GM returns to bankruptcy court

posted at 10:01 am on May 3, 2014 by Gabriel Malor

The former Government Motors returned to bankruptcy court yesterday with a plea to enforce the liability shield it constructed during its 2009 Chapter 11 bankruptcy proceedings. The embattled automaker wants the judge to rule that “New GM” cannot be held liable for economic losses related to its ignition switch recall:

New GM says it did not agree to take on liability for so-called economic loss claims like the ones it now faces, in which plaintiffs allege that their cars lost value due to the recall. The company wants [Judge] Gerber to endorse that position and declare that such lawsuits can only be brought against the Old GM shell.

Gerber said he wanted the case to move quickly, and called on the parties to agree on deadlines for filing briefs. “You can take the weekend off,” he told lawyers, but added that he expected a timetable early next week.

The Old GM shell, of course, has no net assets to speak of, having assumed numerous liabilities of the struggling automaker before bankruptcy proceedings. There are at least 59 potential class-action lawsuits in the works seeking economic loss damages, but to get them, they will have to unwind the liability shield somehow.

One way to do that would be to demonstrate that GM had committed fraud by concealing the ignition switch defect before the bankruptcy. Another potential avenue would be to establish that the bankruptcy shield had denied the plaintiffs due process by depriving them of their day in court now that the ignition switch defect has been made public.

The court proceedings mark the sixth ongoing probe of GM, following investigations launched by Congress, an undisclosed state attorney general, the U.S. Attorney’s office, the SEC, and the NHTSA. GM also has an internal probe trying to determine who knew or should have known about the problem that has claimed at least 13 lives and cost GM car owners millions of dollars.


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Cat!

Bishop on May 3, 2014 at 10:02 AM

Damn that Mitt Romney !

FlaMurph on May 3, 2014 at 10:04 AM

What’s that cat’s name, Pinko or Farto or something.

Bishop on May 3, 2014 at 10:05 AM

Is anybody surprised? I hope this time they do it right.

crankyoldlady on May 3, 2014 at 10:07 AM

Bin Laden is dead and GM is alive. Oh well, strike that second part.

mwbri on May 3, 2014 at 10:09 AM

More of the crap-weasel tactics one could expect from Government Motors. All the same lack of commonsense you would expect from any government agency. All this lameness rolled into one business. What could possibly go wrong?

HotAirian on May 3, 2014 at 10:10 AM

Oh please. Here’s what’s going to happen, in some fashion. King Obama will announce through his Royal Decree Releaser Jay Carney that the Administration has “taken dramatic steps” to protect the company, to ensure they continue on their path to recovery…or some such nonsense. And just like that, GM will never be liable for any of their problems.

USNCVN on May 3, 2014 at 10:11 AM

Bin Laden is dead and GM is alive. Oh well, strike that second part.

mwbri on May 3, 2014 at 10:09 AM

They never did show us the body, and no one has ever seen Dog Eater’s personal masseuse who lives in the West Wing and never leaves.

Bishop on May 3, 2014 at 10:11 AM

What with TARP to GM, TARP to GMAC, 600+ million share stock purchase capital infusion, retention of goodwill after the previous bankruptcy, transfer of pension liabilities off of GM’s books – over $100-billion capital advantage was awarded to GM and they STILL can’t make a go of it.

Government Motors, indeed! They should have let it die the first time around. Obama and all the Leftie Progressives don’t want to save children’s lives or elderly lives because medical intervention is so costly. But they will gleefully micturate away $100-billion on some UAW salvation quest.

Spare me your hypocrisy, you pathetic bunch of ignorami.

ss396 on May 3, 2014 at 10:12 AM

Go full Lada.

Murphy9 on May 3, 2014 at 10:12 AM

Or his masseur even. Damn these hangovers, beer is the curse of modern man.

Bishop on May 3, 2014 at 10:12 AM

If you’ve ever read any Alexandr Solzhenitsyn, you would have known that this was just a matter of time. Running GM was never any of the government’s business to do.

Bin Laden is dead and GM is alive. Oh well, strike that second part.

mwbri on May 3, 2014 at 10:09 AM

Pictures … or I don’t believe that either.

hawkdriver on May 3, 2014 at 10:15 AM

somehow the taxpayer will be held liable. count on it.

jlw on May 3, 2014 at 10:15 AM

beer is the curse of modern man.

