GM’s bailout strikes again: Saab to close its doors
posted at 10:27 am on December 18, 2009 by MadisonConservative
Now, it just so happens that I hate Swedish cars. Hate them. Passionately. Fiercely. Their owners, even more so. Hence, I find myself ambivalent that Government Motors’ sinking ship is catching Saab in their riptide.
Unable to find a buyer for Saab after a year-long search, General Motors said Friday that it would begin shutting down operations at the Swedish carmaker.
G.M. had been in final sales negotiations with a Dutch maker of high-end sports cars, Spyker Cars, but issues arose during the due diligence process that made the sale impossible before G.M.’s Jan. 1 deadline, the company said in a statement.
In early November, G.M. also backed out of a deal to sell its European operations, Opel, to a Canadian parts supplier and Russian bank. And in September, G.M. announced that the Saturn brand and dealerships would close after Penske Automotive terminated its deal to buy the carmaker.
G.M. still has a tentative deal to sell Hummer to a Chinese industrial machinery manufacturer.
So let’s recap: billions of taxpayer dollars were poured into a floundering car company. The company continued to flounder. Hundreds of millions more were poured into it. Their reaction: selling off their divisions, piece by piece, to other countries…and other countries aren’t even interested. The centralization of the automotive industry keeps pushing it further into the toilet.
Once again, we find that the small print of “jobs created or saved” really does apply to the “citizens of the world”.