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Remember Good Ol’ GM? Let’s See What They’re Up To Now…(Psst- It’s Not Good)

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Remember ol’ GM and the bail-out? Remember the backroom deals and how so many of us homeowners lost so much equity in our homes when the bubble burst? Remember how many people lost their homes altogether and failed to receive a penny from banks that were fat off OUR tax payer bail-out money? Remember how many people lost their jobs? Remember how many people lost hope of ever finding jobs again? Remember how Obama just put them all on disability and faked the job numbers to make it look like it went down when it didn’t? I remember all of that. Most of us are barely digging ourselves out by now.

When I saw this article, I thought, “Wait, we bailed out GM and these guys are now criminally liable for killing & hurting over two hundred people over a problem they knew about for over 10 years???” In fact, since June 2009, GM has sold 12.1 million vehicles while recalling 13.8 million!!! They now admit that they knew those cars were killers. What kind of loser company is that, I asked myself??

So I decided to dig a little. People. It is so disgusting.  GM cleverly claimed bankruptcy in 2009, shortly after receiving a massive bailout from Dear George Bush. It used this bankruptcy to protect itself from almost all of the civil lawsuits resulting from the deaths that occurred from their willful criminal activity! It also used this bankruptcy to shed all its bad business decisions- ie, weak divisions and products. It then used the huge bailout from which we homeowners never benefited to now rebuild itself into one of the most profitable businesses today.

And guess what? All the stock that the US government bought (with our money) in GM in 2008? Well, it was in the old GM, you know, the one that claimed bankruptcy!!. That stock is useless and worthless, which is why we lost $10.6 billion while they, the new GM (the one in which we don’t own stock and the one that doesn’t need to pay for all those criminal deaths) made $22.6 billion. And guess what? It’s all legal. And now, GM gets to sit in the grand Poo-Bah chair and decide whether they will throw crumbs to the plebeians. GM is toying with the idea of offering ‘packages’ to the families of all those people they knowingly killed – even though, they say, they don’t need to.  How very grand of them.
Is this justice? Is this moral? Is it right? Government officials forcibly pried our sweat soaked cash out of our reluctant fingers and gave it (ahem, remember, People, Uncle Sam doesn’t own a dime, not one dime, so whenever anyone says ‘government’ money, they mean your money and my money) to GM, among other financial giants, who created this mess to begin with.  GM used this money to create themselves all over again. We, in our own dire needs, never received a penny of our own money as our home loans blew up in our faces. Most of us are still struggling to recover our retirement portfolios which suffered massive losses because these very institutions who received our money, were criminally fraudulent in their housing mortgage bundling practices. Where is our tax money back to us to help us restructure and reinvent ourselves? (Frankly, I want 10 years of my taxes back, thank you. That would help me greatly to recover from what these massive giants did to me and my investments.)
GM, however, was allowed to pay a pittance for their criminal behavior  while any one of us would have spent the rest of our lives in jail for willfully and knowingly selling a product that killed people.  Additionally, GM was allowed to merely claim bankruptcy and get rid of all the civil cases against them when none of us would be able to dispel these suits in civil court.  For us, these would be considered criminal and malicious and bankruptcy laws would forbid us from clearing them. The rest of us would be shackled with restitution payments the rest of our lives. The sheer financial fraud of those businesses, if done by one of us, would land us in jail, with huge penalties that would ensure we never built a business again. But ALL of these businesses (that were ‘too big to fail’) were rewarded with our money, allowed to claim bankruptcy and allowed to get away with literal murder without paying back a single victim.
So, why does GM get all this special treatment? Why doesn’t it have to repay the full amount it borrowed? I realize that Bush agreed to buy stock instead of give it a loan. But still. It’s not right. GM knew at the time of the bail out that it had this huge liability and had these civil lawsuits coming in the near future.  It must have already planned the strategic bankruptcy to get rid of the suits when the bail out was in the works.  It must have known that it would re-emerge as a new company with new stock.  Any financial analyst should have seen this coming.  So why didn’t we opt to buy into the new company?  Or write some provision like that- just in case?  Why didn’t we account for a provision where their stock didn’t recover and that they would still need to pay us back with interest over time?   Almost all the other companies have paid back their loans with interest. The American people did get their money’s worth.   No one cared to protect our money because…. it wasn’t their money.

