Did I get that right? A $4.92 billion loan from the parent will save the german factories?

Right after OPEL repaid the german govt its loan due to the unpopularity there, it gets money from the GM parent who is getting its money from the US and Canadian taxpayer? Hmmmmm. I said 2 weeks ago this would happen and some apologist loser here jumped me for it, but …. time proves that the clearly predictable course of events has borne out and the apologists are again wrong

Well selling Opel would kind of make GM a regional automaker like Chrysler became after their first bailout, and we all saw how that turned out.

Well…gotta keep the krauts happy.

Meanwhile US auto factories are closing and our workers have lost their jobs.

Lame.

I wonder how they’ll be able to keep their factories running at capacity with the Buick vehicle being moved to a Canadian plant, the future loss of Saab and their vehicles which are made in a German factory as well as slower Opel/Vauxhall sales in Europe.

teahead –

Well remember the last couple of times the krauts got pissed off? I’d rather keep them happy than another go around with their “world domination” plans. When Americans get pissy, we just “protest” and smoke a bunch of weed.

“Opel’s German factories safe under GM” Doesn’t that headline qualify as an oxymoron? Nothing is safe under GM! LOL

just as fair… GM badly needs the german factories, along with the development done there. best cars GM can sell are rebadged opels…

Smegley I saw this coming as well. Have you noticed how the bailout originally limited US funds from being used for international operations. I guess that went by the wayside. They just tell the public a palletable version of events so we don’t get too pissed off. Then they go and do the exact opposite, when most people have forgotten the original version. At least the German factories will stay open while GM closes the ones in low cost countries like Spain. Yeah that makes sense. Can’t wait for the GM IPO. I’m going to short sell that sh*t, and make a fortune.

“…safe under GM…” HAHAHAHAHAHAHAHAHA!!!

Here’s a great article that explains just how safe Opel factories are, under GM.

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=513407

Smegley, that’s what parents are for. Don’t tell me you never ran out of money abroad and didn’t ask the folks to wire you the bail money.

I didn’t think Red Headed Step Children could get beer money from mom and dad.

nomore, could you show me ANYTHING that says GM cannot use our investment in GM for their global operations? I have asked that here before but no one could come up with anything. Not doubting you but throwing around misinformation here to make a point is rampant.

Ask and you shall receive

GM spokesman Tom Wilkinson said the following

“The exit financing agreement for the new GM does permit some money earned by GM here to be used for non-U.S. operations.”

I can’t help but notice the word “earned” in that statement. I also specifically remember reading the original bailout(prior to bankruptcy), would not be used to support international operations, one might assume that it would stay that way. So what I am saying is the public was told their funds would not be used for international operations of GM. Opel was going to be sold as I recall. Then later on the story changed, and most people were not paying attention. The statement above so much as admits that GM was not permitted to use US funds until their exit from bankruptcy. If that was the way it was going to be your president should at least have the Balls to say it from the beginning. Why didn’t he? Because a lot of people would have felt the same way Smegley and I do about it. If GM wants to keep Opel fine, but the German govt should pitch in just like the US and Canada did. That doesn’t seem to be happening.

Here are some other statement from the same article.

Critics such as Representative Anthony Weiner (D-N.Y.) are not convinced. Weiner said: “I don’t think most Americans believe that when the taxpayer bailouts were happening it was intended for that purpose. It was intended to protect the American economy — not take the money overseas.”

According to Weiner, GM “might legally have the right to do this, but politically and from an optics perspective I can’t imagine a more boneheaded move.” Thomas Hopkins, economics professor at the Rochester Institute of Technology, agreed, “I don’t believe that it is consistent with the original objective so I would say it’s not wise or helpful that our taxpayer dollars are being used to support the global efforts of these companies.”

No matter where GM invests its dollars, the Government Accountability Office is pessimistic about the prospect of taxpayers ever seeing their money again. A November 2 GAO report stated that “Treasury is unlikely to recover the entirety of its investment in Chrysler or GM, given that the companies’ values would have to grow substantially above what they have been in the past.”

So it is highly probable that taxpayers will never be repaid for their “generosity” in keeping GM afloat. That doesn’t sound like a very wise investment, or a smart move by the Obama administration.

http://www.thenewamerican.com/index.php/economy/sectors-mainmenu-46/2333-gms-bailout-money-may-go-overseas

Sorry to disappoint you Johnny, but not only have I never ran out of money abroad and asked the folks to wire a bit, but it has never happened domestically either.