Bishop on May 3, 2014 at 10:12 AM

You just lost many, many loyal fans.

hawkdriver on May 3, 2014 at 10:16 AM

The only people who didn’t see this coming fall into one of four groups, with overlaps —

1) neo-socialists
2) useful idiots
3) economic ignoramuses
4) people with no money to invest in the new and improved Government Motors.

farsighted on May 3, 2014 at 10:17 AM

That sort of manipulation is just like a lie, isn’t it? Once you start, you have to keep going, you have to try to keep it straight, and you have to do more and more of the same as time goes by.
 
As always, it would’ve been better to have simply followed the law.

rogerb on May 3, 2014 at 10:19 AM

Actually, the headline is pretty misleading.

If you read the article, GM has not re-filed, as the headline led me to believe. It’s gone back to the original judge to get a ruling on its liability in the whole ignition switch debacle.

Still a mess, but not exactly what the headline implies.

Typhoon on May 3, 2014 at 10:23 AM

Crony capitalism at its best, for sure!!!!!

RINO’s are you paying attention? Do ya feel lucky, punk?! Well, do ya!?

Where are the progressive hoots and hollers? Because one of their own occupies the throne. If it were Bush or Romney, holy smokes …. nuclear meltdown on the left. But Obama – they give a pass.

I know, I shouldn’t be shocked but silly me.

Chuck Ef on May 3, 2014 at 10:23 AM

Cool, this means Us tax payers are now liable if I assume correctly?

Also, if this was some non union company, fraud like what they have recently exposed, would have had the book thrown at them.

watertown on May 3, 2014 at 10:26 AM

As much as I hate Government Motors, their legal argument with regards to bankruptcy is sound.

Skipity on May 3, 2014 at 10:27 AM

You just lost many, many loyal fans.

hawkdriver on May 3, 2014 at 10:16 AM

My Gaia, what have I done? You’re correct, a bad carpenter blames his tools and I shouldn’t blame the liquid for my inability to keep from downing copious quantities of it.

I stand ashamed and chastened.

Now for some scotch to drown my sorrows, it’s noon somewhere in the world, right?

Bishop on May 3, 2014 at 10:29 AM

Thanks Typhoon I couldn’t read the first few sentences myself.

CW on May 3, 2014 at 10:29 AM

If the victims and their families are told by GM they are s.o.l. I hope that GM goes under. For good this time. I bought a Ford earlier this year because GM is a sleazy company.

rmkdbq on May 3, 2014 at 10:36 AM

Why in the world would people continue to buy GM? I don’t get it. They are notorious for producing poor quality vehicles, and the government takeover was only going to make matters worse. I made it a point to stay away from them when looking for my most recent vehicle.

ncconservative on May 3, 2014 at 10:36 AM

I’m going to use this strategy with my taxes. I won’t pay them and when the IRS comes to collect I’ll point out that the old Bishop has been replaced with a new version who can’t be held accountable for the old.

This is awesome, I’ll be living the high life soon while you losers continue to get raped by the gubment. Suckers.

Bishop on May 3, 2014 at 10:37 AM

Now for some scotch to drown my sorrows, it’s noon somewhere in the world, right?

Bishop on May 3, 2014 at 10:29

It’s 4:41 P.M. where I am .

celtic warrior on May 3, 2014 at 10:41 AM

trial lawyers versus UAW.

duluthdoc on May 3, 2014 at 10:43 AM

Trabants for everyone!

BallisticBob on May 3, 2014 at 10:54 AM

beer is the curse of modern man.

Bishop on May 3, 2014 at 10:12 AM

You do know that beer is the reason for civilization.

crankyoldlady on May 3, 2014 at 10:55 AM

Move the clocks hands.

BruceB on May 3, 2014 at 10:57 AM

As with his Nazi predecessors, bin Laden’s death was faked, and he’s living out his life in South America, as an apostate bartender.

notropis on May 3, 2014 at 11:05 AM

Can’t blame GM. The Obama Administration forced this mess on them.

oldennis on May 3, 2014 at 11:07 AM

BallisticBob: I think bicycles are what our “progressive” leaders have in mind. And I’m not just joking.

oldennis on May 3, 2014 at 11:10 AM

I say “Let it fail!”

NavyMustang on May 3, 2014 at 11:12 AM

Bin Laden is dead and GM is alive. Oh well, strike that second part.

mwbri on May 3, 2014 at 10:09 AM

You forgot “Al-Qaeda is on the run.”

