Chinese Automakers may buy GM and Chrysler

[Phred42]

Oh Phucking Brilliant -

This is a matter of National Security. Enough.

If I were the Chinese I WOULD buy all three - THAT would be the end the possibility of this country EVER being able to defend itself ever again! No need for a War.

Chinese Automakers may buy GM and Chrysler
http://www.agoracosmopolitan.com/home/Frontpage/2008/11/19/02867.html

Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, China’s 21st Century Business Herald reports. LINK A National Enquirer the paper is not. It is one of China's leading business newspapers, with a daily readership over three million]. This newspaper cites a senior official of China’s Ministry of Industry and Information Technology– the state regulator of China’s auto industry– who dropped the hint that “the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.” These hints are very often followed with quick action in the Middle Kingdom. The hints were dropped just a few days after the same Chinese government gave its auto makers the go-ahead to invest abroad. And why would they do that?

[dkf]

1. The GM pension fund could buy GM 40 times over.

If only they wanted to.

[BR_Parkway]

4. Wonder why they don't?

[dkf]

5. I have no idea.

Maybe they think its a bottomless pit?

[bluecollarcharlie]

10. Really? Do you have any proof of that?

...Or is this more context-free reporting courtesy of yourself.

[BR_Parkway]

17. Wow, a little Google and a whole lot less nasty response would go a long way

at least they did then, but I can't see how they could have burned through $91 billion so quickly from 2005.

G.M.'s pension fund is actually made up of two big plans, one for salaried employees and one for hourly workers. At the end of 2004, G.M. reported that the two plans had total assets of $91 billion, and total benefits owed of $89 billion, for a surplus of $2 billion.

http://www.globalaging.org/pension/us/private/2005/gm.htm

Considering GM's market cap at close on Friday was $1.87 billion, yeah - they've got enough cash to buy the company, throw out existing management and even finance streamlining.

[kcwayne]

22. Well, let's assume its your pension on the line AND

you are retired and need your payments. If the fund buys GM, and GM does not kick enough free cash flow to pay the pensions, are you going to be content to be told, "Its and investment, someday it will be worth more".

Doubt. It.

[dipsydoodle]

2. Corporations are owned by their shareholders

and so in the absense of them being nationalised anyone can buy shares - in this case sufficient in number to takeover the companies.

[Auggie]

3. Wow... just wow

If true. If even a remote possibility.

This can't happen. Yeah, it's a matter of national security. It also underscores the total failure of manufacturing in the U.S.A.

[sandnsea]

6. It underscores intentional globalization

by the exact same CEO's who are running to Congress with hat in hand. They're the ones who sent manufacturing overseas and refuse to tell the American workers the truth about why it's so much cheaper to operate overseas - people work themselves to death in poverty and the government pretends to provide them health care and other benefits.

[bluecollarcharlie]

11. Yeah, sure does. With a lot help fron you Neo-Libs

You people are the death of true liberalism. Just like the neo-libs were the death of true conservatism. You'll find that out in the mid-terms.

[lib2DaBone]

7. ..what about our ability to make Military Vehicles?

.. I read an article the other day about a shortage of small arms ammunition in Iraq. Seems the U.S. has contracted out the production of our ammunition to China. (what a brilliant move...)

What happens if China says , "no.. we are not going to make you any more ammunition"? How are the politicians going to wage war with no ammo and no military vehicles?

We have some real rocket scientists in CONgress.

[Phred42]

8. Hell, our Army boots come from the Communists now.

Our Soldiers can't even march without permission from China.

[Ikonoklast]

18. These guys may be surprised to hear that.

COMPANY BACKGROUND

Altama Delta Corporation was founded in 1969 in Darien, Georgia where the Altamaha River meets the Atlantic Ocean. Originally a children's shoe plant, the facility was converted to manufacture green jungle boots for U.S. Soldiers stationed in Vietnam.

ALTAMA moved its headquarters to Atlanta, Georgia in December of 1987, and today designs, manufactures, imports, sells and distributes 18 different styles of high performance combat, tactical and police duty boots, some available in 133 different sizes.

For 35 consecutive years, ALTAMA has been a prime contractor to the United States Department of Defense, supplying a wide range of military specification (Mil-Spec) footwear to thousands of military personnel worldwide. ALTAMA proudly enjoys being the most recognized name in military footwear.

[old mark]

19. China makes a version of the Vietnam-era jungle boot.

I don't know if they are used by their military, but they are exported in large numbers. Their main virtue is their low price compared to the US made Vietnam/jungle boots available now. The Chinese versions are about 1/3 the price of the real JB's. I have a pair of the chinese versions now, and had several of the USGI (government isssue) boots back in the old days. The imported version is pretty close, but not as good.

FWIW, the Jungle Boot was a special model more suiotable for duth in a place like Vietnam - thay are not good in somewhere like Iraq or Afghanistan, where there are newer and appropriate boots being issued.

Jungle Boots were made partly of nylon for light weight and quick drying, with drain holes to allow water to escape and a steel plate in the sole. They had large lugs on the sole for gripping in mud and worse.
They are pretty good for use in a wet jungle, not for a dry climate or mountainous regions.

mark

[Ikonoklast]

20. Not Mil-Spec, just Chinese copies.

No Chinese state-owned manufacturer is allowed to be a primary DoD contractor.

[old mark]

28. Right - they are copies, not bad boots, but not the original.

I have several Chinese-made military weapons - SKS rifles, which they call type 56 - and they are excellent quality. I guess the boots are just for export. Here they are sold mainly in military surplus places and hunting supply places. They are decent moderate weather hiking boots really cheap.

mark

[MidwestTransplant]

14. Well the flags and flag lapel pins come from China, may as well buy our military hardware from them

too. Let's just hope we don't need to buy their equipment to fight them. /Sarcasm

[DonCoquixote]

9. Watch GM sell themselves to China

RIGHT AFTER they get this "bailout" people are screaming for. It's ironic that the last communist nation is the ultimate destoryer of organized labor.

[bluecollarcharlie]

12. But the "Progressives" around don't give a damn........

....they want to make sure their interest are covered-no one else. We just got rid of a bunch of narrow minded fools and now these people here want to make sure more narrow minded fools replace them. Wait until the 2010 mid-terms.

[DonCoquixote]

16. So

Do we give GM the money, and pray they won't just flush it down the commode, knowing that if they were saved, it would not allow them to declare bankruptcy?

[Occam Bandage]

21. China isn't exactly Communist. nt

[MidwestTransplant]

13. This could be a good way to do in the Chinese.

[JVS]

15. LOL!

[Phred42]

23. I can't beleive that this is all the interest there is in such an important issue

This is the gun that the republicans are putting to our heads in order to finally kill Unions and 'win' the race to the bottom.

[FarCenter]

24. What military equipment do GM and Chrysler sell to the DoD?

I mean actual war-fighting equipment, not Cadillacs for the Generals to ride around in.

[lib2DaBone]

25. Hummers. Hum-Vees. A GM Product.

In WW-II, .30 Cal Carbines were made by General Motors as well as the Underwood Typewriter Corporation... among others.

[Pavulon]

26. none AMG makes HMMWV

[OhioChick]

27. That would be the end of the U.S. as we all know it.

Hopefully, it doesn't happen.

[Phred42]

29. I agree that this is THAT critical

I have a hard time understanding the lack of outrage