Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: General Motors

GM’s IPO: Where’s the Weevil in the Hardtack?

Logo of General Motors Corporation. Source: 20...

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Steven Rattner, former counselor to Treasury Secretary Timothy Geithner, celebrated in Huffington Post, “In the end, it was a blow out!” With the old General Motors successfully selling shares in its new General Motors at $33 per share, taxpayers will allegedly be getting back part of the $50 billion in bailout money used to rescue the company 17 months ago.

As Rattner exulted:

The mother of all initial public offerings—that of the refreshed, revitalized and revamped General Motors—went off better than almost anyone expected….

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Chevy Volt Misses the Mark

Chevrolet Volt plug-in

Image by Argonne National Laboratory via Flickr

Now that the Chevy Volt, General Motors’ electric car, is about to arrive in selected dealers’ showrooms around the country, it has been getting a lot of press. Some are puff pieces, one of which appeared in USA Today, while others are much more critical.

According to James Healey of USA Today, the Volt “represents a staggering amount of engineering…which combines an electric motor…and a small gasoline engine to create a drive train that uses no gasoline for 25 to 50 miles, [and] then sips it.”

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GM Caught in a Lie, Still Owes U.S. Billions

The New GM (Government Motors) Proudly Introdu...

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Daniel Akerson, the new CEO of General Motors, said last week that the rate of payback of U.S. government bailout monies “will be determined by GM’s performance over the next several years. It would be ‘unrealistic’ to pay the government back all at once.”

He added, “We want the government out. Period. We don’t want to be known as Government Motors…It’s a goal of this company to return that (federal money). [However] I don’t think that’s going to be [done] in one fell swoop. I think that’s unrealistic.”

This was a much different message from that delivered by his predecessor, GM CEO Ed Whitacre, back in March when he announced in a series of TV ads:

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Conjuring Magic To Cover States’ Debts

SACRAMENTO, CA - JULY 21:   A sign stands in f...

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The first warning about the possible bankruptcy of the town of Vallejo, California, was reported by the Associated Press on February 28, 2008, when Councilwoman Stephanie Gomes said, “Our financial situation is getting worse every single day. No city or private person wants to declare bankruptcy, but if you’re facing insolvency, you have no choice but to seek protection.”

Marci Fritz, vice president of the California Foundation for Fiscal Responsibility, blamed the action on promises made earlier by the council to the city’s employees concerning salaries and retirement benefits that the city no longer can afford. According to Fritz, these were promises made during economically flush times, and were due to the city council’s unrealistic expectations that those times would continue indefinitely.

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Can ObamaCare Be Repealed, Nullified?

Repeal ObamaCare

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U.S. Representative Michele Bachmann (R-Minn.), who has earned a “Freedom Index” rating of 90 percent in the current Congress to date, has introduced a bill in the House to repeal ObamaCare. In her press release, Bachmann reminded her constituents that “the government already owns or controls about one-third of U.S. economic activity through the takeover of General Motors, the bankruptcy reorganizations of Chrysler, the partial ownership of two of the country’s largest banks in Bank of America and Citigroup, and the seizure of mortgage giants Fannie Mae and Freddie Mac as well as AIG. Taken all together, [with ObamaCare] we’re looking at half of the American economy in the grip of the federal government.” Bachmann said that it “will do nothing to spur economic growth … [but] will serve only as an obstacle to actual recovery and smother the spirit of innovation and freedoms that made this country great.”

Her bill is simplicity itself:

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Citigroup Bailout Retrospective

Citigroup

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In the announcement that the U.S.Treasury was likely to make a profit selling its stock in Citigroup, much was made about the great returns that sale would generate, and very little was said about how it all happened in the first place.

The potential profit was estimated to be about $7.5 billion assuming that the price of Citigroup’s stock stays at its current level through the end of the year. The article joyfully announced that “it’s a 14 percent rate of return on the $165 billion invested in the biggest banks. Hundreds of smaller banks also received [TARP] money and have been paying the government a steady stream of dividends and interest.” Banking analyst Bert Ely said, “Overall, TARP may cost taxpayers money. But the banking part of it is going to be a moneymaker.”

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Toyota—The Jihad Continues

Current (2008) logo for the United States Nati...

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Now that the Department of Transportation is opening a formal investigation into the 2009-2010 Toyota Corolla over possible steering problems while the government is continuing with hearings by the U.S. House Oversight and Government Reform Committee on February 24th, the House Energy and Commerce Committee on February 25th, and by the Senate Commerce, Science and Transportation Committee on March 2nd about Toyota’s “timely” response to braking and accelerator complaints, some are beginning to question “Why?”

More than that, the questions are “Why just Toyota?” and “Why now?”  Some are asking “Is there something else going on here?”

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.