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Thread: GM, Chrysler tell Romney he's wrong about Chinese jobs claim

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    Senior Member zeus3925's Avatar
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    Default GM, Chrysler tell Romney he's wrong about Chinese jobs claim

    Looks like Willard got into a little creative history:

    http://www.freep.com/article/2012103...ese-jobs-claim
    Zeus

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    Senior Member Buzz's Avatar
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    Quote Originally Posted by zeus3925 View Post
    Looks like Willard got into a little creative history:

    http://www.freep.com/article/2012103...ese-jobs-claim

    Doesn't mater what GM and Chrysler say, the crew here will defend Willard to the very end, no matter what. Romney is referring to Chrysler as an Italian company, ignoring the fact that they are 45% owned by the UAW. That is the tac that Romney should take, calling them a UAW owned company, that would fire up the base...
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

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    Senior Member M&K's Retrievers's Avatar
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    Wonder why they are 45% owned by the UAW?
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    Senior Member Buzz's Avatar
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    Quote Originally Posted by M&K's Retrievers View Post
    Wonder why they are 45% owned by the UAW?

    The story is here:

    http://online.wsj.com/article/SB124087751929461535.html

    I can't find the article I was reading, but yesterday I read a statement from Marchionne that Fiat now owns 55% of Chrysler while the UAW owns 45%. I don't know if that is correct because I don't believe that the US has sold it's share, maybe it has. Marchionne stated that the origional intent was for Fiat to buy more of Chrysler, but they are now content to leave the UAW with it's ownership stake because Fiat doesn't have the cash to follow through because of the tanking auto sales in Europe. Below is a NYT article on Chryslers most recent results. It seems that the bail out of Chrysler has worked out in spades...

    http://www.nytimes.com/2012/10/30/bu...0-percent.html


    DETROIT —
    Chrysler
    , the third-largest Detroit automaker, said on Monday that its third-quarter profit rose 80 percent on the strength of new models, less debt and steadily growing sales in both American and international markets.The company said it earned $381 million in net income, up from $212 million in the same period a year ago. Revenue for the quarter was $15.5 billion, an 18 percent increase from $13.1 billion in the same period last year.The results could be seen as the latest evidence that Chrysler’s improbable comeback from its government bailout and bankruptcy was not only sustainable, but accelerating.“We’ve changed the conversation at Chrysler Group,” said Sergio Marchionne, the chief executive of both Chrysler and its Italian parent, Fiat. “We continue to work feverishly and are pleased to see that our all-consuming aspiration for excellence is translating into results.”Chrysler’s solid results are propping up the faltering European operations of Fiat, which was scheduled to release its third-quarter earnings on Tuesday.Mr. Marchionne may announce new moves to cut losses at Fiat, which is struggling to cope with the steepest decline in sales in Europe in nearly 20 years.But there’s no need anymore to fix Chrysler, which has repaid its debt to the American taxpayers and totally revamped its product lineup since emerging from bankruptcy in 2009.
    And now Romney is busy lying his arse off to Ohio and Michigan...

    http://www.detroitnews.com/article/2...88381481237582

    Chrysler Group and General Motors Co. forcefully attacked comments from Republican presidential candidate Mitt Romney that Chinese production could cost Americans jobs.After months of largely trying to stay out of the fray, the two U.S. automakers that were rescued by taxpayers in 2008 and 2009 attacked the Detroit native who opposed the $85 billion auto bailout.Chrysler CEO Sergio Marchionne rejected an assertion from Romney that Chrysler is planning on moving Jeep production to China."I feel obliged to unambiguously restate our position: Jeep production will not be moved from the United States to China," Marchionne said in an email to employees Tuesday, a copy of which was obtained by The Detroit News.In fact, he said the company will continue to expand Jeep manufacturing in this country, noting the automaker has added thousands of jobs in the United States to build additional Jeep vehicles."Jeep is one of our truly global brands with uniquely American roots. This will never change. So much so that we committed that the iconic Wrangler nameplate, currently produced in our Toledo, Ohio, plant, will never see full production outside the United States," Marchionne said. "Jeep assembly lines will remain in operation in the United States and will constitute the backbone of the brand. It is inaccurate to suggest anything different."GM denounced a new Romney radio ad in Ohio on Tuesday that also attacked GM for building cars in China, ramping up the rhetoric."Under President Obama, GM cut 15,000 American jobs, but they are planning to double the number of cars built in China, which means 15,000 more jobs for China. And now comes word that Chrysler is starting to build cars in, you guessed it, China," the ad says. "Mitt Romney — he'll stand up for the auto industry. In Ohio, not China."GM has long built cars in China for consumers, and Chrysler previously built Jeeps in China. It is true that GM has cut jobs since 2008, but it might not be in business if Obama hadn't agreed to a $50 billion bailout. The U.S. job cuts had nothing to do with China, but with shrinking GM in order to restore profitability."At this stage, we're looking at Hubble telescope-length distances between campaign ads and reality. GM's creating jobs in the U.S. and repatriating profits back to this country should be a source of bipartisan pride," GM spokesman Greg Martin said. "We've clearly entered some parallel universe during these last few days. No amount of campaign politics at its cynical worst will diminish our record of creating jobs in the U.S. and repatriating profits back to this country."
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