BuckeyeSam on May 3, 2014 at 11:13 AM

And this is why I put even shop GM, never mind actually buy anything from them. Ever.

KMC1 on May 3, 2014 at 11:17 AM

I say “Let it fail!”

NavyMustang on May 3, 2014 at 11:12 AM

It likely will . . . again.

Sadly, for taxpayers, the damage is already done (in the tens of billions of dollars).

AZCoyote on May 3, 2014 at 11:25 AM

Purchased GM entire life. 3 weeks ago, purchased first Honda. Wanted the Honda, but was glad I wasn’t feeding union for democrats. Very sad, actually.

braden on May 3, 2014 at 11:27 AM

Can’t blame GM. The Obama Administration forced this mess on them.
 
oldennis on May 3, 2014 at 11:07 AM

 
Not quite:
 

In fact, the plan that was developed, implemented and then funded by the government was devised inside GM well before President Obama took office. In what follows, the inside story of this historic chapter in American business unfolds, laying bare the key facts.
 
GM’s extraordinary turnaround began long before Wagoner went to Washington in search of a massive loan to keep GM alive. My involvement in that story began in GM’s darkest days, five years ago on Sunday, Nov. 23, 2008, when I visited Wagoner at his home that morning, presenting a novel plan to save General Motors.
 
http://www.forbes.com/sites/danbigman/2013/10/30/how-general-motors-was-really-saved-the-untold-true-story-of-the-most-important-bankruptcy-in-u-s-history/

rogerb on May 3, 2014 at 11:29 AM

You forgot “Al-Qaeda is on the run.”

BuckeyeSam on May 3, 2014 at 11:13 AM

Yes, but what Obama omitted was that they were running towards our consulate in Benghazi, with rocket launchers.

But hey, the lie about the YouTube video worked, the rubes bought it, and Obama was re-elected, so what difference, at this point, does it make? It was so, like, two years ago, dude.

AZCoyote on May 3, 2014 at 11:30 AM

Somebody at “old GM” is accountable for charges of negligence resulting in death.

Bankruptcy doesn’t shield crime. Charge them with 13 counts of homocide and watch how fast “New GM” ponies up a cash settlement offer.

BobMbx on May 3, 2014 at 11:33 AM

It has become “perfectly clear” that the current Government Motors CEOtrix amongst others have been aware of the switch defects for over a decade, which means they were CERTAINLY aware of the problem when they filed for bankruptcy.

This means that not accounting for that in the bankruptcy WAS AN ACT OF FRAUD. Not only should “New” GM be fully liable for these recalls and for lawsuits related to DEATHS this defect caused, but people (including the CEOtrix) should be facing criminal charges!

I can’t believe GM is doing this to be honest. Their reputation has already been harmed enough, trying to duck liability SHOULD result in Government Motors vehicles being about as popular in the market as bottled Bubonic Plague, and probably will be.

ConstantineXI on May 3, 2014 at 11:41 AM

I say “Let it fail!”

NavyMustang on May 3, 2014 at 11:12 AM

It likely will . . . again.

Sadly, for taxpayers, the damage is already done (in the tens of billions of dollars).

AZCoyote on May 3, 2014 at 11:25 AM

They already have failed. If not for the weird manipulation of their bankruptcy that lets “New” GM carry forward “Old” GM’s losses, they basically will be able to operate with no tax liability for years. Their so-called “profitability” is just as much smoke and mirrors as this recent unemployment report that conveniently ignores the fact that 100 million Americans are “out of the labor force”.

IE: if Ford didn’t have to pay taxes like Government Motors doesn’t, their profitability would skyrocket! But not so conveniently for the Regime, Ford is a real business and, thus, didn’t have to give in to their control.

ConstantineXI on May 3, 2014 at 11:46 AM

Somebody at “old GM” is accountable for charges of negligence resulting in death.

Bankruptcy doesn’t shield crime. Charge them with 13 counts of homocide and watch how fast “New GM” ponies up a cash settlement offer.

BobMbx on May 3, 2014 at 11:33 AM

I’m sure Eric WitHolder will get on that right away.

This is yet another case where STATES need to step in and start charging Cronies of Obama with STATE crimes. It is the responsibility of States to protect their citizens against predatory fly by night operators (like GM) AND that cesspool on the Potomac.

