Skip to comments.GM chief: "We got a second chance" (Then pay the taxpayer's back! Ford did NOT get a bailout)
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 ...
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.
I love bailout politics. Wall Street did the same thing and was heralded as captains of capitalism. What a counry!
Who couldn’t make a profit with billions of interest free money of which you only pay back a fraction?
Time will tell if any jobs were saved. The problem that caused GM to fail are still with them. CAFE standards and the union
Pay your loan back!
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.
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!
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.
Some corporations are more equal than others.
“...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!
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?
Hahahahahahahahahahahahahaha.......ohhhh.....just a second......have to catch my breath.........Hahahahahahahahahahahahahahaha!
THE BIG DEMOCRAT CAMPAIGN MONEY MACHINE keeps rollin’ on!
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.
“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.
“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.”
How do you like them apples?
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.
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!
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.
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.
GM should have been liquidated, or at the very least broken up into several companies.