By on June 3, 2009

Well, that’s how the Freep puts it. So will GM be leaving the toilet seat down? Will it apply for a separate credit card to pay for its extramarital liaisons? Will it be hiding its Playboy inside the latest Economist? Want to clear this up for us, CFO Ray Young? “As a privately held company, it’s likely we’re not going to disclose information except to the shareholders,” says Young. “We do not have to file all of the same documents that we do when we are a public company,” clarifies Chairman Kent Kresa. All of which creates more mind-benders than Will Shortz on a weeklong acid bender.

First, how is a company that is majority owned by the government in any way private? Second, why are taxpayers being stiffed for info when, without their “reluctant ownership,” GM would be wallowing in the ash heap of history right now? Third, if Kresa isn’t lying when he says “I am sure that we will continue to be very transparent as a company, we have always been transparent and will continue to be that way,” why make this announcement at all? Fourth, where does the Freep get off calling this apparent travesty a case of mere “discretion?” Fifth, private? Huh?

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20 Comments on “GM to Become the Soul of Discretion...”


  • avatar
    ruckover

    “All of which creates more mind-benders than Will Shortz on a weeklong acid bender.”

    Semi-obscure, but perfect.

  • avatar
    johnthacker

    Second, why are taxpayers being stiffed for info when, without their “reluctant ownership,” GM would be wallowing in the ashheap of history right now?

    What, you’re shocked that the government would impose fewer rules and regulations on itself than on private companies? Have you ever seen what happens when an environmental disaster is the government’s fault instead of a deep-pocket company’s?

  • avatar
    superbadd75

    Truthfully, neither GM nor Chrysler are private companies until our tax money is paid back in full. But as appears to be par for this course, our money has been stripped from our hands and we will continue to hear whatever they want us to hear. Just curious, how exactly does one begin the process of impeachment?

  • avatar

    Cool. I’m a shareholder now, so start disclosing, ass-clown. Apparently, he’s been learning at the feet of the bailed-out bankers.

    You’d think these dipshits would be taking every single opportunity to convince the car-buying American public that GM is grateful for the help and wants to do the right thing. Telling us that they’re not accountable to us probably isn’t the best strategy right now. But if there’s one thing I’ve learned over the past 6 months, it’s that it’s considered proper to show utter contempt for people who give you billions of dollars.

    I will never, ever own another GM car. Ray Young just sealed that deal.

  • avatar
    gslippy

    OK, I defended Chrysler as a private company when they merely received bailout money (pre-bankrupcy).

    However, 60% ownership of GM by the taxpayers does not entitle GM to privacy.

  • avatar
    ConejoZing

    Very crazy… so begins the muck, mirk and drama of Government Motors. Because it is now Government Motors, you know who is really calling the shots now (well they probably were before). The same people crammed into the Obama positions of power – Trilaterals and CFR members (i.e. Bilderberg). If people on this website have no idea what a Trilateral or CFR (council on foreign relations) is I highly recommend searching everything on the internet.

    Oh and speaking of “Huh” did you know of Rex 84, FEMA or the concentration camps? Behold the bean spilling power of the internet http://www.sianews.com/modules.php?name=News&file=article&sid=1062http://www.youtube.com/watch?v=Vxd_hsiZ1Akhttp://www.youtube.com/watch?v=kqyHkxbj_zg

  • avatar
    Redbarchetta

    GM so needs to die.

  • avatar
    fincar1

    Government Motors? Why not DM – Democrat Motors?

  • avatar
    DweezilSFV

    GM Lives. And you thought the old arrogance was behind them. My brain nearly exploded when I read this. F-U GM CFO Ray Young. Hey: CFO : GM can FOAD. Parasite.

    God will someone please cut the head off this zombie so it can finally die?

  • avatar
    nocaster

    Instead of reading 10-K’s we will have to file a FOIA request to The Department of General Motors.

  • avatar
    Stingray

    “We do not have to file all of the same documents that we do when we are a public company,”

    Whiskey Tango Foxtrot?

    WTF is these people thinking?

  • avatar

    Sockington routinely makes way more sense than these people.

  • avatar
    mtypex

    The fun is just beginning.

  • avatar
    George B

    # superbadd75 :
    June 3rd, 2009 at 11:31 am

    Truthfully, neither GM nor Chrysler are private companies until our tax money is paid back in full. But as appears to be par for this course, our money has been stripped from our hands and we will continue to hear whatever they want us to hear. Just curious, how exactly does one begin the process of impeachment?

    I predict that GM and Chrysler will never be stand alone private companies after getting sucked into the black hole of government mismanagement. Loan never gets paid back. Government will kill GM and Chrysler slowly and then sell off the remnants. Instead of a market driven consolidation where Asian car manufacturers buy US truck manufacturing, we’ll get UAW built government subsidized Sebrings and money losing “green” cars.

    Unfortunately voters voted for candidates who promised more government action than I would prefer. Some people just have to touch the hot stove to learn. Working to change the balance of power in congress after the 2010 election is a more appropriate response than even talking about an impeachment fight.

  • avatar

    we weren’t private last year, where’s my annual report? as a taxpayer, I’m now a shareholder, where’s my financials?

  • avatar
    Redbarchetta

    I predict that GM and Chrysler will never be stand alone private companies after getting sucked into the black hole of government mismanagement. Loan never gets paid back. Government will kill GM and Chrysler slowly and then sell off the remnants. Instead of a market driven consolidation where Asian car manufacturers buy US truck manufacturing, we’ll get UAW built government subsidized Sebrings and money losing “green” cars.

    I agree with what you are saying here, except for one little thorn in my side, Amtrak. That should have been dead 30 years ago yet it still lives on every year getting a few more billion and a little more government mismanagement.

  • avatar
    wsn

    Is GM violating SEC laws by not sending shareholder (i.e. every tax payer) voting sheets? I never received mine for the restructure plan or for changing the CEO.

    Should shareholders file a class action lawsuit?

  • avatar
    "scarey"

    GM violating SEC laws ?
    I’m Shocked ! that everyone else’s rules don’t apply to the govt !
    Shysters running GM/Chryco will only prolong the agony (for the taxpayers).
    After the BIG CRASH, the next sound you hear will be a World War.
    How else can Uncle Sugar get out of all this debt ?

  • avatar

    I know this is counterintuitive but as owners of a company that is not publicly traded at this point, taxpayers shouldn’t want the company’s proprietary information revealed. FWIW, stockholders of publicly traded companies aren’t privy to those companies’ secrets.

  • avatar
    Dave M.

    Government Motors? Why not DM – Democrat Motors?

    As someone who voted for Bush twice (and Obama once), let me say it was under Bush when this ball started rolling. A set of extraordinary circumstances ultimately put GM in a very precarious position…..9/11, Keep America Rolling, Emloyee Sale, Do-nothing Board….just to name a few; add in their extreme lack of vision and product planning, and generations of folks who refuse to buy GM product regardless of how good it is (like me), and there you have it.

    As much as I don’t agree with the bailout, I think Obama chose the lesser of two economic evils. I hardly blame him.

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