{"id":189703,"date":"2010-02-21T18:55:00","date_gmt":"2010-02-21T23:55:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/02\/21\/i-said-that-this-would-happen\/"},"modified":"2010-02-21T18:55:00","modified_gmt":"2010-02-21T23:55:00","slug":"i-said-that-this-would-happen","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/02\/21\/i-said-that-this-would-happen\/","title":{"rendered":"I Said that This Would Happen"},"content":{"rendered":"<p>I <a href=\"http:\/\/40yrs.blogspot.com\/search?q=opel+gm\">said that there would be blowback<\/a> when GM decided not to sell Opel and suck up all the state aid itself, and it appears taht I was right<\/p>\n<p>We are now seeing that the taskforce reviewing GM&#8217;s plans with Opel is saying that, they are inadequate, and <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/bf1cad5c-1c2c-11df-86cb-00144feab49a.html\">aid should not be awarded<\/a>:<\/p>\n<blockquote><p><span style=\"color: rgb(0, 0, 153);\">General Motors\u2019 restructuring plan for Opel\/Vauxhall has been dealt a potentially serious setback on Wednesday after a German government taskforce said it had doubts about the scheme.<\/span><\/p>\n<p><span style=\"color: rgb(0, 0, 153);\">The US carmaker presented the turnaround plan for its lossmaking European operations last week and formally applied to Berlin for \u20ac1.5bn ($2bn) in loans or guarantees \u2013 the biggest portion of the \u20ac3.3bn it says it needs to finance its plan.<\/span><\/p>\n<p><span style=\"color: rgb(0, 0, 153);\">However, the federal task force advising Berlin on GM\u2019s plans has deemed the proposals \u201c<\/span><span style=\"font-weight: bold; color: rgb(0, 0, 153);\">unqualified for government loan guarantees<\/span><span style=\"color: rgb(0, 0, 153);\">\u201d, three officials in German states with GM plants told the Financial Times on Wednesday<\/span>.<\/p><\/blockquote>\n<p>(<span style=\"font-style: italic;\">emphasis mine<\/span>)<\/p>\n<p>Part of the reason for this, though it is not explicitly spoken, is the belief that GM will strip mine Opel to support its US operations.<\/p>\n<p>There has been a <a href=\"http:\/\/www.reuters.com\/article\/idUSLDE61H1CQ20100218?type=marketsNews\">tepid denial from the board<\/a> about this report, but I&#8217;m inclined to believe that they want guarantees that the money is not going to Detroit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I said that there would be blowback when GM decided not to sell Opel and suck up all the state aid itself, and it appears taht I was right We are now seeing that the taskforce reviewing GM&#8217;s plans with Opel is saying that, they are inadequate, and aid should not be awarded: General Motors\u2019 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1108,984,1004,1009],"tags":[],"class_list":["post-189703","post","type-post","status-publish","format-standard","hentry","category-auto-industry","category-europe","category-finance","category-government"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189703"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=189703"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189703\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=189703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=189703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=189703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}