Go Back   DealershipForum.com > Domestic Franchises and Independent Dealers > General Motors > Sales

Notices

Reply
 
Thread Tools Display Modes
Old 04-22-2010, 07:10 PM   #1
Txflyer
Senior Member
 
Join Date: Jan 2009
Posts: 953
Default Senator Claims GM repaid federal loan with federal money

Nothing very surprising here, but glad to see someone actually sees what went on today:

http://www.autonews.com/apps/pbcs.dl...100429927/1216

For those who can't access Automotive News, there is a similar story on Fox:

http://www.foxnews.com/politics/2010...bailout-money/
Txflyer is offline   Reply With Quote
Old 04-23-2010, 08:55 AM   #2
XDCX
Administrator
 
Join Date: Nov 2007
Posts: 14,869
Default

Thanks for starting the tread and posting the links.

I read the story in Automotive News but actually thought the link you provided to the story by FOX was more informative.

There's no question the statements and commercials are mis-leading. I think most Americans watching the GM commercial with Ed Whitacre will assume that the government's been paid back and everything is back to normal - that's hardly the case. The taxpayers are still on the hook with GM and GMAC until the Treasury manages to sell off the equity they have in both companies. (GM will most likely have an IPO and issue stock next year.)

That said, I saw the commercial with Ed Whitacre last night and thought it was awesome. He portrayed the GM as strong and viable company with a bright future. He not only showed the product they have today, he showed what they have in development.
XDCX is offline   Reply With Quote
Old 04-23-2010, 10:19 AM   #3
CL Pgh
Senior Member
 
Join Date: Oct 2008
Posts: 1,242
Default

Quote:
Originally Posted by XDCX View Post
That said, I saw the commercial with Ed Whitacre last night and thought it was awesome. He portrayed the GM as strong and viable company with a bright future. He not only showed the product they have today, he showed what they have in development.
You think Ed remembered Lee Iaccoca's early 80's commercial??? Only Lee was telling the truth about paying back the Gov. early!
CL Pgh is offline   Reply With Quote
Old 04-23-2010, 10:46 AM   #4
XDCX
Administrator
 
Join Date: Nov 2007
Posts: 14,869
Default

Quote:
Originally Posted by CL Pgh View Post
You think Ed remembered Lee Iaccoca's early 80's commercial??? Only Lee was telling the truth about paying back the Gov. early!
That's exactly what I was thinking of when I saw that commercial. Whittacre's no Iacocca, but it was still a very good commercial and I think it will definitely help GM repair their reputation. In fact, I liked how Whitaker acknowledged there are a lot of Americans who were opposed to the GM bailout and he respected their feelings.

Granted, he misrepresented the truth but that doesn't really seem to matter much anymore.
XDCX is offline   Reply With Quote
Old 04-23-2010, 12:53 PM   #5
Txflyer
Senior Member
 
Join Date: Jan 2009
Posts: 953
Default

Quote:
Originally Posted by XDCX View Post
Granted, he misrepresented the truth but that doesn't really seem to matter much anymore.
Yep, the sad truth is 99.9% of the public probably fell for Ed's spiel hook, line and sinker. This OLDCO dealer who was not offered his franchise back sure doesn't buy it.[

Last edited by XDCX; 04-24-2010 at 10:54 AM. Reason: Fix quote tag to make post easier to read
Txflyer is offline   Reply With Quote
Old 04-23-2010, 01:59 PM   #6
Txflyer
Senior Member
 
Join Date: Jan 2009
Posts: 953
Default

Follow-up story from Fox. Apparrently this is getting some more attention: http://www.foxnews.com/politics/2010...h-advertising/

It was also mentioned in the the Automotive News videocast this afternoon.

Last edited by Txflyer; 04-23-2010 at 02:05 PM. Reason: spelling
Txflyer is offline   Reply With Quote
Old 04-23-2010, 02:19 PM   #7
possum
Senior Member
 
Join Date: Jan 2009
Posts: 1,122
Default

GM Dealers have storefront banners declaring the payoff is complete.
possum is offline   Reply With Quote
Old 04-23-2010, 03:42 PM   #8
The StraightShooter
Senior Member
 
Join Date: Aug 2009
Posts: 518
Default

The new math or rather Obama math.
The StraightShooter is offline   Reply With Quote
Old 04-23-2010, 04:32 PM   #9
crowe
Senior Member
 
