GM STOCK HITS NEW LOWS, COMPANY IN TURMOIL

[CactusCarlos]

http://www.breitbart.com/Big-Government/2012/07/30/GM-in-turmoil?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+BreitbartFeed+%28Breitbart+Feed%29

Remember that vaunted General Motors recovery ushered in by President Obama’s bold bailout program?
Well, not so much.

In June 2009, GM filed for Obama-managed bankruptcy, costing the taxpayer some $50 billion. The vast majority of that cash was never paid back by GM. In November 2010, GM issued a new initial public offering at a price of $33 per share. Today, GM stock is trading at approximately $19.36, down about 40% from its initial price.

And the executive turmoil in the company is reaching fever pitch. Opel, a majority-owned subsidiary of GM, dumped CEO Karl-Friedrich Stracke about two weeks ago. GM Vice Chairman Steve Girsky replaced him. Analysts immediately claimed, “GM appeared to be panicking as the change comes so soon after a turnaround plan for the struggling Opel was approved and a replacement was not named.” Another analyst stated, “The timing of today’s announcement bodes poorly for the condition of GM’s European business.” Then, Opel’s new design chief Dave Lyon was thrown out of the building before even beginning his job. Within the week, global marketing honcho Joel Ewanick got tossed.

Edmunds says that GM’s growth in the month of July will be essentially flat. GM is losing domestic market share at a rapid rate. From January to April 2012, GM lost 11% of its market share – about 300,000 vehicles of market share. Cadillac was down almost 25%.

Remember that big GM boom? It’s a lie. Obama may have bailed out GM, but he didn’t bail out the taxpayer – and in the long run, GM won’t be a viable business just because the government cut it a check.

[Undies]

I went out of my way to not buy a GM product when car shopping last year.  I don't think I was the only one. 

[obumazombie]

I should have known something like this was afoot. If GM was doing well the owebumaManiaMedia would be trumpeting it. So the fact that they're not should have tipped me off.

[Chris_]

I don't plan on buying another GM product ever again.  If I need another daily driver, I'm buying another Camry or Solara.

[Undies]

I don't plan on buying another GM product ever again.  If I need another daily driver, I'm buying another Camry or Solara.

After a lifetime of driving Lincoln Town Cars and Mercury Grand Marquis I decided to tone it down (I don't drive much anymore).  I bought a Kia Soul and I really like it.

[IassaFTots]

I went from Saturn to VW. 

[BEG]

After a lifetime of driving Lincoln Town Cars and Mercury Grand Marquis I decided to tone it down (I don't drive much anymore).  I bought a Kia Soul and I really like it.

That is what my daughter has. What color is yours?

[Chris_]

I have my eye on a Lincoln Town Car... I had a co-worker with one.  It sure was luxurious.  But I also want an air-cooled VW Beetle, a Ford Fairlane, and a Jaguar XJS.

I'd need another driveway.

[Undies]

That is what my daughter has. What color is yours?

Titanium (silver  )

[Undies]

I went from Saturn to VW. 

A lateral move. 

[Undies]

I have my eye on a Lincoln Town Car... I had a co-worker with one.  It sure was luxurious.  But I also want an air-cooled VW Beetle, a Ford Fairlane, and a Jaguar XJS.

I'd need another driveway.

It's our hope and dreams that make us feel alive.

[RightCoast]

My neighbor bought a GM pickup in May 2012, it was a leftover brand new 2011 Avalanche. MSRP was $48k. Using his late father's employee discount plus all the cash back offers he got it for under $24k.

[Lacarnut]

No wonder GM and the economy is in the shitter. The CEO of GM announced 70% of vehicles made will come from China. Our bailout money is being used in helping Chinese workers rather than American workers. Immelt is an Obama economic advisor along with a senile old fart Buffett who is upside down on his GM stock purchases.

I have said before and I will say it again, the Volt will sink GM. GM is losing market share to the Japs. However, one the biggest problems for the automakers is high unemployment, a stagnant economy and a lack of confidence.   .

[CactusCarlos]

If GM was doing well the owebumaManiaMedia would be trumpeting it. So the fact that they're not should have tipped me off.