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    Senior Member Buzz's Avatar
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    And did you know anything about what Romney did to Delphi through the bail out of the industry???

    I can't believe you guys want the swine Rmoney to be president...

    He's kidding, right? Did I just hear Mitt Romney say, "I would do nothing to hurt the US auto industry."Really? Really?
    Here's the facts, ma'am:
    As I reported in this week's The Nation magazine cover story "Mitt Romney's Bail-out Bonanza," the Romneys are in a special partnership with the vulture fund that bought Delphi, the former GM auto parts division.

    The Romney vulture fund investment syndicate shipped every single UAW production job - every job - to China.
    Just after The Nation broke the story, Washington newsletter The Hill received the Romneys' admission of profiteering:
    "Romney's campaign did not deny that he profited from the auto bailout in an email toThe Hill, but it said the report showed the Detroit intervention was 'misguided.'"
    The truth? On June 1, 2009, the Obama administration announced that Detroit Piston's owner Tom Gores, GM and the US Treasury would buy back Delphi.The plan called for saving 15 of 29 Delphi factories in the US.
    Then the vulture funds pounced.
    The Nation discovered that, in the two weeks immediately following the announcement of the Delphi jobs-saving plan, Paul Singer, Romney's partner, secretly bought up over a billion dollars of old Delphi bonds for pennies on the dollar.
    Singer and partners now controlled the company - and killed the return of Delphi to GM.
    These facts were revealed in a sworn deposition of Delphi's Chief Financial Officer John Sheehan, confidential, but now released on the Web.
    Sheehan said, under oath, that these speculators threatened to withhold key parts (steering columns), from GM. This would have brought the auto maker to its knees, immediately forcing GM's permanent closure.
    The extortion worked. The government money that was supposed to go to save jobs went to Singer's hedge fund, Elliott Management Corporation and its partners, including the Romneys.
    Once Singer's crew took control of Delphi, they rapidly completed the move to China, sticking the US taxpayers with the bill for the pensions of the Delphi workers cut loose.
    Dan Loeb, a million-dollar donor to the GOP, who made three-quarters of a billion dollars off the legal scam, proudly announced that, once he and Elliott took control, Delphi kept "virtually no North American unionized labor."
    In all, three hedge funds run by Romney's million-dollar donors have pocketed $4.2 billion, a return on their "investment" of over 3,000 percent - all care of the US taxpayer. The Romneys personally earned a minimum of $15.3 million, though more likely $115 million - a range their campaign does not dispute.
    Frankly, I'm no fan of the way Obama handled the Delphi bail-out. Allowing these speculators to crank the US taxpayers for $12.9 billion in subsidies - and losing almost all the auto parts jobs in the process.
    But when I heard that Son of a ... Detroit, Mr. Romney, tell us, "I would do nothing to hurt the US auto industry," I thought I'd lose my dinner. I suggest Romney repeat this directly to the Naylor family of Kokomo, Indiana.
    Bruce Naylor lost his job at Delphi, then his health insurance (terminated by the Romney syndicate) - then his home to foreclosure.
    Should Obama have done something about that? You bet. If I were the president, I'd have started with putting the vulture speculators out of business - including Elliott's silent, hidden partner, one Mitt Romney.
    And a question to the US media: Hello, anybody home?
    This info on Romney's profiteering and the shipping of Delphi jobs to China by his cronies is on the cover of The Nation Magazine and in a New York Times bestseller. Want the full story of Romney's vulture-pack partners? I have several chapters on Paul "The Vulture" Singer and other million-dollar donor magnates backing Romney (and those backing Obama, too) in my new book, "Billionaires & Ballot Bandits," with an introduction by Robert F. Kennedy Jr. and illustrations by Ted Rall.
    So, where is the New York "Paper of Record?" Or, for that matter, MSNBC?
    Bill Press explained it to me when I was on his show this morning: "Sorry, Greg. There's no more investigative reporting in America. No reporters, just repeaters."
    That's why I fear Jimmy Carter's statement that, "The American people deserve a president as good as they are." Now I'm afraid that's exactly what we'll get.
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

