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We learned today that Government Motors has decided to invest $335 million in a fabulously successful European auto maker. Mercedes, Audi, BMW you guess? Guess again.
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…
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.