ConstantineXI on May 3, 2014 at 11:48 AM

You do know that beer is the reason for civilization.

crankyoldlady on May 3, 2014 at 10:55 AM

I apologized, now let it go or you’re on the list.

Bishop on May 3, 2014 at 11:53 AM

BallisticBob: I think bicycles are what our “progressive” leaders have in mind. And I’m not just joking.

oldennis on May 3, 2014 at 11:10 AM

Pretty much. The automobile is the invention the Communists MOST despise. A mobile population that can go where it will and RELOCATE at will is a population that is much harder to subjugate.

IE: if the only way to get out of Democrat Communist hellholes like California and Illinois was public transportation, then government could pretty much FORCE people to stay where they are and pay those taxes rather than relocate to Texas, for example.

Now, the Obamas will NEVER give up their 50 ton limo that is impervious to everything except speedbumps and nukes that takes 10 gallons to go 1 mile of course. Neither will the rest of the elite. Obama wants a world where the roads are filled with limos for the elite, but bicycles and busses for the proletariat.

Unless we get rid of the Democrat Party none of us will own cars in the not too distant future.

ConstantineXI on May 3, 2014 at 11:53 AM

A criminal act (hiding deadly products) negates corporate shields period and would likely lead to the original BK being made null and void given facts as now known.

The interesting bit will be should that occur will all those who benefited from the restructure (unions w/ stocks)be forced to give back all the proceeds from ill gotten gains? Could the UAW be forced into BK?

Popcorn..

theblacksheepwasright on May 3, 2014 at 11:54 AM

Given that new GM is honoring old GM’s warranties, their contention that they can avoid liability over poor manufacturing or design is laughable.

allanbourdius on May 3, 2014 at 11:55 AM

A criminal act (hiding deadly products) negates corporate shields period and would likely lead to the original BK being made null and void given facts as now known.

The interesting bit will be should that occur will all those who benefited from the restructure (unions w/ stocks)be forced to give back all the proceeds from ill gotten gains? Could the UAW be forced into BK?

Popcorn..

theblacksheepwasright on May 3, 2014 at 11:54 AM

Correct, this could nullify the entire Government Motors bankruptcy and require the UAW to disgorge themselves of their ill gotten gains.

If the courts were honest the GM bankruptcy as manipulated by the Obama Regime ignoring the law (ie: screw the bondholders who were ahead of the unions in line according to the law) never should have been accepted by a judge anyway.

This is one reason why I think we need to get past accepting decisions by courts as sacrosanct, as if judges actually WERE impartial referees of the Law as they are supposed to be. They are not. Judges are politicians first and foremost.

ConstantineXI on May 3, 2014 at 11:57 AM

Given that new GM is honoring old GM’s warranties, their contention that they can avoid liability over poor manufacturing or design is laughable.

allanbourdius on May 3, 2014 at 11:55 AM

Exactly. They are trying to have it both ways.

Technically speaking, GM COULD have voided all their warranties in bankruptcy. They didn’t do so. The reason why, was, of course, obvious, despite the cost they COULD NOT do so because no one stuck with a new GM vehicle with no warranty would ever consider buying GM again!

But GM is going to cause this anyway if they succeed in ducking liability for the ignition defects, which is why I don’t understand why they are trying this. Are they counting on “Justice” Roberts Obamacare precedent? IE: that the Regime could “save” GM again by mandating that a certain percentage of all automobile purchases are from GM?

ConstantineXI on May 3, 2014 at 12:01 PM

Wasn’t it old Calvin Coolidge who said, “As goes General Motors, so goes the nation.” Looks like he was right about that.

erp on May 3, 2014 at 12:21 PM

The old shell is broken.

The new shell is cracked.

Its what happens in this kind of shell game, and yet the thing you want is under neither shell.

ajacksonian on May 3, 2014 at 12:26 PM

Very sad, actually.
braden on May 3, 2014 at 11:27 AM

That won’t last.

Cleombrotus on May 3, 2014 at 12:26 PM

I currently own a Ford (and have been very happy the three times I’ve bought Ford). I have also owned Chrysler and GM. I won’t ever buy from those two ever again. For one thing, the cars were crappy compared to my Fords.

Proably the only company I’d purchase from other than Ford is Toyota. Most US Toyotas are manufactured in my state anyway, and the engines are made in nearby West Virginia, making their vehicles MORE American to me than GM and Chryslers made in China.

