GM a USA Corporation? Really? Read and Weep!
I smell a GM/Treasury rat! Follow to the end and see if you agree, K?
Mr. Wale said G.M. was setting a goal of selling two million units in China within five years, The Associated Press reports, whether it files for bankruptcy or not. That’s roughly double its current level. It also plans to introduce 30 new models in that time span. Accordingly, G.M. brought 37 vehicles and concept cars to Shanghai — on a day when it was announced that Chevrolet is pulling out of the Frankfurt auto show in September.
A hydrogen fuel-cell vehicle was unveiled, with SAIC getting the hydrogen fuel-cell system underpinning the HFC Equinox for a small fleet of Shanghai brand demonstration vehicles. This is just one of eight joint ventures G.M. now has with SAIC.
G.M. also announced new agreements with SAIC to share advanced technology, including that used in the Chevy Volt, and promised China would become “one of the first” markets for the Volt.
http://wheels.blogs.nytimes.com/...
So, see ya' American workers. You can apply on line for jobs if you are willing to relocate.
And, sadly, General Motors is no exception. What GM is doing is standard Multi-National corporation behavior. Well, with the exception of using taxpayer money for venture capital.
The Caterpillar story should make every un and under employed American upset.
Evidence: Eternal, Not Long-Term Unemployment, The Caterpillar Story
Eternal, Not Long-Term Unemployment and/or Low Wages Forever
Who needs the EU either. We have China! And China has money! China is the New Middle Class Mecca.
GM and China go way back:
2002 China Gm
http://www.nytimes.com/...
G.M. says its sales, which were down in China last year, are up about 15 percent so far this year, mostly as a result of the Chinese government’s pumping $585 billion into the industry in the form of incentives to buyers. For the remainder of the year, Mr. Wale said, G.M. expects to finish the sales year in China up 5 to 10 percent.
http://wheels.blogs.nytimes.com/...
Gees. $585 billion given to people to buy cars? Half a trillion dollars! What a novel concept!
And, hey. Did you know our tax dollars will help GM build it's Shanghai World Class Expo Center?
GM, SAIC jointly building 2010 World Expo pavilion
From:Shanghai DailyApril 18, 2009
General Motors will not change its plans for the 2010 Shanghai World Expo even though the financial crisis has hit it hard in North America and Europe, the head of its Chinese operations said yesterday when construction began on the Expo pavilion it is building jointly with the Shanghai Automotive Industry Corporation.
GM, which is living off emergency funding from the United States government, regards the Expo as a "unique opportunity" to show the world that it is still a world leader in technology and innovation, said Kevin Wale, president and managing director of GM China Group.
China is important to GM, so the company will not only be committed to its Expo promise, but also to its operating plans in the country, Wale said.
http://autonews.gasgoo.com/...
And, if you haven't already, you should be asking What is SAIC? China's biggest auto industry, soon, with our help and all of it's world-wide acquisitions and GM-like partnerships, maybe the only leader in the auto industry? Check it out, this is the tip of the ice berg:
SAIC, China's biggest car maker, said the deal is aimed at building the group into a 'world-class' firm having unprecedented scale in China. China's SAIC signs merger deal with Nanjing Auto
http://www.forbes.com/...
China's newest acquisition?
China buys Hummer
http://www.nytimes.com/...
And GM's Korean Daewoo? Yep. Made in China!
http://www.businessweek.com/...
Why can't American's at least manufacture Car Kits for China assembly, like Korea does?
I know, ask the question WHY, we invite others to lie.
And how well is this going to work in the future if other China car companies pirate GM's designs?
And pirating stuff in China is new? GM sues
http://www.managingip.com/...
And none of this could have happened without the Asian Economic Crisis of the late 1990's.
And who was there, working with the International Monetary markets? Ah huh. Tim Geithner, Lawrence Summers, and Rubin.
After completing his studies, Geithner worked for KISSINGER and Associates in Washington, D.C., for three years(good grief may I add) and then joined the International Affairs division of the U.S. Treasury Department in 1988. He went on to serve as an attaché at the US Embassy in Tokyo. He was deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996-1997), assistant secretary for international affairs (1997–1998).
He was Under Secretary of the Treasury for International Affairs (1998–2001) under Treasury Secretaries Robert Rubin and Lawrence Summers. Summers was his mentor, but other sources call him a Rubin protégé...
http://freerepublic.com/...
And who could have guessed that Obama's mother worked for Tim's dad? No CT here, just impressed by what a small world we live in and what an amazing coincidence this is. Who could have ever guessed back then that their sons would practically run the world?
His father, Peter F. Geithner, is the director of the Asia program at the Ford Foundation in New York. During the early 1980s, Peter Geithner oversaw the Ford Foundation's microfinance programs in Indonesia being developed by S. ANN DUNHAM-SOETORO, President Barack Obama's MOTHER, and they met in person at least once
Tim's dad did spend 28 years, mostly in Asia I think, with the Ford Foundation. Like Obama, Tim grew up overseas.
Well, so. Should we buy that 75 cents a share GM stock? Or will China spin off, leaving the bare boned, near death American version in the dust? Or should we buy shares SAIC?
BTW, GM JUST OFFLOADED IT'S CUMBERSOME DEBT AND OBLIGATIONS ONTO THE BACK OF OUR GRANDCHILDREN. ARE WE NUTS?
It's China's money we used, on loan, to give GM $50 billion (chump change in China). When the GM/SAIC operations spin off, what will we own? Do we own a percentage of SAIC? I want to know.
What I do know is why Geithner is in China. They are celebrating the launch of a new, world leading auto industry in China. Nice work.
Did I mention the Chinese laughed at Geithner when he told them their loans were safe?
But, hey, they like the Geithners and have fond memories of Tim's dad who helped train them, I think. Small world.
What a small world!
Somehow it feels like Americans are joining the ranks of the Useless Collateral we have all heard of for decades. That's harsh!