Trump is mad. Fuming. And you should be too.
“If GM doesn’t want to keep their jobs in the United States, they should pay back the $11.2 billion bailout that was funded by the American taxpayer,” read the tweet by The Trump Train, which calls itself a fan account of the president.
Trump, who has expressed anger over GM’s closing of American auto plants this week, retweeted the tweet without comment.
Opponents said GM and Chrysler brought their near-bankruptcy on themselves. They didn’t retool for an energy efficient era. They should have cut production, jobs, and dealerships years earlier. Columnist David Brooks said, “…if these companies are not allowed to go bankrupt now, they never will be.”
Instead we bought stock and handed out cash to the tune of 51 Billion dollars to GM.
GM CEO Mary Bara took her 22 million dollar salary and massive stock options while approving the moving of American plants to China. Of course they don’t call it that. They say cutting jobs in the US and expanding in China, but its the same thing.
It is a lesson. We MUST let capitalism work and there MUST be a disincentive to bad business which allows bankruptcy to happy. Other companies will jump in and fill the gap with younger more efficient less top heavy corporations.
I am reminded of a swedish company that bought up a shower fixture company in California. The old company had gone broke. The new company was making huge profits. When asked why the swedish ceo explained – the old company had 400 managers, we only have four.
|GM||$51.0 billion||$39.7 billion||-$11.3 billion||Dec. 9, 2013|