By on November 23, 2009

The souring embrace, pre-souring.

No, General Motors is not paying back the taxpayers, nor will it ever fully… it’s more like a partial refund. That’s not exactly fresh news around here, but the Grey Lady called wanting the breakdown. So here it is. Just don’t ask how they misspelled the byline.

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20 Comments on “TTAC In NYT: GM “Taking Taxpayers For A Ride”...”


  • avatar

    Congratulations, Mr. Niedermayer! Well done!

  • avatar
    tedward

    very well done. Right to the point and very informative. I think a NYT appearance does more for this website’s brand than any number of television appearances, and you hit it out of the park by presenting the inside baseball angle on this issue without making it difficult to access.

  • avatar
    Banger

    Well done, and congrats, Ed! I could only dream of getting NYT ink someday. Here’s hoping it generates a lot of new traffic for TTAC!

  • avatar
    NN

    Fantastic, Ed–good for you and TTAC.

  • avatar
    GasGuzzler

    Congrats!

  • avatar
    chinar (of GM)

    I am not always a fan of this site…..but that piece was excellent…tough but fair

    However, I dont think that a $67b valuation for GM is a ‘pipe-dream’. It is a tough target, but not a pipe-dream.

    The bankruptcy has really sorted out GM’s balance sheet. With the new launches doing well and more to come, as well as a improving US and global market, GM can post good operating profits as well.

    I hope and believe that GM will prove you wrong.

    • 0 avatar
      Bunter1

      Hi chinar- I’m a bit curious about this improving US market share you mentioned.  I believe you are down aprox. 2-2.5 points year to date which, if anything, is an acceleration of the trendline going in.  Please don’t point to a single months results (or even 2 or 3) and think that that establishes any trend (i.e. last months bump correlated with the highest incentives, by far, in the industry).
      Couple that with sinking scores in CRs anual survey of reliability and I remain deeply skeptical of your employers chances.

      Don’t get me wrong, I hope you guys make it, however I don’t see myself wagering either a vehicle purchase or IPO investment on it, nor could I advise anyone else to with a clear conscience.

      Sincerely,

      Bunter

  • avatar
    Tommy Jefferson

    The embarrasment I would feel sitting at a red light in a General Motors product makes me cringe.

    How do people stand driving those crappy Soviet products?

    • 0 avatar

      Tommy, have you driven a GM product lately?  Are you even willing to?  If not then please keep the non-informed opinion to yourself.

      Go drive the Malibu, LaCrosse, Terrain/Equinox, Traverse/Acadia/Enclave etc etc

      I have driven all, AND their competitiors, I invite you to do the same.

      And do not say I am biased, I drive a Hyundai (it was cheap).

  • avatar
    bucksnort

    Could somebody please post the NYT article here?  I refuse to go to that website.
    GCH

  • avatar
    jrlombard

    I agree, very well written. Congrats on the mainstream ink, Ed.

  • avatar
    mikey

    The NYT!  good stuff Edward.

    chinar [of GM]  I hope and believe GM will prove you are right.
     Tommy Jefferson….Embarrasment sitting at a light in my GM vehicle?….Not me. I proudly wear a 25 year GM service ring,and  a retirement  CAW watch. But I’m really proud of my GM built Impala.

  • avatar
    jkross22

    Ed,  Great article, well written and concise.  Congrats to you personally and to the increased traffic you’ll undoubtedly see at the site.
     
    Nice!

  • avatar
    Robert Schwartz

    Congratulations Ed.

  • avatar
    John Horner

    What, so little knee jerk dismissal of anything printed in the New York Times? We seem to be missing some of our usual commentators :). All kidding aside, great work Ed.
     

  • avatar
    Adub

    Oh, we still distrust the NYT, but having Niedermeyer pen the op-ed gives them some credibility. Well done. However, I almost wonder if Farago leaving was the “price” TTAC had to pay to get the op-ed?

    Just kidding…

  • avatar
    Boff

    I don’t think any “breakdown” is worth the grey paper it’s printed on without a reckoning of the various costs involved in letting GM swirl into a chaotic Ch. 7 bankruptcy.  The damage that might have ensued to the auto sector in general and the states that host these enterprises (that is to say, all of them) needs to be considered. Taxpayer value is all well and good, but taxpayers have considerations beyond corporate balance sheets (though sometimes they are loathe to admit this).

  • avatar

    superb

  • avatar
    NickR

    “The embarrasment I would feel sitting at a red light in a General Motors product makes me cringe.”

    If you ever find yourself cringing with embarassment while sitting in a Corvette ZR1 please let me know and I will relieve you of your suffering immediately. :)

  • avatar
    jmatt

    And 2 weeks later Obama declares the US taxpayer will lose $30 BILLION DOLLARS in this debacle.

    Remember when he declared that this was an excellent investment for the taxpayers and that we’d get all our money back?

    It’s gonna be a real hoot when the feds sink their fangs into the healthcare industry.  I’m sure their financial projections for those costs are much, much more reliable than they were for the auto bailout.

  • avatar
    DetroitsaRiot

    The Big Three had nearly a 70 year 100% market share. They had nearly 40 years to react to competition when it materialized and could not respond (or refused to). Thats OK when it was their and their shareholders equity, at least you can dump a companies stock if you are displeased with its performance. The taxpayers are stuck with this white Elephant now. Most disturbing is that the Corporate culture at GM has not changed one iota.

  • avatar
    DetroitsaRiot

    The Big Three had nearly a 70 year 100% market share. They had nearly 40 years to react to competition when it materialized and could not respond (or refused to). Thats OK when it was their and their shareholders equity, at least you can dump a companies stock if you are displeased with its performance. The taxpayers are stuck with this white Elephant now. Most disturbing is that the Corporate culture at GM has not changed one iota.

  • avatar
    DetroitsaRiot

    The Big Three had nearly a 70 year 100% market share. They had nearly 40 years to react to competition when it materialized and could not respond (or refused to). Thats OK when it was their and their shareholders equity, at least you can dump a companies stock if you are displeased with its performance. The taxpayers are stuck with this white Elephant now. Most disturbing is that the Corporate culture at GM has not changed one iota.


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