GM - A swindle?

New information has come to light on the GM bailout.

GM was not as broke as they made out. They cooked the books because of an under the table, and illegal deal.

GM took most of it's cash and moved it to GM Canada to keep GM Canada from going bankrupt. This happened right before the Obama bailout.

This information was withheld from the Bankruptcy Judge. It came to light because of a lawsuit by the unsecured lenders that lost their money.

What GM did was illegal. The judge now has the authority to reverse the whole GM bailout. It is my understanding that bankruptcy laws were completely ignored when the lenders were sent packing and GM was given to the Unions.

Do you think the judge should reverse the decision?

Do you think he will?

http://www.thetruthaboutcars.com/201...m-canada-deal/

Quote:

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Originally Posted by Crotalus

It is my understanding that bankruptcy laws were completely ignored when the lenders were sent packing and GM was given to the Unions.

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That is your understanding huh ? IOW, when the unions lost their former medical benefits and pension guarantees ? That is being "given to the unions" ?

Quote:

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Originally Posted by Crotalus

New information has come to light on the GM bailout.

GM was not as broke as they made out. They cooked the books because of an under the table, and illegal deal.

GM took most of it's cash and moved it to GM Canada to keep GM Canada from going bankrupt. This happened right before the Obama bailout.

This information was withheld from the Bankruptcy Judge. It came to light because of a lawsuit by the unsecured lenders that lost their money.

What GM did was illegal. The judge now has the authority to reverse the whole GM bailout. It is my understanding that bankruptcy laws were completely ignored when the lenders were sent packing and GM was given to the Unions.

Do you think the judge should reverse the decision?

Do you think he will?

Will Creditors’ Lawsuit Undo GM Bailout? Bankruptcy Judge ‘Shocked’ By Undisclosed GM Canada Deal | The Truth About Cars

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If it upsets you so much, get off your high horse and do something about it instead of whining.

“He who lives by fighting with an enemy has an interest in the preservation of the enemy's life.”

Friedrich Nietzsche

:shrug:

I am so tired of the trashing of private unions. This was a decision by management, and yet it "is the unions fault."

GM should give every penny back and be forced to pay the lenders they "screwed".

Once again, one of the main culprits in this situation (if its true, I haven't read up on it) is your gov't who bailed them out. People like myself were insisting that the gov't had no business getting into the auto industry. But when Uncle Sam shows up with a bag of cash, there's always an audience. The wisdom of bailouts should be scrutinized here more than anything else.