Tag Archive: Bailout


Evidence Mounts That GM Delayed Recall With Deadly Results

” New evidence is surfacing that General Motors has known for years about the deadly defects in its vehicles (as I suggested here last week) that are just now being recalled. The defects have led to the deaths of at least six people and are the basis of an ongoing lawsuit against GM.

  The deadly recall delay by GM has garnered the attention of Mainstream Media as usually GM-friendly sources like USA TodayThe New York Times, CNN Money and even CBS Evening News have rightfully decided that the accusations of deplorable behavior by GM deserve to be shared with the public. It is time for GM to explain its handling of the delayed recall that only came after a lawsuit settlement with one of the victims.”

 So Obama’s Government Motors has been covering up a manufacturing defect that has been known for years and has resulted in numerous deaths . Why are we not surprised at this revelation ?

   Oh yes , it must be because the GM bailout is President Transparency’s signature triumph . What are a few lives in fly-over country when the legacy of the emperor is at stake ?

” A Georgia attorney is alleging that GM knew about the problem since 2004 but failed to undertake a recall until mid-February, when GM (GM, Fortune 500) recalled 778,000 Chevrolet Cobalt and Pontiac G5 cars. The cars’ ignition switch could easily be bumped or shaken out of the “on” position. When that happened, the engine would shut off leading to a loss of power steering and braking assistance. Also, in the event of a collision, the airbags would not work.

GM acknowledged at least 6 deaths resulting from the problem.”

    GM’s own engineers uncovered the problem as early as 2005 but someone made the decision to stifle that information yet no one seems to have died as a result until after General Motors became Government motors . Yet even as the State took over the company and the death toll mounted nothing was done that could have upset the carefully crafted image of a company brought back from the brink of disaster , a phoenix , arising from the ashes on the wings of a big government vulture .

” A GM engineer experienced the problem while test-driving one of the vehicles in 2004 according to deposition transcripts provided to CNNMoney by Cooper. GM’s engineers concluded there was a problem with the ignition switch in 2005, the depositions showed.”

   Nine years … that’s what it took for GM to admit it’s error and launch a recall , and this from one of the most closely watched and scrutinized corporations in America over the past decade . As a matter of fact for half that time the company has essentially been a subsidiary of the US government given Obama’s “investment” of our tax dollars in the preservation of his union cronies jobs . 

    Might that not make the Federal government a co-conspirator in the cover-up and a co-defendant in the class action suit gathering steam as we speak ? We’ve already seen how collusion on “creative accounting” techniques has allowed GM to “repay the loans” from the taxpayers in an amazingly short time . Time enough in fact , to serve as a campaign medal in 2012 , no ?

” The fact that the death that allegedly resulted from the delayed recall occurred in 2010 puts “New” GM in a position where they can not weasel out of responsibility by claiming that “Old” GM was at fault. GM emerged as a “new” company in 2009 after their Obama-manipulated bankruptcy process and any claims by victims of “old” GM were washed away along with the investments of GM’s shareholders and bondholders. GM may also have to answer to its friends in Washington, as it would not go unnoticed if NHTSA does not question the actions of GM as well.”

    So much for the State and it’s highly touted position as overseer of public safety. There is time honored wisdom in not allowing the watched and the watchers to become one in the same , a lesson who’s truth fades as the the State insinuates itself deeper into the affairs of business and health .

” The public should be aware of GM’s reprehensible behavior regarding its botched recall. People have died, and more are at risk because of GM’s refusal to recall all defective vehicles. Let’s hope that continued pressure from media sources encourages GM to start acting in an ethical manner. TV networks should not shy away from asking tough questions about GM’s recall scandal. Money and political power should not shield a corporation that seems to put profits above human lives and GM should be held responsible for its actions.”

    While we are considering placement of fault we would be remiss if we failed to make note of the fact that the people’s self-appointed “watchdogs” in the media have been less than diligent in uncovering this story in the first place . Since this scandalous tale plays out over nearly a decade it seems inconceivable to us that the MSM has not had an inkling of this tragic course of events until the present time .

   That is of course unless the press , in the pursuit of their primary duty of running damage control for the current administration , knew and deemed it not in the best interests of the candidate public to be informed of potential deadly cars produced by their boy’s chosen corporate success story . 

