Imagine that! I’m glad. Why would GM do business in that Socialistic paradise in the first place?
will we have to bail-out GM again to cover their losses .¿
Could not have happened to a better company.
They should have closed up Shop years ago, slowly paring down Operations so they wouldn’t get too much attention.
They must have missed the writing on the wall.
Aside from the assets inside, this plant is worthless to Venezuela. It takes a lot of manufacturing plants to make a vehicle. Each plant only adds part of the solution. No plant builds a car from start to finish. I’m not sure what Venezuela hoped to gain by confiscating this tooth in the cog.
The Venezuelan soldiers will get Chevy pickups while the colonels get Corvettes.
This is why the nation with the world’s largest oil reserve is starving to death. They kicked out all the foreigners working in the oil sector.
In the end they will boil their shoe leather for a last meal.
General Motors says it will immediately halt operations in Venezuela after its plant in the country was unexpectedly seized by authorities.
Unexpectedly? The bigger question is what the hell did you have a plant in this crap hole country for in the first place?
I thought GM was already owned by the government? Is this the new socialism? Seizing property already owned by the state for the state???????
GM’s factory in the industrial city of Valencia has not produced a single car since 2015. Nationwide, car makers assembled just 2,849 cars last year, from a peak of 172,218 vehicles in 2007.
The seizure is the latest in a long string of government confiscations of factories and other assets that have been a staple of the so-called 21st century socialist revolution in Venezuela started by the late Hugo Chavez two decades ago. Venezuela is currently fighting claims of illegal asset seizures at a World Bank-sponsored arbitration panel from more than 25 companies, making it one of the most-frequently targeted nations in the world.
In March, a World Bank arbitration panel determined that Venezuela did not have to pay $1.4 billion to Exxon Mobil Corp. for confiscating company assets during a wave of nationalizations.
The Russians are moving in there so another trouble spot
They aren’t going to build anymore cars. So...the party chiefs sell the tooling for maybe 10 cents on the dollar and the rest as scrap iron for $20 per ton? Peanuts!
It could just be that the GM plant was one of the last/best employers. Misery lives company and communists love misery.
It’s communism. They hate any business that produces things that is not controlled by the State. Their natural reaction is to seize it.
There is no reason for any business to go anywhere a marxist country.
The people are starving and rioting in the streets, and he blames it on capitalism.
Under Obama, the USA would have bailed out General Motors (in exchange for sizable campaign donations.) Under Trump . . . we’ll see, but I doubt it!
Everything about Venezuela is a teachable moment. We should all be watching this awful collapse in great detail. There but for the grace of God ...
Atlas ping. The seizure of Rearden Steel.
I have a solution to “the” problem.
Brazil should invade Venezuela.
Many regional issues could be solved.
Just sayin
5.56mm
No, somebody decided they needed a new set of wheels.
Be fun to see what kind of ragtag buggies the Venezuelans come up with. If they stole the plant, does that mean they own the designs?
Would I want a car made by ANY GOVERNMENT? No, the workers would screw a screw halfway in and say, ‘Close enough for government work’ and 1 mile after you drive it off the lot, the screw (holding a wheel) falls off and the car crashes...
Venezuela — AND AMERICA — are suffering under the “myth” of UNBACKED PAPER FIAT CURRENCY and will continue to suffer until this very profitable — for a SELECT FEW – SCAM is halted!
Lori and I delve into this topic in part 2 of our series at the link below. Listen — if you dare!
1/2 HOUR RADIO SHOW ON MONEY, THE FED, INFLATION, ETC.
As some already know, since mid-2014, we’ve been doing a 30 minute weekly Wednesday
radio show (aka “rant”) with Dr. Lori Wilson out of WLBB in Carrollton, Georgia.
If you have an interest in listening, go to this link http://www.gradickcommunications.com
and the center “PODCASTS” Menu and click on “The Wednesday Show with Dick Bachert”
for the current program.
If you want to listen real-time, the show airs between 8:30 to 9:00 AM, Eastern