General Motors says Venezuela illegally seizes auto plant

[Clementine]

Well, it's not the first time this leftwing government took over a company and won't be the last. GM was bailed out by billions of American tax dollars so I hope they don't expect sympathy after moving a plant to a socialist hell hole. And this is the kind of government that libs praise.


"General Motors (GM.N) said on Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to "take all legal actions" to defend its rights.

The seizure comes amid a deepening economic crisis in leftist-led Venezuela that has already roiled many U.S. companies.

"Yesterday, GMV's (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities," the company said in a statement.

It said the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers.

Venezuela's Information Ministry did not immediately respond to a request for information."


General Motors says Venezuela illegally seizes auto plant

 

[Wyatt earp]

Trump should bomb them too.




.

 

[usmbguest5318]

this is the kind of government that libs praise

What? Please share with us examples of liberals (ones who matter, not just any nitwit who happens also to self-identify as a liberal) who've praised a nation's having nationalized private businesses. I'm sure there are things Venezuela's government does that are positive, even though its seizure of GM cannot by GM and its owners be seen as among those things.

it's not the first time this leftwing government took over a company

I'm sure, from just the quoted remarks you included in the OP, that GM is and was as aware of that as you are. That it had happened before under Chavez suggested that it could well again happen under Maduro, who, as the son of a militant leftist parent, became a bus driving high school dropout and later union leader before serving in Chavez's cabinet as the foreign minister.

How much did GM risk by maintaining a nexus in Venezuela? I don't know. I know form the article you linked that Ford opted not to assume the same degree of risk. "In early 2015, Ford Motor Co (F.N) wrote off its investment in Venezuela when it took an $800 million pre-tax writedown."

GM took a risk by maintaining, rather than selling off, its factory in Venezuela, and it knew it was taking that risk the day it moved into the place. Moreover, the risk of doing business in Venezuela has not been limited to political risk, as GM's management disclosed to the firm's owners. Some risks yield rewards and others do not. The one GM took building that factory is among the risks that GM took and that did not pan out as GM desired. That happens. It's the way business works.

So, given the "writing on the wall," with whom is it you think one should be ired? GM's management for its poor risk assessment and failure to take the right right mitigation approach, or Venezuela. Seems to me that GM did not presciently and accurately assess the situation in Venezuela, as Ford's management did. Obviously, doing so was not at all impossible, because Ford did so. I wonder whether other companies did so too. While it's not impossible that Ford is the only firm that did accurately gauge the risks and extricate itself from exposure to them, it's unlikely Ford is the only one.

"General Motors (GM.N) said on Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to "take all legal actions" to defend its rights.

Well, blow me down! LOL Of course, that's GM's stance on the matter. No news agency needed to tell me that for me to know that is GM's stance and go-forward approach. What rational other position/actions might they, at this point, take or attest to taking?

 

[PoliticalChic]

this is the kind of government that libs praise

What? Please share with us examples of liberals (ones who matter, not just any nitwit who happens also to self-identify as a liberal) who've praised a nation's having nationalized private businesses. I'm sure there are things Venezuela's government does that are positive, even though its seizure of GM cannot by GM and its owners be seen as among those things.

it's not the first time this leftwing government took over a company

I'm sure, from just the quoted remarks you included in the OP, that GM is and was as aware of that as you are. That it had happened before under Chavez suggested that it could well again happen under Maduro, who, as the son of a militant leftist parent, became a bus driving high school dropout and later union leader before serving in Chavez's cabinet as the foreign minister.

How much did GM risk by maintaining a nexus in Venezuela? I don't know. I know form the article you linked that Ford opted not to assume the same degree of risk. "In early 2015, Ford Motor Co (F.N) wrote off its investment in Venezuela when it took an $800 million pre-tax writedown."

GM took a risk by maintaining, rather than selling off, its factory in Venezuela, and it knew it was taking that risk the day it moved into the place. Moreover, the risk of doing business in Venezuela has not been limited to political risk, as GM's management disclosed to the firm's owners. Some risks yield rewards and others do not. The one GM took building that factory is among the risks that GM took and that did not pan out as GM desired. That happens. It's the way business works.

So, given the "writing on the wall," with whom is it you think one should be ired? GM's management for its poor risk assessment and failure to take the right right mitigation approach, or Venezuela. Seems to me that GM did not presciently and accurately assess the situation in Venezuela, as Ford's management did. Obviously, doing so was not at all impossible, because Ford did so. I wonder whether other companies did so too. While it's not impossible that Ford is the only firm that did accurately gauge the risks and extricate itself from exposure to them, it's unlikely Ford is the only one.

"General Motors (GM.N) said on Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to "take all legal actions" to defend its rights.

Well, blow me down! LOL Of course, that's GM's stance on the matter. No news agency needed to tell me that for me to know that is GM's stance and go-forward approach. What rational other position/actions might they, at this point, take or attest to taking?

"Please share with us examples of liberals (ones who matter, not just any nitwit who happens also to self-identify as a liberal) who've praised a nation's having nationalized private businesses."



Sort of like this?

"Today, Sanders wants to bring what he admired in the USSR, Cuba, Nicaragua and other communist states to America.

For starters, he proposes completely nationalizing our health care system and putting private health insurance and drug companies “out of business.” He also wants to break up “big banks” and control the energy industry, while providing “free” college tuition, a “living wage” and guaranteed homeownership and jobs through massive public works projects."
http://nypost.com/2016/01/16/dont-be-fooled-by-bernie-sanders-hes-a-diehard-communist/


That's Bernie Sanders, the guy who got the penultimate spot for Democrat/Liberal/Progressive/Marxist nomination for President.


Maybe even the top spot, sans the machinations of Debbie Wasserman-Schultz.



You didn't know that?

You must be a moron, huh?

 

[gallantwarrior]

Well, it's not the first time this leftwing government took over a company and won't be the last. GM was bailed out by billions of American tax dollars so I hope they don't expect sympathy after moving a plant to a socialist hell hole. And this is the kind of government that libs praise.


"General Motors (GM.N) said on Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to "take all legal actions" to defend its rights.

The seizure comes amid a deepening economic crisis in leftist-led Venezuela that has already roiled many U.S. companies.

"Yesterday, GMV's (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities," the company said in a statement.

It said the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers.

Venezuela's Information Ministry did not immediately respond to a request for information."


General Motors says Venezuela illegally seizes auto plant

Of course libs praise this kind of government. If government owns all the means of production, everyone will have a job that pays a "liveable wage", a college education, universal health care, a super nice ride, etc. Oh, wait, Venezuelans are eating cats and dogs because they have nothing else...not working so good for them, is it?

 

[Manonthestreet]

Just shows how slow GM is......what did they think was going to happen......shoulda packed it up couple yrs ago....

 

[Toro]

Maduro, like Chavez, is an incompetent idiot.