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GM chief: "We got a second chance" (Then pay the taxpayer's back! Ford did NOT get a bailout)
cbs ^ | 2/16/2012 | Dean Reynolds

Posted on 02/24/2012 4:03:46 AM PST by tobyhill

On Thursday the Dow closed at 12,904. That's near its highest close in nearly four years. General Motors was up 9 percent on that news that GM has posted the highest profits in its history.

You may remember that GM was bankrupt and bailed out only three years ago, causing some to joke that the initials stood for "Government Motors." The car maker has covered a lot of road since then and CBS News correspondent Dean Reynolds caught up with the man in the driver's seat .

We met Dan Akerson, who has been CEO and chairman of General Motors since September of 2010, along a Detroit assembly line producing GM's Volt electric car, a symbol of GM's rebound.

"We got a second chance here," Akerson said. "A million jobs were saved, the industrial infrastructure and the manufacturing base of America in large measure is still intact. In fact it's prospering. All three of the big automakers are now profitable for the first time since maybe the '60s or '70s."

(Excerpt) Read more at cbsnews.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: automakers; bailout; generalmotors

1 posted on 02/24/2012 4:03:50 AM PST by tobyhill
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To: tobyhill

GM made over $6B in profits and is real proud and giving bonuses. They took $18B and made their stockholders eat their losses and now aren’t giving anything back.


2 posted on 02/24/2012 4:15:27 AM PST by BuffaloJack (Defeat Obama. End Obama's War On Freedom.)
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To: BuffaloJack

I love bailout politics. Wall Street did the same thing and was heralded as captains of capitalism. What a counry!


3 posted on 02/24/2012 4:18:20 AM PST by Wolfie
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To: BuffaloJack

Who couldn’t make a profit with billions of interest free money of which you only pay back a fraction?


4 posted on 02/24/2012 4:18:36 AM PST by razorbak
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To: tobyhill

Time will tell if any jobs were saved. The problem that caused GM to fail are still with them. CAFE standards and the union


5 posted on 02/24/2012 4:19:34 AM PST by South Dakota (shut up and drill)
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To: tobyhill
GM, I want my money back you greedy prix!! Obama and Bush steal my money and give it to you to survive, now I'm going bankrupt!

Pay your loan back!

6 posted on 02/24/2012 4:21:17 AM PST by sirchtruth (Freedom is not free)
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To: tobyhill

GM lost money in its foreign operations, but made money domestically. How many more stimulus grants can be given out to every county and township, to buy their new dogcatchers a new vehicle? Add to this the fact that Americans (who aren’t driving government fleet vehicles) are keeping cars longer than ever, and have sharply dropped miles driven, and...I don’t believe their numbers will be sustained.


7 posted on 02/24/2012 4:30:03 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: lacrew

Akerson is the captain of the Titanic but he doesn’t know it yet.

Same with the owner of the Itailian liner, Chrysler Fiat

GM FAIL! OBAMA FAIL! FIAT FAIL!


8 posted on 02/24/2012 4:36:11 AM PST by wetgundog (" Extremism in the Defense of Liberty is no Vice")
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To: tobyhill

With a ten year hiatus from paying corporate income taxes, how can any company not be profitable.

Plus, how is GM’s Board goign to negotiate UAW contracts when the union males up the majority of its Board members?

And let us not forget that when Fiat bought Chrysler, ONE BILLION dollars was left unpaid to the American taxpayers and forgiven.

This was nothying but a huge bailout of the UAW, its legacy and pension costs and a huge vote buying scam.

All with OUR money.

Our government is simply looting the American taxpayer on multiple levels.


9 posted on 02/24/2012 4:37:47 AM PST by exit82 (Democrats are the enemies of freedom. We have ideas-the Dems only have ideology.)
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To: exit82
With a ten year hiatus from paying corporate income taxes, how can any company not be profitable.

Some corporations are more equal than others.

10 posted on 02/24/2012 5:21:46 AM PST by 6SJ7 (Meh.)
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To: tobyhill

“...along a Detroit assembly line producing GM’s Volt electric car, a symbol of GM’s rebound.”

