Quote:
Originally Posted by GrinderSS
go and buy 18% of the stocks offered in GM's IPO? Now we have an American company that has the following ownership:
45% American government
13% UAW
7% Canadian government
1% Chinese government
10% Former bond holders
24% Private investors
So, I have a question. How does the UAW reconcile the chi-coms owning a major stake in their company when chi-com labor is responsible for so many of their members being unemployed? Clearly the UAW leadership doesn't care about the American and Canadian men and women that makeup it's membership. The UAW seems complicit in reducing the American automotive industry workforce.
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Simple. (Not that I particularly like it)
Two Chinese financial institutions have underwritten the IPO, it's their right as per the terms to purchase shares. And...China is GM's largest car market right now. And it's growing at a remarkable pace. Rick Wagoner had the vision to enter that market when it was very young somewhere in the neighborhood of ten years ago. Now the Chinese love their Buicks and Chevrolets. And apparently, they're loving Cadillac, too!
Still...what would the UAW have to say? It's not "their company", and they have no power to dictate who can and cannot purchase stock. That's WAY above their heads. I can't follow the logic behind calling them 'complicit' in reducing the workforce....
EDIT: On a separate note...it's about time we start hammering it in our heads to take some responsibility. If you're going to dislike US work being done overseas, acknowledge that they didn't "take" anything, and so they aren't the enemy.
We...the US consumer, demanded cheap products without considering the consequences and so our companies went in search of cheap labor to reduce costs....they found China.