A Chinese-owned GM, it could happen

A Chinese-owned GM, it could happen

money.cnn.com

NEW YORK (CNNMoney.com) -- GM could one day be Chinese owned.

A shocking concept for the ultimate all-American company, but one some auto industry experts say isn't too far-fetched.

"I can tell you right now the Chinese are shopping heavily in the U.S. auto sector," said David Cole, chairman of the Center for Automotive Research, a Michigan think tank.

Cole said such a deal isn't imminent and wouldn't happen until GM starts selling shares to the public, likely a year or more from now. But he says buying GM would be a major opportunity for the nascent Chinese auto industry.

(visit the link for the full news article)

Can we really be surprised by this news. Sadly I think not. If you still have faith in the government to look out for our best intrests you must be new to ATS and reality at general.

So just to be clear, the USA spent $57.6 BILLION dollars to plug all the wholes in this bloated, hemorrhaging company because it was in the USA'a best intrest. Now it seems those best intrests include waiting for GM to return to profitability so they can sell it to China.

Our best intrests indeed!

money.cnn.com
(visit the link for the full news article)

[edit on 25-11-2009 by FreeSpeaker]

We have no other way to repay the Chinese so we will turn over assets and real estate in return. At bargain basement prices of course. A Chinese company already bought Hummer for a bargain.

Sounds like a downpayment on the debt that's owed to me.... kind of like a lease with option to buy type of deal.

Borrow money from China - give to GM - make company profitable - sell to China in exchange for debt owed -

Sounds about right to me.

reply to post by lpowell0627


First two relys are right on the money. It is that obvious isn't it? It just makes me sick that GM couldn't be allowed to fail we were told. It is to important to the US economy to fail we were told. We were told a load of major BS as usual.

reply to post by FreeSpeaker

As much as unions get slagged right now, I'd hate to envision an economy where the major car makers are set to Chinese wages and working standards...because those conditions will determine the fortunes of workers in other sectors.

I blame Wall Street...it was all a pyramid scheme to ship jobs overseas to increase the bottom line. A good part of the economic crunch is based upon our good manufacturing wages no longer being pumped into local economies. You might wish you made as much as an auto worker, but you sure like it when his/her money comes shopping in your town.

The tipping point was reached when the resulting unemployed...or under-employed...workers could no longer support the system and the credit exploded.

It's all about a new world where cheap labour buys cheap crappy goods...a Walmart World. Unfortunately, that's not the world in which you bought your big ticket items like houses and cars, and established your debt. See a pattern here? That post-war economic bubble tied up a lot of wealth in the middle class, and Wall Street finally figured out how to extract it.

You vote with your spending, and I sure as hell won't be buying any car that isn't made in North America by a UAW/CAW workforce.

This is so f**k**g Outrageous!

They refuse to make a deal (wall street and Washington DC) for GM's Saturn Line, and Pontiac, now Saab, and our military and civilian vehicle, Hummer, Of Course, they will work out a deal with China!?!!!

Roger Penske would have been the best thing for the auto industry and they wouldn't let him buy Saturn. Several local private investers wanted Pontiac with at least 3 different plans and were refused. The G8 is gone, Solstice, etc...


They purposely took our money to bail GM out, then they destroy the company and dump it in the toilet. Why don't you follow that money?!!


I have more points, but what is the use? This is insane.

Greed is good isn't it!