The Volts for dolts has been an utter failure!


11 posted on 02/24/2012 5:38:56 AM PST by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: BuffaloJack

Why do I think that a TRUE accounting would cause that “record profit” to disappear like a puff of smoke and probably be replaced by a huge loss?


12 posted on 02/24/2012 5:57:03 AM PST by RipSawyer
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To: tobyhill

Hahahahahahahahahahahahahaha.......ohhhh.....just a second......have to catch my breath.........Hahahahahahahahahahahahahahaha!
THE BIG DEMOCRAT CAMPAIGN MONEY MACHINE keeps rollin’ on!


13 posted on 02/24/2012 6:11:20 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: BuffaloJack

I think they should be made to repay the bondholders who, for the most part, were individuals putting their faith in the bankruptcy system for repayment. Forcing bondholders to transfer equity to the unions was a double edged sword, reducing both principal and income. For many elderly investors, both direct and through equity funds, this has severely impacted their retirement and way of life.


14 posted on 02/24/2012 6:20:33 AM PST by Boomer One
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To: tobyhill

“All three of the big automakers are now profitable for the first time since maybe the ‘60s or ‘70s.”

This is a flat out lie. There has been many periods of profitability for each of the big three in the 80’s, 90’s and 00’s. On another note, GM should have filed BK and they would be much stronger today.


15 posted on 02/24/2012 6:21:58 AM PST by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
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To: exit82

“GM also said Thursday that its 47,500 blue-collar workers in the U.S. will get $7,000 profit-sharing checks in March. The checks are based on North American performance and are a record for the company.”

http://www.usatoday.com/money/companies/earnings/story/2012-02-16/general-motors/53113520/1

How do you like them apples?


16 posted on 02/24/2012 8:32:48 AM PST by SoCal Pubbie
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To: CSM
Parsing words, the quote implies that this would be the first time since the 60s or 70s that all three of Chrysler, Ford and GM turned a profit in the same year. Technically, the statement the guy made MAY be correct. You would have to find profit numbers for all three companies going back three decades. Your point is still valid though, in that the statement lends a false impression of the real history
17 posted on 02/24/2012 8:36:44 AM PST by SoCal Pubbie
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To: SoCal Pubbie

“GM also said Thursday that its 47,500 blue-collar workers in the U.S. will get $7,000 profit-sharing checks in March.”

####

Because in the escalating class War fomented by the Communists, bonuses for “blue-collar” workers are infinitely morally superior to bonuses for those with white-collars.

Even if the “bonuses” are nothing more than open theft, from taxpayers and legitimate securities holders.


18 posted on 02/24/2012 8:43:30 AM PST by EyeGuy (2012: When the Levee Breaks)
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To: SoCal Pubbie

Even with your clarification it is a flat out lie. I’ve been in the industry for 15 years and when I started in the late 90’s all 3 were profitable. The only reason Ford lost that status in the early 2000’s was because of the Firestone debacle on the Explorer.

Then my fellow Michiganders elected Granholm and all heck broke loose. My campaign slogan for Obama in 08 was, “vote Obama and export Michigan’s economy to the rest of the nation.” It worked!


19 posted on 02/24/2012 8:55:30 AM PST by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
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To: CSM

I’m sure you’re right. as I wrote it would take a look at the profit numbers to confirm and I did not find them online. But what would one expect from the head of GM that was hand picked by Obama? What’s depressing is the guy’s a Republican. Every day I am more convinced that politics are all a charade, and that the real goal is simply power and money for those on the inside.


20 posted on 02/24/2012 9:03:03 AM PST by SoCal Pubbie
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To: SoCal Pubbie

Your suspicion about politics is probably spot on, as is evidenced by the all out effort to totally destroy any outsider (i.e. Palin, Cain, etc.) The saddest part is that it is at all levels of gov’t, from cities to the fed.


21 posted on 02/24/2012 9:19:57 AM PST by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
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To: tobyhill

GM should have been liquidated, or at the very least broken up into several companies.


22 posted on 02/24/2012 9:22:38 AM PST by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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