None of this sits right with me.  Financial and engineering criminals were rewarded while we, the source of all that money, were left to sink or swim. To me, they need to pay us all back directly. I want a check in the mail. But GM takes the cake, they get the Evil Company of the Decade prize. It’s too much. The fact that they don’t need to pay the civil suits for people they killed is my stopping point. It boils me over. I am sitting here, rankled. Yes. My panties are all up in a wad. You gotcha. Hmph. I am seriously irritated.  You?

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  1. Anyone, who has any questions regarding the legitimacy of the ‘Federal’ Reserve should watch a segment of a documentary that I will provide a link to shortly. It is 47:03 long, but well worth the time! Would you believe me if I told you that NO LAW exists on record that requires you to pay income tax? Of course not! That is just ONE reason that this documentary is so incredibly important! All of the facts as represented in this documentary segment are traceable, easily verifiable – you only need to research them at a cursory level! I would also HIGHLY RECOMMEND watching the entire documentary entitled, “Zeitgeist: The Movie” by Peter Joseph. However, here is the link to the particular segment I was referring to: I personally would like to see it attain the status of ‘required reading’ prior to college enrollment! Although it initially infuriated me (and still does) – I thoroughly enjoyed it! I hope you do to! (I think you’re going to like this!) Best Regards, Tommy 🙂

    • Well, Thomas, I sure know a whole lot of people who would agree with you. I haven’t read it yet because I am in the business of proving things. I want to see the proof. Then put it up. I know there is a whole world out there about the Fed Reserve, the Tri laderal commission, the Bildebergers (sp?), etc. It would probably behoove me to read them. In fact, people have sent them to me and they are sitting right behind me as I type! lol. But I want to see what I see when I see them. I prefer it that way. I don’t want to be biased. What exists will show itself as obvious to the inquisitive eye. That is what I want to write about. Then, I want to link to verifiable evidence. I want to link to the bill, to the letter, to the legislation, to the quote, to the stock market. Only in this way will anyone believe anyway. Heck, even with this proof, people still call me conspiracy theorist. But at least I can say, hey, check the link, baby, THEN, come back and tell me I made it up. But I have not much doubt that all those books are probably true.

  2. Of course the gov could have let GM and Chrysler go under (ie chap 7) which is what would most certainly have happened if the gov hadn’t facilitated the Chap 11 filing, since there was no private concern with the cash, much less the willingness to step in 2009 with a economic conditions as they were to facilitate a Chap 11 reorg. If they had gone into Chap 7 in 2009, the cost to American tax payers in unemployment payouts and lost tax revenue and other social services would have far exceeded the amount lost facilitating the Chap 11 reorg. And the negative impact on related transportation industry members including other car manufacturers, as well as truck, RV, etc would have been significant. And of course there would have been no ignition switch recall because there would have been no company to execute the recall. And there very likely would have been no ignition switch warning because there would have been no one for the nhtsa to get data from and investigate. So millions of people would now be driving around with potentially dangerous vehicles and not know it. To this point GM has settled approximately 400 death and injury cases for an average of about $1.5 million each, of which $0 would have been paid out if they had been allowed to go Chap 7.

    Somehow it seems like someone should actually go to jail for incompetence and cover up, but that seems to be the nature of corporate obfuscation. One has to ask, how much time and taxpayers money should we spend trying to identify who the truly guilty parties are amongst the thousands of people tangentially involved with the case. Everyone wants so much for at least one evil corporate executive to go to jail in cases like this, but so often its just not practical.

    Doing the bailout I think cost the taxpayers much much less than allowing the companies to go into chap 7, and I think it enabled victims to be compensated where there would have been no compensation whatsoever, and I think it enabled future victims to be spared where they would still be driving around in dangerous vehicles.

    • Hello A Reader, said like a true pragmatist. You are probably right. However, shouldn’t there also be justice? If we estimated the cost of the trials for every petty thief, we would never prosecute any of them, I’m sure. Trials are always terribly expensive. Think of how many police officers, judges, court room personnel, police, courtroom & jailhouse property, etc that are spent in this justice process. One trial is unbelievably expensive- and yet, we do it. We do it for the ideal of justice. Because we are a country that believes in order and in morality. When we allow top officials to get away with murder, we are doing a grave injustice to those who are poor and are held to account for so much less. I say, spend the money on the investigation. If we don’t, other rich and powerful men will so the same thing. We do justice as a warning & example to others. We can’t allow criminals of such stature get away.

