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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
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?