An excellent article from Mike Brownfield at The Foundry (over at The Heritage Foundation) on, now that we’re one year into it, Obama’s running of GM. Read Mr. Brownfield’s article – here.
In addition to GM/”OM” posting a $4.3 BILLION loss for the second half of 2009, GM/”OM” is now plagued with hugely under-funded pension plans (also see – here, here and here) such that it now needs to come up with $12.3 BILLION in payments into the plan within five years. Add Chrysler into the mix, a company which Barack Hussein Obama mandated be overtaken by, of all companies, FIAT, and reports from the GAO are that GM & Chrysler might have to contribute nearly $15 BILLION to these pension plans, though, as reported and linked to above, the pensions of both GM and Chrysler appear to be under-funded by $17 BILLION – see an NY Times article from Nick Bunkley – here. Incidentally, a great article from Sweetness & Light addressing Mr. Bunkley’s NY Times article can be read – here.
Further, as Mr. Brownfield’s Foundry article discusses, the UAW just filed suit against GM, claiming that GM owes a union-run “retiree health care fund” approximately $450 MILLION - see here and here.
Meanwhile, even with its numerous problems it has recently faced, Toyota has seen sales rise 40% – see here and here, as has Ford – see here. Remember that Ford was the only Detroit auto-maker to avoid being over-taken by Barack Hussein Obama.
Just further evidence that government has nothing on the private sector.
