I will respectfully disagree.
Chrysler is a foreign auto maker now, not one of the so-called Big Three. They are Fiat. As the money turns, a foreign auto maker and a union received billions of us taxpayer money to take over an auto manufacturer. For what? To make sure Ford had some competition so they would not be as likely to succeed without a bailout too? As for GM, it just makes me sick. The amount that taxpayers and secured creditors lodt in the Chrysler scam is one thing. But $100 Billion in the GM scam. Come on, every penny of what the management and employees received in benefits should be repaid into the taxpayers coffers. I mean, we give them $100 billion, and it looks as if two years in a row now the 45,000 employees will receive profit sharing checks of over $4000 each?
Currently, the stock value is about half what the US government needs it to be to a break even on the $50 billion in loans it said were "loans" on the shares held as collateral, and GM has already started to lose money in their overseas operations, and their profits were down 15% versus the previous years 3rd quarter.I believe because with the bailout instead of a lawful bankruptcy, there was no restructuring of the union contracts to make the automaker competitive with the foreign manufacturers we allow to manufacture with a competitive advantage in the first place, and without the drag of uncompetitive union contracts and entitlements.
I fully expect them to go bankrupt in the future, and the taxpayers to be holding a minimum $200 Billion in unfunded union retirement expenses. But I'm currently a pessimist when it comes to anything operated by the US Government, and GM is one of those. DO you really believe they would report a loss when their books are controlled by the US Government in an election year? I thinking more along the lines of Freddie Mac and Fannie May.....