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    Senior Member Franco's Avatar
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    7 out of every 10 GM vehicles are built outside of the USA according to the GM President. True or False?

    http://www.youtube.com/watch?v=Lvl5Gan69Wo

    Tax payers paid $100 per share that is now worth $20. per share, true or false?

    Croney Capitalism never works.
    Last edited by Franco; 10-31-2012 at 08:49 AM.
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    Senior Member zeus3925's Avatar
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    Old Willard is caught with his pants on fire on this one. Of course he isn't going to retract it. He is too proud of his fiction.

    http://politicalticker.blogs.cnn.com...ads/?hpt=hp_t2

    The ad was rated "Pants on Fire" by the independent, fact-checking group PolitiFact.com. ...

    The Romney campaign did not highlight their television ad–or Tuesday's radio ad–with a press release to reporters, as they have with nearly every other spot, but CNN's ad tracker Kantar Media CMAG, spotted the ad running on broadcast television stations in Toledo and Youngstown, Ohio – two Ohio manufacturing strongholds.

    Martin, the GM representative, said Romney's ads show that the candidate is "bereft of any fundamental understanding of the global automotive industry.

    "All global manufacturers, whether General Motors, Ford, Chrysler or VW, build historically in the markets in which we sell," he continued.

    Romney's campaign did not respond to a request for comment.
    Last edited by zeus3925; 10-31-2012 at 08:55 AM.
    Zeus

    I don't want to feed an ugly dog!

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    Senior Member Buzz's Avatar
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    Quote Originally Posted by Franco View Post
    7 out of every 10 GM vehicles are built outside of the USA according to the GM President. True or False?

    http://www.youtube.com/watch?v=Lvl5Gan69Wo

    Tax payers paid $100 per share that is now worth $20. per share, true or false?

    Croney Capitalism never works.

    GM builds vehicles for the Chinese market in China. They have to build cars there in order to sell them there. If you held GM stock and they refused to participate in the Chinese market, you wouldn't be happy...
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

    Raven - Moneybird's Black Magic Marker***
    (Esprit's Power Play x Trumarc's Lean Cuisine)
    Mick - Moneybird's Jumpin' Jack Flash***
    (Clubmead's Road Warrior x Oakdale Whitewater Devil Dog)
    Peerless - Moneybird's Sole Survivor
    (Two River's Lucky Willie x Moneybird's Black Magic Marker)

  9. #9
    Senior Member zeus3925's Avatar
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    7 out of every 10 GM vehicles are built outside of the USA according to the GM President. True or False?

    http://www.youtube.com/watch?v=Lvl5Gan69Wo

    Tax payers paid $100 per share that is now worth $20. per share, true or false?

    Croney Capitalism never works.
    That's may be correct if you count Canada, which put in its portion of the rescue. GM has been a global company building cars for decades in Britain, Germany, Australia, and Japan, for instance. They are new to China but that is largely to meet the demand there much as Honda builds cars here to meet the North American demand.

    What's more is the profits raised by those overseas operations accrue to an American company.
    Last edited by zeus3925; 10-31-2012 at 10:06 AM.
    Zeus

    I don't want to feed an ugly dog!

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    Senior Member huntinman's Avatar
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    Quote Originally Posted by zeus3925 View Post
    That's may be correct if you count Canada, which put in its portion of the rescue. GM has been a global company building cars for decades in Britain, Germany, and Japan for instance. They are new to China but that is largely to meet the demand there much as Honda builds cars here to meet the North American demand.

    What's more is the profits raised by those overseas operations accrue to an American company.
    Too bad you guys don't show the same amount of indignation when Obama lies about leaving Americans behind to die at the hands of terrorists...
    Bill Davis

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