midas Touch, and turning rapidly into shit:

(click to enlarge)

Meanwhile, it appears as if the Chevy arm of GM is looking to get a waiver on the piss-poor job it has done constructing vehicles:

General Motors Co (GM.N) is seeking to dismiss a lawsuit over a suspension problem on more than 400,000 Chevrolet Impalas from the 2007 and 2008 model years, saying it should not be responsible for repairs because the flaw predated its bankruptcy.

But in a recent filing with the U.S. District Court in Detroit, GM noted that the cars were made by its predecessor General Motors Corp, now called Motors Liquidation Co or "Old GM," before its 2009 bankruptcy and federal bailout.

The current company, called "New GM," said it did not assume responsibility under the reorganization to fix the Impala problem, but only to make repairs "subject to conditions and limitations" in express written warranties.

Who will Barack Obama support? Innocent Americans who have fallen victim to the gross negligence of the "fat cats" at a major corporation? Or will he work instead to protect his personal/political investment in the GM bailout at their expense?

Oh, that's too easy...

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