Be sure to read the entire sordid tale from National Legal and Policy Center

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Government Sells Last Of Its GM Shares

 

 

 

 

 

” U.S. taxpayers no longer own any of automaker General Motors. The Treasury sold the last of its remaining 31.1 million GM shares today. It started with 500 million shares in 2010.

  The taxpayer loss on the GM bailout is $10.5 billion. The Treasury department said it recovered $39 billion from selling its GM stake, and had put $49.5 billion of taxpayer money directly into the GM bailout.

  The total bailout rises to $51 billion, including another $1.5 billion that Treasury put into programs to keep GM suppliers afloat and to make sure owners’ warranties were honored, plus some into the old GMAC finance company that’s now known as Ally — separate from a much larger Ally bailout.”

 

    The only winners in this “too big to fail” bailout fraud were Obama’s union cronies . The stockholders and taxpayers took a bath . The $10.5 billion that is admitted as loss does not take into account the loss to middle management that didn’t have a friend in Barack and lost their retirement packages nor does it reflect the loss bondholders were forced to undergo as Obama essentially stole their assets to preserve his union crony’s golden parachute benefits . Corruption all around . 

 

 

 

 

 

 

 

 

Rand Paul: You’ll Bail Out Detroit ‘Over My Dead Body’

” Why would Mr. Paul be so against another bailout? Hmm, maybe because we don’t have the money. That kind of stuff matters to some of us.

His final piece of advice:

“You don’t set up an implicit promise from the federal government that everybody is getting bailed out,” Paul said. “It’s sort of like too big to fail for banks. If you have too big to fail for cities or for states and they believe they’ll be bailed out they’ll continue to make unwise decisions.

“So, really, the answer is, just like the federal government, live within your means and spend what you have but don’t spend money you don’t have. The problem is so many of our state governments, the politicians are being elected by the public service unions. “

Cyprus Bail-Out: Savers Will Be Raided To Save Euro In Future Crises, Says Eurozone Chief

 

 

 

” Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe’s single currency by propping up failing banks, a senior eurozone official has announced.

The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.”

 

 

 

 

Cypriot President ‘Warned His Friends  To Move Money Abroad’ Before Financial Crisis Hit

 

 

 

” Cypriot president Nikos Anastasiades ‘warned’ close friends of the financial crisis about to engulf his country so they could move their money abroad, it was claimed on Friday.

The respected Cypriot newspaper Filelftheros made the allegation which was picked up eagerly by German media.

Germans are angry at the way their country has been linked to the Nazis and Hitler by Cypriots angry at the defunct rescue deal which called for a levy on all savings.

The Cyprus newspaper did not say how much money was moved abroad but quoted sources saying the president ‘knew about the possible closure of the banks’ and tipped off close friends who were able to move vast sums abroad.

Italian media said the 4.5 billion euros left the island in the week before the crisis.”

 

 

 

 

 

EUROZONE COUNTRY: SURPRISE! WE’RE PUTTING AT LEAST A 6.75% TAX ON YOUR BANK DEPOSITS

” People with bank accounts in Cyprus were shocked Saturday to learn that as part of an agreement reached with international creditors, the government has imposed a tax on all deposits to help bail out the nation and its banks.

While the island nation may be small, it’s an international favorite for offshore banking– particularly for wealthy Russians.  The tax will range from 6.75% to 9.9%, depending on how much is in the account.

“This is a clear-cut robbery,” Andreas Moyseos, a former electrician who is now a pensioner in Nicosia, told the New York Times. Iliana Andreadakis, a book critic, further added: “This issue doesn’t only affect the people’s deposits, but also the prospect of the Cyprus economy. The E.U. has diminished its credibility.” “

 

 

 

America Sinks as We Bail Out Egypt

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” John Kerry just spit in the eye of the American people.  For the past month we have been bombarded with Obama and his administration predicting Armageddon due to the sequester.