Join Date: Oct 2008
Posts: 626
Default

Don’t forget both GM & Chrysler will have to fund those “Cadillac Plan” UAW pensions that were reaffirmed during bankruptcy.
That’s 12 billion + for GM & 3 billion + for Chrysler over the next few years.
If they don’t pay up Uncle Sam has guaranteed these plans & taxpayers will be on this hook.
Normally in bankruptcy pensions go away with the other unsecured debts.
Obama gifted the UAW those “Cadillac Plans” at the expense of the secured debtors & maybe both company’s futures.
crowe is offline   Reply With Quote
Old 04-24-2010, 05:00 AM   #10
Ralph
Senior Member
 
Join Date: Nov 2009
Posts: 636
Default

The thing that struck me with those commercials was that their PR machine is right on target, yet Chrysler doesn't seem to be even close to being in the same game. There seems to be no attempt at all to tell any story. Sure they are running ads, but GM is running promotional stuff letting the buying public think they're here to stay, healthy and relevant in the marketplace.

The second thing is that it's so disingenuous. Wasn't there about 80 billion dumped into these two companies? They pay back 5 and crow that they're all paid up. And no one, not even Fox mentioned it. It's the same fuzzy math that we're seeing everywhere in this country. Seems no one tells the truth anymore, and worse, seems no one really cares or reports on it. We're all doomed. Lol
Ralph is offline   Reply With Quote
Old 04-26-2010, 02:41 PM   #11
Txflyer
Senior Member
 
Join Date: Jan 2009
Posts: 953
Default

There is a new follow-up story on Fox: http://www.foxnews.com/politics/2010...oan-repayment/

Even the TARP Inspector General is admitting that they just used other TARP money to "pay off" the loans.
Txflyer is offline   Reply With Quote
Old 04-27-2010, 05:50 PM   #12
XDCX
Administrator
 
Join Date: Nov 2007
Posts: 14,869
Default

Quote:
Originally Posted by Txflyer View Post
There is a new follow-up story on Fox: http://www.foxnews.com/politics/2010...oan-repayment/

Even the TARP Inspector General is admitting that they just used other TARP money to "pay off" the loans.
Thanks for the link - I'm in the process of catching up and just had a chance to read the story.

Concerning the article, I was surprised by this quote - "Grassley said lawmakers are being told government losses on GM are expected to exceed $30 billion." I was under the impression the OLDCO version of GM had about $1 Billion that would never be recovered but the rest of the tax payer's dollars were secured by equity in the NEWCO version of GM.
XDCX is offline   Reply With Quote
Old 04-27-2010, 06:28 PM   #13
possum
Senior Member
 
Join Date: Jan 2009
Posts: 1,122
Default

Both, Chrysler and GM are equally disgusting with their brazen disregard for anything that is right or decent. The difference is that GM has a better, or more experienced, spin machine in place.

This whole time in our business is a real shame.
possum is offline   Reply With Quote
Old 04-27-2010, 07:15 PM   #14
Txflyer
Senior Member
 
Join Date: Jan 2009
Posts: 953
Default

Quote:
Originally Posted by possum View Post
Both, Chrysler and GM are equally disgusting with their brazen disregard for anything that is right or decent. The difference is that GM has a better, or more experienced, spin machine in place.
After having experience with both, I'd say that GM has a lot more experience doing disgusting things, and therefore has gotten a lot better a making them look pleasing to the general public. That's about all I'll say in the public area of the forum.
Txflyer is offline   Reply With Quote
Old 04-28-2010, 04:03 AM   #15
Ralph
Senior Member
 
Join Date: Nov 2009
Posts: 636
Default

Quote:
Originally Posted by Txflyer View Post
After having experience with both, I'd say that GM has a lot more experience doing disgusting things, and therefore has gotten a lot better a making them look pleasing to the general public. That's about all I'll say in the public area of the forum.
Never more truthful words were typed. it's a shame we're living in these times and there isn't anywhere to turn for help.
Ralph is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Federal agents raid dealerships crowe Automotive Discussions 2 07-01-2010 09:33 AM
Dealer pleads guilty to Federal Check Kiting Charges XDCX Automotive Discussions 4 04-27-2010 11:42 AM
Federal Court rules against Reynolds and Reynolds XDCX Automotive Discussions 1 01-21-2009 10:59 AM
Big 3 Captives have access to the Federal Reserve XDCX Automotive Discussions 6 11-06-2008 11:27 AM


All times are GMT -7. The time now is 02:00 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright DealershipForum.com - 2008 - 2016