Rescued GM has a short memory
TO THE EDITOR:
Regarding "Barra to meet with U.S. lawmakers over GM job cuts" (autonews.com, Nov. 30): Ten years ago, General Motors took a loan from the American people to keep the heartbeat going when it was in bankruptcy and looking at total liquidation.
During congressional hearings, GM CEO Rick Wagoner admitted that the company had made poor business decisions and begged for an infusion of cash.
The country was in a recession, but the decision was made to invest in the ailing automaker for the sake of saving manufacturing in America.
Today, the loans have long since been repaid and GM is healthy.
But even though the company is raking in record profits, it's still announcing massive American job cuts, citing high steel prices because of tariffs on imported steel. (Americans make steel too, GM, and the money goes back into our economy.)
But rather than invest in American jobs, GM is choosing to move more business overseas, where the money will be unavailable in the event that the company needs another bailout.
It doesn't sound right to me.
It's disappointing that GM's executive board doesn't remember that the automaker wouldn't even have the opportunity to make those record profits if not for the American taxpayer.
BRANDY BOOTH, Bay City, Mich. The writer is a skilled tradesman at GM's Bay City Powertrain plant and was previously a contract negotiator at the Steering Gear plants in Saginaw.