They sold off-spun off Cadillac. I have no reason why. But it was an entire division—poof, gone.
The regime and GM screwed every bondholder, illegally, and handed the company over to union control, at least as far as I understand what happened.
So, given the perfidy that apparently fueled the GM is alive and bin Laden is dead continues.
I think it is like bying a “Rolex” watch from a guy on the street corner for 50 bucks.
Stupid is as stupid does my mama always said.
Cadillac is still part of GM.
Oldsmobile, Pontiac, Saturn, Hummer, Saab are gone.
Obama administration gave a very large percentage of stock in Chrysler to the UAW in what eventually became Fiat Chrysler Automobiles.
Not GM. The value of Chrysler was underwater. The unfunded pension liabilities exceeded the market value of Chrysler even if stripped of its other liabilities in Bankruptcy court.
So Obama gave Fiat majority control of Chrysler and a few billion dollars.
Fiat purchased Chrysler stock from the UAW and merged the two companies. The UAW selling the Chrysler stock is supposed to fund Chrysler employee pensions. After the UAW mafiosi wet their beaks a little.
GM is in between bankruptcies for another whole host of reasons.