Quote:
Originally Posted by nickswe
Unfortunately things like these happens all the time. I've seen it countless times within the mining industry too, where large companies hide known defects. In the beginning of each new rolling 12 months, Safety is priority #1 - All documentation, presentations, marketing material are refreshed with things like "Safety first", "We believe in safety" etc etc... At the end of the day, when you are gathered in that meeting room starting to discuss how many units are affected and what that may cost you... Money talks.
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Exactly! In the oil & gas sector, you hear them preach and preach safety. Its jjust a ploy. Every large corporate company dealing with construction or some kind of matter that could potentially kill ppl; has what is called an RBI (Risk Based Inspection) program implimented. They use this to see how far they can push a potentionally deadly risk before a predetermined date. They calculate the amount of potential profit to the amount theyd have to shell out for a lawsuit/lawsuits that take place when catastrophic failure hits. If profit exceeds payout by a large margin (which it almost ALWAYS does) then they roll with it. Workers are replaceable. Pure and simple. I dont care how smart you think you are or how well you perform your job, youre replaceable. It doesnt matter that the replacement can do the job as good, better or usually worse than you. The fact is youre replaceable and theyll do that in a heartbeat if it increases profit.
Not to mention, David Einhorn unloaded ALL of his 17M shares of GM at the end of Q4 in the 1st quarter. In addition, Warren Buffett's Berkshire Hathaway cut its GM stake by 10M shares to 30M. That should tell you that GM's stock price is taking a huge dip. Its not a good sign for the General.