      As to allowing the automakers to succeed, I agree. We should have kept them going. It just bothers me that they were allowed to get rid of those lawsuits. Seems to me that they should be forced to settle the criminal lawsuits just like all of us individuals would have to do in a bankruptcy. I’m not understanding the law in this situation. It rankles me. I agree with the idea of a Chapter 10 but how did they manage to write off criminal lawsuits? I don’t understand the legality of that.

      Thanks for your input- I do understand that we must be pragmatists- but there must also be room for maintaining the idealism that makes this nation great. A balance is needed. This is extremely one sided in my opinion.

      • Shielding from future as yet undisclosed lawsuits in Ch 11 is not unique to this case. It is pretty much standard for Ch 11 reorgs. If someone in the private sector is considering investing the money to “bail out” a failing company and take them through Ch 11, they want to be confident that they can make their investment decisions based on the information on hand at the time of the Ch 11 filing, and not be hit with additional expense that they didn’t put into their calculations when they made their decision to invest. Without that sort of protection you’d probably see more Ch. 7’s and less Ch. 11’s because unknown future liabilities would make the investment too risky.

        Since GM’s case really was a bailout and not an investment, you could make the argument that GM should be on the hook for any future lawsuits, and subsequently the American taxpayer should in turn be on the hook if those lawsuits wound up taking GM under.

        Now, if the attorney’s handling the bankruptcy in GM’s case new about the potential ignition switch situation and didn’t disclose it that would be a very different situation, but as far as I know there is no evidence that those involved in the bankruptcy negotiations new anything about the ignition switch situation during the Ch 11 process.

      • You know and I know that THEY knew about the ignition switches and the lawsuits. In fact, almost all the lawsuits are from before the 2009 bankruptcy which is how they got written off, right? They knew. They didn’t all just come in between 2008 and 2009. They were there, secretly hidden from society. They just didn’t want to do a major recall because it would have finished off GM for good. They needed the bail out, then the chapter 11 protection from the lawsuits, the debt, and the ability to shed all the bad products/divisions, etc . The government knew. They aren’t stupid. They had analysts who would/could and most certainly did find this out. It would have been completely obvious. I think it was very dirty. As I said, I don’t have a real problem with saving our car industry for national security’s sake. But I do have a problem with cronyism. I do have a problem with criminality. I do have a problem that absolutely no one went to jail for murdering common people and their children. That is going way beyond the pale of chapter 11’s, don’t you think? There is something evil in all this. No company and their executives who represent their actions should be able to do crime, especially crimes that directly injure and murder people, and get away with it under any circumstance. Not when normal U.S. citizens can’t get away with it. That simply goes against every principle this country stands for. If this is the law, then we must change the law. IF that is what Chapt. 11 currently allows, then Chapter 11 laws must be changed. Period. Crime is crime. People must pay.

  3. Hi Short Little Rebel. I agree with you 100%. I am also seriously irritated. This crap is going on all over the world, but more so in the US. The government takes care of the rich corporations and screws the rest of us.

    • James, to be precise, corrupt politicians hand money to their friends in business. They shield them from criminal prosecution. They ensure they are never held accountable for criminal decisions. They don’t do these things for us, the tax payer, nor should they. They shouldn’t do these things for their friends. But they want their rich buddies to send them money for their campaigns- that is why they do it. We need to avoid phrases like, ‘government’ and ‘corporations’ because it implies that these are living things in and of themselves. It really comes down to individuals who want to be rich and powerful, to avoid prison and consequence. While I can understand the idea of keeping certain types of industry solvent for the purposes of national security (we really should have auto manufacturers on U.S. soil in order to maintain the ability to create larger vehicles for war.), I can’t understand why we didn’t investigate the individuals who signed off on paperwork that continued in the practice of using these bad ignition parts and the decision to not recall the products. These individuals should go to jail. And I know they go all the way up to the CEO & CFO. They couldn’t recall all those cars or pay those lawsuits or it would have finished their company. They needed to get the bailout $ money first, then claim bankruptcy, then do the recall- in that order- to survive as a company. Anyone can see that. There is real blood on people’s hands.

      AND we, as tax payers, should be rewarded for our sacrifice. We should receive a direct benefit from our investment, not these greasy politicians who will simply take that profit and use it for their own pet projects.

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