ConstantineXI on May 3, 2014 at 12:30 PM

crankyoldlady on May 3, 2014 at 10:55 AM

I apologized, now let it go or you’re on the list.

Bishop on May 3, 2014 at 11:53 AM

If I’m on your list, are all the people on my list, on your list?

hawkdriver on May 3, 2014 at 12:38 PM

The GM CEO scumhag belongs in prison.

Schadenfreude on May 3, 2014 at 12:48 PM

GM is about providing cushy, high-paying jobs and benefits for its employees from CEO Mary Barra down to factory workers more than it is about manufacturing vehicles.

bw222 on May 3, 2014 at 12:56 PM

crankyoldlady on May 3, 2014 at 10:55 AM

I apologized, now let it go or you’re on the list.

Bishop on May 3, 2014 at 11:53 AM

If I’m on your list, are all the people on my list, on your list?

hawkdriver on May 3, 2014 at 12:38 PM

Wait. This isn’t cool. I think I’m on your list.

Let’s all take a step back.

Axe on May 3, 2014 at 1:04 PM

beer is the curse of modern man.

Bishop on May 3, 2014 at 10:12 AM

You do know that beer is the reason for civilization.

crankyoldlady on May 3, 2014 at 10:55 AM

“To alcohol!
The cause and cure of all of man’s troubles!”
h/t: Homer Simpson.

ChicagoBlues on May 3, 2014 at 1:05 PM

hawkdriver on May 3, 2014 at 12:38 PM

Woah…wait..There’s a list?

ChicagoBlues on May 3, 2014 at 1:07 PM

A criminal act (hiding deadly products) negates corporate shields period and would likely lead to the original BK being made null and void given facts as now known.

The interesting bit will be should that occur will all those who benefited from the restructure (unions w/ stocks)be forced to give back all the proceeds from ill gotten gains? Could the UAW be forced into BK?

Popcorn..

theblacksheepwasright on May 3, 2014 at 11:54 AM

…JugEars and his people have appointed enough judges…to make sure…that does not happen!

KOOLAID2 on May 3, 2014 at 1:12 PM

Bought three cars in the past 14 months – did not even consider looking at a GM vehicle. I will never buy or let my children buy a GM vehicle.

Over50 on May 3, 2014 at 1:15 PM

Bought three cars in the past 14 months – did not even consider looking at a GM vehicle. I will never buy or let my children buy a GM vehicle.

Over50 on May 3, 2014 at 1:15 PM

If you go to Carmax’s website and look for low priced used cars you will see a few high mileage Corollas and Sentras in a sea of newer and much lower mileage compact and midsize GM models.

The market is not stupid.

farsighted on May 3, 2014 at 1:21 PM

Upcoming: Bailout II.

vnvet on May 3, 2014 at 1:21 PM

Maybe King Ojesus I will grant this turkey a pardon.

hillbillyjim on May 3, 2014 at 1:25 PM

Proably the only company I’d purchase from other than Ford is Toyota. Most US Toyotas are manufactured in my state anyway, and the engines are made in nearby West Virginia, making their vehicles MORE American to me than GM and Chryslers made in China.

ConstantineXI on May 3, 2014 at 12:30 PM

Hondas are made here.

crankyoldlady on May 3, 2014 at 1:43 PM

The Obama Auto Team drafted the GM and Chrysler bankruptcy plans to have the automakers sell all their useful assets to new government created entities in an illegal sub rosa sale to get them beyond the reach of creditors, then blackmailed the bankruptcy court to sign off on the entire corrupt scheme by threatening to cut off all assistance to the automakers.

These plaintiffs are simply another group of screwed creditors living in the Obama world.

Bart DePalma on May 3, 2014 at 1:43 PM

GM ain’t got da money and day ain’t gonna git mo’ from da guvmint. Da stash has been blown on da vacays. Sorry for the lofo rant. Just wanted to make sure the trolls got it.

Kissmygrits on May 3, 2014 at 2:00 PM

GM is about providing cushy, high-paying jobs and benefits for its employees from CEO Mary Barra down to factory workers more the UAW than it is about manufacturing vehicles.

bw222 on May 3, 2014 at 12:56 PM

FIFY

ss396 on May 3, 2014 at 2:04 PM

My Mazda is 99+% manufactured and assembled in the blast radius of Hiroshima Japan.

I’m lovin it.