Not even when I put myself thru a University.

And against my father’s desires and offers I even paid for my first car (and everything since then) all by myself, including insurance, gas, and all the crap that goes with it. Given my political beliefs, none of this should be a surprise to anyone.

teahead, what do jobs here lost vs. jobs in Germany lost have to do with each other. I would bet GM exports a lot more cars to Germany/Europe than they import from Europe?

too much ideology and not enough pragmatism amongst the comments as usual…sure, you can stand on the stump and preach the dollars for gm should “stay here”, yet you seem to ignore the fact gm is a large multi-national corporation that produces cars in numerous countries…you can’t rationally expect a car company with problems in another country to allow that arm of the company to flounder just to protect some patriotic ideal…

this debate is so irrelevant it’s really not worth having…we already made the decision (long ago now) to bail out gm…you may not agree on how it’s being done, but you’re crying over spilled milk…the cat is out of the bag…that ship has sailed…insert your fav analogy for “get over it and move on”

According to a major competing blog GM is cutting 9,000 Opel jobs in Germany.

Man die verdammten Amis können mich am Arsch lecken! Scheiße! Die blöden Wichser!

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What LWA meant to say is this:

“Hi. My name is Leftwingagenda. i call myself leftwingagenda so that, with every single post on this blog, I can declare my political ideology to you and stuff it in your face as you read, but if you dare state yours then I will say that there is too much ideology here. That makes me a hypocrite, but then again I am an Obamatard so what do you expect.”

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Today’s news

WASHINGTON (AP) — In a hopeful sign for the economy, the number of newly laid-off workers filing claims for unemployment benefits fell below 500,000 last week for the first time since January.

GM employs how many people in the US again? I bet everything I own that it is way less than the number of newly laid-off workers from just last week. So explain to me again why we bailed out GM and Chrysler.

GM already said they were cutting 25% of Europe’s workforce. This is less than the Magna plan that was announced.

It’s my belief that Europeans (not all -but many Germans and British for example) feel entitled to waaay to much. They act as though GM has some sort of obligation to them as though they are their government and not a company who needs to survive.

To the German-speaking audience –

Sie nahmen unsere Arbeitsplätze! Sie nahmen unsere Arbeitsplätze!

Nimm Deinen verdammten Arbeitsplatz und schieb ihn tief in den Arsch, Jake. Wir brauchen nur unsere Erotikmessen und Geld vom Staat. Sonst nichts.

Wir sind die Übermenschen! Ihr schuldet uns was!
…………. http://www.myvideo.de/watch/3255238/Bayern_des_samma_mia

Liberalen und ihre Ansprüche – wir sind alle gleich – wir sind alle gleich arm!

“Opel’s German factories safe under GM” I thought allies resumed carpet bombing campaign or something like that. Thanks god, they just gonna close Belgium factories.

Here is the unemployment scenario of GM would have gone under, again, no more GM is incorrect:

“The first year total employment impact would be a loss of nearly 2.5 million jobs in the U.S.
economy—comprised of 239,341 jobs at the Detroit Three, 795,371 indirect/supplier
jobs and over 1.4 million spin-off (expenditure-induced) jobs. The employment picture
recovers in 2010 (1.5 million lost) and 2011 (1.0 million jobs lost),”

http://images.thetruthaboutcars.com/2008/11/finaldetroitthreecontractionimpact_3__001.pdf

to all you haters – both sides, actually:
GM needs Opel, and Opel, like it or not, mainly consists of its german operations. Thats where tomorrows cars are being developed. GM without Opel is going nowhere except down bankruptcy lane, next exit.
If the government money didnt go to Opel, it would go to a waste completely… oh, and investing it in low cost production plants makes no sense whatsoever… if its low cost you want, close down ALL european plants and move them to Russia, Korea or wherever…
if its high quality, keep Opel of Europe the way it is and give them some more choice on what to develop, on what to bring to market… whenever Opel had the chance to bring a product THEY wanted, it was as successful as it could be… mostly, though, GM of US intervened and forced them to make some product nobody wanted…

“Germany will take the brunt of about 9,000 job cuts planned by General Motors Co. in Europe as it reorganizes its Opel/Vauxhall division, Nick Reilly, GM’s acting head of European operations, said.

GM plans to cut about 5,400 jobs at its German factories but will keep open all its plants in the country, Reilly said.

He said no final decisions will be made before consultations with Opel labor leaders finish next month, adding that the future of Opel’s plant in Antwerp, Belgium, is “uncertain.”"