The taxpayers – really the federal government – and the United Auto Workers got huge slices of the company. Vendors and stockholders … well they got left out in the cold. This was a ‘special’ bankruptcy set up that was never seen before, and as we pointed out, was a pay-off to the unions.
It’s a fair question to ask, especially since Americans now have billions and billions of dollars invested in GM and Chrysler. The feds becoming a player in an otherwise private industry – while writing the rules – probably should be a concern.
Take this for what it is worth. Ford sales were up 33 percent in Dec. 2009 as compared to Dec. 2008. Toyota and Subaru’s sales also increased by a third, and Honda and Nissan sales were up 24 percent and 18 percent respectively. GM and Chrysler sales below the fold, but how is the Ford quality for you buyers out there?