Murphy9 on May 3, 2014 at 2:19 PM

I bought a Ford earlier this year because GM is a sleazy company.

rmkdbq on May 3, 2014 at 10:36 AM

thank you for doing that….

8 weight on May 3, 2014 at 2:27 PM

crankyoldlady on May 3, 2014 at 10:55 AM

Buy the Ranger, by the way. They go for a loooooonnngg time.

8 weight on May 3, 2014 at 2:29 PM

Purchased GM entire life. 3 weeks ago, purchased first Honda.
braden on May 3, 2014 at 11:27 AM

Noooooooooooo……

8 weight on May 3, 2014 at 2:31 PM

GM returns to bankruptcy court

Too many companies are no longer about selling reliable products and providing sterling service in order to make an honest profit. They’re all about getting the $ however they can and the source of the $ nor the means of getting it matters anymore.

I think many of these major corporations have been more destructive to the free enterprise system and our country than the government has…and they need to quit getting a pass from the Right simply because they are private companies.

Dr. ZhivBlago on May 3, 2014 at 2:35 PM

As with his Nazi predecessors, bin Laden’s death was faked, and he’s living out his life in South America, as an apostate bartender.

notropis on May 3, 2014 at 11:05 AM

Surely not a bartender, but a 7-11 clerk for sure . . .

tpitman on May 3, 2014 at 2:59 PM

I’m so torn… Hate GM, but love the corvette. What’s a patriot to do?

redshirt on May 3, 2014 at 3:10 PM

I’m so torn… Hate GM, but love the corvette. What’s a patriot to do?

redshirt on May 3, 2014 at 3:10 PM

Cover up the logo and put an American flag on the aerial.

crankyoldlady on May 3, 2014 at 3:34 PM

Toyota is so dancing with joy over having passed on the possibility of buying GM a decade or so ago.
“American Leyland” is about to go the same route as its British cousin did – into the dustbin of automotive history.

Another Drew on May 3, 2014 at 3:55 PM

Dr. ZhivBlago on May 3, 2014 at 2:35 PM

It wasn’t “The Right” that was so eager to allow GM to enter into its Structured Fraud Bankruptcy in 2009. The Right was screaming about how the Bankruptcy Code was being corrupted to save the skin of a few favored players such as the UAW.

Another Drew on May 3, 2014 at 3:59 PM

hawkdriver on May 3, 2014 at 12:38 PM

Woah…wait..There’s a list?

ChicagoBlues on May 3, 2014 at 1:07 PM

There are many … lists.

hawkdriver on May 3, 2014 at 12:38 PM

Wait. This isn’t cool. I think I’m on your list.

Let’s all take a step back.

Axe on May 3, 2014 at 1:04 PM

You’re on my list of good guys whose comments I don’t always entirely understand. Now, get on a Bishop list?

Oh Dear.

hawkdriver on May 3, 2014 at 4:48 PM

…Dr. ZhivBlago on May 3, 2014 at 2:35 PM

.
In the liberal world of rainbows and unicorns, the uninformed LoFo thinks all companies exist with guaranteed profit. In their minds, there is no possibility of failure and private sector profit isn’t a matter of if, but how much – proportional to the amount of greed these businesses want to exploit the American people with.
.
The truth and reality is companies fail all the time. And always will- for countless reasons, and not in the way the Occupy people think the business world works…….
RE: go try to buy some Bucky balls……..bastards.

FlaMurph on May 3, 2014 at 4:49 PM

Dr. ZhivBlago on May 3, 2014 at 2:35 PM

It wasn’t “The Right” that was so eager to allow GM to enter into its Structured Fraud Bankruptcy in 2009. The Right was screaming about how the Bankruptcy Code was being corrupted to save the skin of a few favored players such as the UAW.

Another Drew on May 3, 2014 at 3:59 PM

That statement just backs up what I was saying.

So this GM stuff is an anomaly, the unions are the root of all evil, and this collusion between the crooks in government and the crooks in business and banking has been going on only when the Dems are in power.

Got it!

Very useful information. Thank you. I’ll be sure to start investing heavily in the System again as soon as Barky’s out of office, because I am continuously assured here that Happy Days will be here again once The Won and his cronies are gone.

Dr. ZhivBlago on May 3, 2014 at 4:49 PM

FlaMurph on May 3, 2014 at 4:49 PM

True, but what I’m talking about is the unholy alliance between certain corporations/banks and the political elite.