   The American people were supposed to be looking at cutbacks and layoffs, long lines at the airports, no more food inspections, and children starving in the streets!  Not to mention we haven’t enough money to send the aircraft carrier U.S. Truman to the Persian Gulf.Well that was last week.  I guess we found some spare change in an old suit because John Kerry just gave $250 million to Egypt and the Muslim Brotherhood this weekend!  Wow!  Think of the kids that could have fed

  Just after the delivery of our $213 million dollar gift of F-16’sto the Muslim Brotherhood, guess who was invited over for tea?  None other than Ahmadinejad who received the full red carpet treatment from Morsi.  What was he doing?  Picking out which jets he wanted sent to Iran?  Perhaps they were comparing notes on their hatred of Israel calling the Israeli people “descendants of apes and pigs” and saying that Egyptian children should be “nursed” on “hatred for Israel”. “

The Dirt On ‘Government Motors’

 

” Maybe the most disturbing news in “American Turnaround,” Ed Whitacre’s new book that describes his stint as head of General Motors, is how naïve he was about what it means to run a company that’s been bailed out by the federal government, and is now regulated by the anti-business types who populate the Obama administration.

As Whitacre takes the job back in 2009, he thinks that the automaker’s government masters are rational people looking to help the company survive and thrive. Along the way, he finds out that they’re not.

In fact, their true goal wasn’t to maximize profits to ensure GM survives for the long term, but to keep control of the company as long as possible (the feds still hold a 26 percent stake today) to both keep its union allies fat and happy and to please its green buddies by forcing GM to produce hybrid vehicles that the vast majority of Americans can’t afford now, and never will.”

“One of the Biggest and Most Elaborate Falsehoods Ever Sold to the American Pubic” (The Bank Bailouts)

 

 

 

” One thing, which I wish Taibbi had emphasized more is that it looks increasingly like credit would not have “seized up” across the board, for very long anyway had the big banks been allowed to fail. The mid-sized banks and the community banks, which lacked exposure to much in the way of toxic assets (because they sold them off to the big banks which then folded them into Mortgage Backed Securities) would have survived. It would have been bumpy but well run banks just outside of big bank status, BB&T for instance, would have filled in the space.

The bailout was, as David Stockman says, a Wall Street crisis. The bankers all freaked out when their bets turned terrible, and then played the information leverage game with Washington to get the tax payers to pay for their mistakes. They basically said that the entire economy was going down (it wasn’t) and therefore an unprecedented abandonment of what was left of our market based economy was justified. It was a giant con. “

 

 

Illustration By Mike Keefe

 

” Government Motors opened plant in China four months after closing plant in Wisconsin “

   “A bailed out General Motors expanded its small truck and SUV manufacturing in China soon after closing down similar facilities in Janesville, Wisconsin—the plant Barack Obama pledged to save
and keep open for “another hundred years” in 2008.

  GM has increased its manufacturing capacity in China by 55 percent since emerging from bankruptcy thanks to a $ 50 billion bailout from taxpayers. An
important piece of that increased
capacity has taken place in Changchun, Jilin Province in China.”

” It’s no secret that the Obama administration (including Obama himself, who reassured the UAW that he’d personally buy a Volt when his presidency ended) has been flacking for the Volt for a long time — but that’s kind of unfortunate for them (and for GM) because it helps set the stage for what an abysmal failure the car has
been. “

As Steven Green points out , the success of Dear Leader’s voltswagen  ( poor analogy I know given the ubiquitous presence of the Bug , but I couldn’t resist , I’m easily amused I guess ) , I mean Volt , has been a fitting example of the endless downward revisionism we are subjected to as the left tries to justify their failed policies .
   
   They have gone from saying that a sales figure of 10,000 per month , a number touted by the Obama Administration , was likely, to saying that 5000 was a victory , to again lowering the bar for success to 3000 . Don’t forget now that the cars were flying out the door so fast that GM had to shut production down to offer their employees a little R&R… LOL
    Now that is popularity on a massive scale . With total Volt sales for 2011 at 7700 units and maybe another 4-5000 this year that isn’t exactly a tidal rush of demand is it ? On top of that we have no idea how much monkey business has been used to create these sales figures . Let us not forget the tax-payer subsidies in the form of rebates .
    Suffice to say that even if they have to give them away we will be tirelessly regaled of the success of Detroit’s comeback in general and the  wisdom of seer Obama and his Voltswagen . It is an election year after all and the  Bootlick media um DNC is in full campaign mode

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