Oh they are - I tried to find the commercial I've been seeing lately but they go on and on about having the best year yet.  It's disgusting really.

[Bad Dog]

I read somewhere that most of what they sold this year was sold to the Feds.  It would be interesting to see what the govt. has been buying during this admin.

[thundley4]

I read somewhere that most of what they sold this year was sold to the Feds.  It would be interesting to see what the govt. has been buying during this admin.

I'd like to comparable electric bills from government buildings before and after all the Volts were sold.

[dixierose]

Stuart Varney was on F&F yesterday and said that the vast majority of loans made for GM vehicles were sub-prime loans. Isn't that what got us in trouble with the housing market? I really don't understand all of the details; but Varney said that these loans were very risky.

[Kyle Ricky]

I feel bad for GM, not. Government Motors can go out of business for all I care.

[CG6468]

No hearts, flowers and tears here. GM should have gone under to begin with.

[IassaFTots]

A lateral move. 

Hey Now.   

[zeitgeist]

I am disappointed in some of the commentary on this.  The Ham Handed (aka Pork to Union Thugs) tactics of the Obumbler administration with regard to the GM bailout should not be used as a bludgeon against GM in general.  If GM had been allowed to go through a normal re-organization bankruptcy process things might have turned out different.  Chrysler too is going to face some difficulties although I hear it turned a profit I am also aware Fiat is not doing so hot (what do we do there??). 

What irritates me is not GM the company but the devastation reeked upon the dealerships and bond holders.  We have a prohibition against the establishment of a state religion; neither should the government be vested in choosing winners and losers in private industry.  There should be no Government Motors, a state run car company. I blame Obumbler and Greedy Unionists for the debacle, twice over on the Greedy Trade Unionists as they first caused the problem, then rushed in to rape the corpse.  A pox on them, when the pensions fail let 'em eat their ill gotten and worthless stock certificates.

I still own a GM vehicle because it suits my need.  I will not cut off my nose to spite my face at this point.  Not buying GM because of the actions of Obumbler and the unions doesn't make sense to many people.  To those whom it does I say good luck with your campaign. 

[CG6468]

We don't buy GM for many other reasons than those. We have a real bad taste in our mouths with the GM lemons we're had in the past.

Never again.

[CactusCarlos]

And despite their financial woes, they seem to still have money to throw around

GM INVESTS $600 MILLION IN ENGLISH SOCCER TEAM

http://www.breitbart.com/Big-Government/2012/07/30/GM-invests-600-million-in-english-soccer-team?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+BreitbartFeed+%28Breitbart+Feed%29

Yes, General Motors really is giving $600 million to an English soccer club. Actually, as the team involved, Manchester United, is the most valuable team in sports, an investment in the club wouldn't be a bad idea, considering how everything else is going at General Motors. No, the $600 million GM is giving to Man United over the next 7 years is a sponsorship deal. In return, Man United will wear "Chevrolet" on their jerseys and GM will be able to call itself Man United's "global automobile partner." It will immediately have the edge with all those consumers who look to their favorite soccer club for car buying advice.

There is a very good reason government shouldn't bailout failing companies with buckets of taxpayer money. The money simply allows them to keep on making the disastrous decisions that got them to be a failing company in the first place. At least straight-up bankruptcy would have probably rooted out the kind of people who would think spending $60-70 million a year to have your logo on a soccer jersey was a swell idea.
The other problem with people whose pockets have been lined with lots of taxpayer cash is that they will overspend on their crazy ideas. Man United's current sponsor, AON, an insurance company was spending around $30 million a year to have their logo on the players' jerseys. So, they are throwing around twice the cash to advertise a brand that has almost no sales in Britain.

Note: Before AON, Man United's sponsor was AIG. See how that worked out.

Can we please stop bailing out failing companies? General Motors has moved from a tragedy to a farce.

[CactusCarlos]

We don't buy GM for many other reasons than those. We have a real bad taste in our mouths with the GM lemons we're had in the past.

Never again.

THIS!

[IassaFTots]

We don't buy GM for many other reasons than those. We have a real bad taste in our mouths with the GM lemons we're had in the past.

Never again.

Me too.  Had my fair share.  Time to move on.