Quote:
Originally Posted by zimmy
In case anybody missed this buried way back a few posts on this page.  |
right, like the Pinto....
In a 1991 paper, The Myth of the Ford Pinto Case, for the Rutgers Law Review, Gary T. Schwartz[6] said the case against the Pinto was not clear-cut.[22][23]
According to his study, the number who died in Pinto rear-impact fires was well below the hundreds cited in contemporary news reports and closer to the 27 recorded by a limited National Highway Traffic Safety Administration database. Given the Pinto's production figures (over 2 million built), this was not substantially worse than typical for the time. Schwartz said that the car was no more fire-prone than other cars of the time, that its fatality rates were lower than comparably sized imported automobiles, and that the supposed "smoking gun" document that plaintiffs said demonstrated Ford's callousness in designing the Pinto was actually a document based on National Highway Traffic Safety Administration regulations about the value of a human life — rather than a document containing an assessment of Ford's potential tort liability.
sort of....
of course the Pinto wasn't staggeringly overpriced......
also, GM has it's profits shielded from US tax laws for up to 20 years....
according to documents filed with federal regulators, the revamping left the car maker with another boost as it prepares to return to the stock market. It won't have to pay $45.4 billion in taxes on future profits.
The tax benefit stems from so-called tax-loss carry-forwards and other provisions, which allow companies to use losses in prior years and costs related to pensions and other expenses to shield profits from U.S. taxes for up to 20 years. In GM's case, the losses stem from years prior to when GM entered bankruptcy.
the still have unfunded pension liabilities of over 12 Billion dollars
According to a report by the Government Accountability Office, GM will need to add $12.3 billion into its pension fund by 2014. To make matters worse, if GM terminates their pensions, the Pension Benefit Guaranty Corporation – funded by taxpayers - would then become responsible for as much as $14.5 billion in unfunded liabilities.
got a waiver from Obamacare mandates AND MORE
The Obama Administration continues to find ways to funnel taxpayer funds to General Motors and the UAW. A hidden bailout was recently uncovered buried within the Obamacare bill. This latest giveaway goes by the name of "Early Retiree Reinsurance Program" or ERRP for short. Washingtonexaminer.com reported last week that the program was discovered by investigators for the House Energy and Commerce Committee.
ERRP's price tag to taxpayers is $5 billion. The goal of the program is to provide subsidies to unions, states (for public employees) and corporations for health care coverage for retirees aged between 55 and 64. To date, over $2 billion has been given away. And who's the biggest recipient? The UAW cashes in at number one receiving about $207 million of political payback. That was more than the states of New York, California and Texas, combined, received. Bailed out GM also gets a piece of the pie, having received more than $19 million from the program. GM currently benefits from having transferred health care liability to the UAW in a Voluntary Employees' Beneficiary Association (VEBA) agreement from 2007. Funding for this same VEBA account came from taxpayers and GM bondholders who sacrificed in order to benefit the UAW in the GM bankruptcy process.
they have their product subsidized with taxpayer money to the tune of $7500....nope..... noooooooooo.....
wait for it...............
Obama Budget to Subsidize $10-K For Each Electric Car Sold
By Eric Scheiner
February 17, 2012
President Barack Obama wants to use more taxpayer funds to encourage the purchase of green vehicles.
The government currently offers up to a $7,500 tax credit for those that purchase natural gas or electric vehicles, but the president’s latest budget proposal wants to increase the amount to
$10,000 and allow for consumers to receive the tax incentive at the dealership when they purchase a qualifying vehicle.
and the government will sell off their shares of GM stock sometime in the near future leaving the US taxpayers with a loss in the billions...likely more than 10 Billion
also:
The new “big success” automaker is spending millions hiring lobbyists to squeeze more millions out of state legislatures. As Justin Owen notes, GM has “turned to another, smaller government teat” by putting its hand out to the states. GM, Owen says, “has received another $1.7 billion in taxpayer-funded grants and tax abatements.”
but Obama will tell you that this is an American success story and he's happy to claim credit...
The Washington Post’s Fact Checker: “Virtually Every Claim By The President Regarding The Auto Industry Needs An Asterisk, Just Like The Fine Print In That Too-Good-To-Be-True Car Loan.” (Glenn Kessler, “President Obama’s Phony Accounting On The Auto Industry Bailout,” The Washington Post’s Fact Checker, 6/7/11)
The Washington Post’s Fact Checker Gave President Obama’s Claims On The Chrysler Bailout THREE Pinocchios. (Glenn Kessler, “President Obama’s Phony Accounting On The Auto Industry Bailout,” The Washington Post’s Fact Checker, 6/7/11)
FactCheck.org: The President Is “Sounding Very Much Like A Used Car Salesman” When He Describes The Success Of The Auto Bailouts. “Notice the president — sounding very much like a used-car salesman — used the phrases ‘during my watch’ and ‘under my watch’ when describing the TARP loans as being ‘completely repaid.’” (Eugene Kelly, “Chrysler Paid In Full?” FactCheck.org, 6/6/11)
FactCheck.org: “Read The Fine Print” The Obama Administration Is Not Getting Back $1.3 Billion It Gave To Chrysler.