Archive for ‘General Motors’

July 21, 2009

Bankruptcy doesn’t stop GM fromdoing what it does best: Lobbying

They’re laying off factory workers by the thousands, but GM’s doing just fine down on K Street:

General Motors reduced its lobbying spending in the second quarter by only 1.4% compared to the first quarter, even though the second quarter saw the company go bankrupt, be taken over by the government, and announce it was cancelling its outside lobbying contracts.
In April, May, and June, GM spent $2,760,000 on lobbying according to its Q2 lobbying filing, compared to $2,800,000 in the first quarter.

But isn’t this a case now of one branch of the government lobbying another branch? Does that incestuous relationship have anything to do with ChevroGay?

Exit question: Are these GM lobbyists among those “jobs saved or created” that Obama keeps telling us about?

UPDATE: Interesting thought:

Can we expect General Motors to thrive based upon the record of the Federal Government’s handling of the Post Office and Amtrak? Already, Congress and the UAW are trying to micromanage this auto manufacturer by dictating which plants can be closed, where cars will be built, as well as preventing the dropping of unprofitable dealerships. American taxpayers will be paying for the losses of this corporation for many years to come.

Speaking of the Post Office, people who think profit, greed and capitalism are the root of all evil need to explain why “going postal” is a synonym for homicidal rage.

July 16, 2009

Gay Motors and the Beefcake Bailout

Now that Obama has taken over GM, henceforth Chevrolet will be known as the Gaymobile:

For a local movie promotion a week ago aimed at gay buyers, General Motors’ Chevrolet sponsored an online video on YouTube featuring the “Bumble Bee Boys in Briefs” — a couple of buff “go-go boys” wearing only Speedo-type swimsuits with the letters CAMARO stitched across the behind. In the video, they are washing a Camaro. . . .
The video was produced to promote Chevrolet Gay Days at the Movies in Los Angeles, part of an ongoing outreach program to minority groups and the gay-lesbian-bisexual-transgender community. The movie was a screening of the new Transformers movie, chock full of GM vehicles including Bumblebee, a Camaro.

If you see a guy driving a Chevy . . . well, NTTAWWT.

UPDATE: I’m thinking Chevrolet needs a new slogan: “We’re here! We’re queer! We’re driving Chevy!”

UPDATE II: In keeping with their LBGT/Obama agenda, General Motors today unveiled a new logo:

June 6, 2009

I’m not sure this was part of the narrative

by Smitty (h/t Instapundit)

The Weekly Standard reports:

Senator Lamar Alexander introduced the “Auto Stock for Every Taxpayer Act” today, which would “require the Treasury to distribute to individual taxpayers all its stock in General Motors (GM) and Chrysler within one year following the emergence of the companies from bankruptcy proceedings.”

I see a few problems with this:

  • The Treasury Department stole those shares fair and square. Loss of the asset could have deleterious effects on various graft, kickback, and corruption schemes. Distributing shares has not been deemed The Right Thing to Do.
  • If people have something to lose, they may cease to vote as if they’ve nothing to lose. Thus, this is a violation of the ‘total enslavement’ doctrine.
  • Some of the lumpentproletariat may even figure out the game, and become harder to manipulate. Heaven forbid, they may even become as educated as someone who went to Yale or Havard, given enough generations. This would not do.
  • Lamar Alexander is a Republican, and thus cannot be permitted to diminish the glow of The One.
  • He Who Must Not Be Named would be displeased.
April 28, 2009

Ayn Rand’s prophecy fulfilled

Who else ever imagined such a Big Labor/Big Government swindle as Obama is attempting to perpetrate against GM bondholders? This fraudulent scheme is almost guaranteed to cause another economic meltdown. Ed Morrissey explains:

Even though you own $27 billion in GM bonds, you’d get 10% of the company. The UAW, which has a claim on $20 billion for its health-care and pensions obligations, would only have to sacrifice half of that to get 39%. The feds, who will invest another $9 billion to bring their total investment to the same level as your bonds, wants 51%. . . .
Does anyone at the Treasury do math any longer? The total sacrifice of all three parties would be $64 billion, of which the federal government and the bondholders are contributing the same percentage: 42.2%. The UAW will contribute about 15.6%. Why would the Obama administration expect bondholders to contribute 42% of the solution in order to gain 10% of the company?

Looter tactics straight out of Atlas Shrugged. My advice to anyone owning market mutual funds or stock in a publicly-traded corporation can be summed up in three words: Sell, sell, sell!

Weimar America and Dow 3,000, here we come!

UPDATE: Saw a scroll on the bottom of Fox News saying that GM bondholders have rejected the deal — yea, bondholders! — which explains why the Dow is up, for now.

The “Geithner Motors” scheme of handing over the once-mighty industrial giant to the UAW goons whose greed has bankrupted the company has got to be the worst idea for “recovery” I’ve ever heard.

UPDATE II: Bloomberg, at 11:17 a.m.:

General Motors Corp. fell 8.3 percent to $1.87 for the steepest drop in the
Dow. Bondholders find the automaker’s offer to exchange their $27 billion in
debt for equity unreasonable and said they should be treated more equitably with
labor unions.

A share of GM is now cheaper than a gallon of gas.