What an appropriate title today...reading what I thought was a pretty wild story, i tried to track down something i wopuld call a reputable source, like a major media outlet that had vetted the story and was willing to print it...not just some bloggers possibly spreading BS, not like that would ever happen...
It does appear that the Administration has made moves to entice the Chinese to "invest" in GM, buying a sizable share of the corporation we US taxpayers just bailed out...
Wall Street Journal Sept 24, 2010 "...this will open the door for China to step in. Chinese automaker SAIC Motor Corp. has said it is mulling a potential investment in GM."
"Chinese ownership of a ... recapitalized GM would be in the interests of the Obama White House (which has a political goal of seeing GM become independent again), GM management (which foresees more growth and fatter profits in China) and a Chinese automaker like SAIC.” - Detroit News columnist Daniel Howes
So AFTER the elections, look for this to suddenly appear in the mainstream media, and realize you saw it here in October
After seeing the title, I went to see what was in the news and of course I could not find anything about China buying GM. Then I came here to read your blog and find out that it contains more or less what I read from other sources, that China is investing in GM. I feel like you did a disservice to your readers; why not just say, China may invest in GM.
ReplyDeleteI agree that the news is not comforting, that the ever expanding stranglehold of China on the USA is not a good thing.
You've hit the big time Canice! You have critics.
ReplyDeleteI purposely used the title to get peoples attention, not any differnet from the pop media of today, with screaming headlines.
ReplyDeleteI clearly stated in the intro the investment you say I did not "It does appear that the Administration has made moves to entice the Chinese to "invest" in GM."
My perspective is that the investment is not going to be a single event, but likely to be a serial event, as the stake in GM grows with the partnership formed w SAIC.
China already makes a number of components used in US sold GM products...and not just lightbulbs or circuits,
GM tentatively has planned its initial public stock offering for mid-November. The stock sale will allow the U.S. Treasury, which owns 61% of GM in exchange for having funded its 2009 bankruptcy, to begin recouping some of the $50 billion it invested.
SAIC, which is funded by the Chinese government, already has several joint ventures with GM. The talks to buy an interest in GM are considered preliminary at this point. How far they proceed will depend on the U.S. Treasury.
Anyone can Google the subject and draw their own conclusions.