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Tuesday, August 10, 2010

How Are Those Profits Working For You?

May 17, 2010 -- GM swings to first profit in three years
Marketwatch Excerpt:
SAN FRANCISCO -- General Motors Co. on Monday turned in its first quarterly profit in three years, riding a strong rebound in worldwide sales and the cost benefits of having emerged from bankruptcy almost a year ago.
Great news!! Plus, GM returned the government loan money they borrowed years ahead of time.

August 3, 2010 -- GM to invest $500 million in Mexico Manufacturing plant
WSJ Excerpt:
MEXICO CITY --U.S. automobile giant General Motors Co. said Tuesday it plans to invest close to $500 million in its Ramos Arizpe plant in northern Mexico ...
D'OH! This is totally nuts.

It's not like I expected special favors from GM, after all, American taxpayers only bailed them out from non-existence. But what a major public relations gaffe this is. While eager and waiting American plants remain idled, the first plant to get a major capital injection after a small profits gain is in Mexico.

The nose-breathing right-wing corporate fascists are already blaming government motors Obama for this one.

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