The point is to make money…any way, any how. We only delude ourselves when we distill all this down to the simplicity of Floyd and his barber shop or Goober and his fillin’ station.

The Communists (or Fascists, or whatever you want to call them) can’t accrue power and wealth without these companies’ help and money, and these companies that would otherwise fail in a true free market know it.

They aren’t going to lose money if they can play the system to move things in their favor. In the end, the House always wins, and only the naive believe that everything would be on the up and up if it weren’t for a few select, notoriously evil individuals.

This stuff has been going on for well over a century. But since most of us have managed to derive benefit from it, we didn’t complain. We never foresaw the time when the house of cards would implode and we’d be left holding the bag while the bankers and dealers disappear to their remote estates.

Dr. ZhivBlago on May 3, 2014 at 4:58 PM

These plaintiffs are simply another group of screwed creditors living in the Obama world.

Bart DePalma on May 3, 2014 at 1:43 PM

Yes!

Exactly .

2013 the UK Central Bank, Bank of England admits in a report that customer deposits are considered liabilities by banks – because they have to be paid back by the banks

2010 the German Central Bank, the Deutsche Bank admits that money is created out of loans, not by loaning deposits

So a bank issues a loan by writing a check, most such checks not being backed by deposits.

The check is cashed by the Central bank printing money to honor the check.

The customer of a government auto company by giving the auto company a check to buy a car, has transferred his burdensome liabilities off his personal bank, to the bank account of the auto company. The customer has screwed the government auto company by transferring liabilities, and now, it wants the auto company to build the car twice. In fact, the customer has increased the tax burden of the nation, because it is the central bank that must bail out the government auto company. The only solution is higher taxes and it is the fault of the customer

entagor on May 3, 2014 at 5:01 PM

If I were the bankruptcy judge, I’d tell Government UAW Motors (yes, the UAW has a controlling interest in GM) they have a choice – give up the ill-gotten “carry-forward” losses from pre-bankruptcy GM retroactively and start paying income taxes or give up the liability shield and start paying off the tort lawyers.

Steve Eggleston on May 3, 2014 at 9:36 PM

The GM CEO scumhag belongs in prison.

Schadenfreude on May 3, 2014 at 12:48 PM

It’s not the current GM CEO that needs time in the Greybar Motel, it’s the previous one (Dan Ackerson, I believe), and the board of directors.

I had thought it interesting that GM’s CEO bailed suddenly, and there was such a push to have a female appointed.

In retrospect, it’s clear that this was a move to divert blame and responsibility. By putting a woman at the helm just as news of their 10 year coverup started coming out, they expected more compassion – She’s new, isn’t responsible for what happened before she took over…etc.

Honestly, If I were Mary Barra, I’d be looking into whether I could go after those that left me holding the bag. Then again, she’s getting paid rather well to hold the bag.

NavyspyII on May 3, 2014 at 11:01 PM

NavyspyII on May 3, 2014 at 11:01 PM

…very good observation!

KOOLAID2 on May 4, 2014 at 1:16 AM

And, all because they failed to follow the bankruptcy laws as written. Because “jobs saved” or something.

GWB on May 4, 2014 at 10:58 AM

My Mazda is 99+% manufactured and assembled in the blast radius of Hiroshima Japan.

Murphy9 on May 3, 2014 at 2:19 PM

Was that right from their marketing literature? I had a Mazda also, but never thought to have it tested for radioactivity. Maybe that’s why it would not pass the SMOG test?

virgo on May 4, 2014 at 11:22 AM

For everyone who thinks GM is a sleazy company that stole millions from their real creditors and also from the taxpayers, and now is trying to steal more, make a solemn vow to never, ever buy another GM vehicle again! If enough of us do that, we will kill this beast.

Christian Conservative on May 4, 2014 at 7:32 PM

AND those Tesla stations, five of them, (with the assumption that they are standardized), still sit vacant.

WryTrvllr on May 4, 2014 at 9:18 PM

Bin Laden is dead and GM is alive. Oh well, strike that second part.

mwbri on May 3, 2014 at 10:09 AM

They never did show us the body, and no one has ever seen Dog Eater’s personal masseuse who lives in the West Wing and never leaves.

Bishop on May 3, 2014 at 10:11 AM

Obama’s personal masseuse would be the media, and they only massage one thing.

earlgrey on May 5, 2014 at 1:00 PM