In the NY Times, no less (business section of course):
General Motors posted its ninth consecutive profitable quarter on Thursday. But almost three years after its taxpayer bailout and bankruptcy, the nation’s biggest automaker still can’t shed the stigma of being “Government Motors.”Because the Treasury Department still owns a 26 percent stake in the company, G.M. remains saddled with pay restrictions that limit its ability to recruit new talent, a ban on corporate jets, and lingering image problems in the eyes of some consumers.
Company executives usually deflect questions about the effect of government ownership on their business, or their frustration with it. But in a rare interview on the topic, G.M.’s chief executive, Daniel F. Akerson, said he longs for the day that G.M. can finally say goodbye to its biggest shareholder...
Sigh.
Are they still lying about having paid back all/most of the bailout?
Yes, I am in the market for a new car. No, I will NOT be buying a GM product, however branded.
They've gotten enough of my money, damned if I'm going to hand them any more. Tell those UAW drones to buy them.
@MOJO
EXACTLY!!!!
Government Motors it is. I noticed that their new ad campaign is "The New GM: Driving Forward". Interesting, because Obama's new (communist) campaign slogan is "Forward". Coincidence?
No, I will NOT be buying a GM product, however branded...
Posted by: mojo at May 4, 2012 5:22 PM
Amen. And I'll not be buying any product assembled in a CAW shop - je me souviens their support for the gun registry.
Are these quarterly profits going to the public shareholders?
"G.M. remains saddled with pay restrictions that limit its ability to recruit new talent, a ban on corporate jets"
There is some upside to government ownership after all.
Two words: British Leyland,
I do actually own a GM product. 1964 Riviera. I figure that's far enough removed from the disastrous 1970's, 80's, 90's... ,00's....
...
...Its been a long time since they didn't suck, hasn't it?
Its sad to see a company which at one time had control of a large part of the worlds car market reduced to this.Incompetent management and union greed are to blame here,Government involvement can only make it worse.
Phantom - a '69 Cutlass 'S' was my last GM vehicle. I wish I still had it - there was something awesome about those cars from the 60s, but they were ruined by the 70s.
A '64 Riviera is a sweet ride.
' 64 ,65 Riviera maybe best GM. they should make a new one
"Daniel F. Akerson, said he longs for the day that G.M. can finally say goodbye to its biggest shareholder..."
Stockholders got stiffed(actual legal precedent was thrown out) while Union pensions got to be first in line for bankruptcy proceedings in 2009.
Stockholders were wiped out, Union pensions were filled out.
Anyone who buys GM stock now and in future faces the same risk.
People like Ackerson must think investors have short term memory loss.
Dear Dan.
Get back to us when you have paid back all the loans. Dollar for Dollar, with interest.
Thanks
The Taxpayers.
AKA Your Lender.
"But in a rare interview on the topic, G.M.’s chief executive, Daniel F. Akerson, said he longs for the day that G.M. can finally say goodbye to its biggest shareholder"... I call BS. They went looking for the handout in the first place because they were incompetent and build nothing anyone wanted to buy. Still don't. How many Volts have been sold?
I read recently that GM cut its development budget this year. Speculation is that was done to show a profit in this election year.