General Motors To Invest $1 Billion of TARP Funds in Brazil
February 01, 2009
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Here is another example of the big three telling Congress one thing, and doing another. As the US automakers rushed to congress to ask for bail-out money (our taxpayer dollars), citing that 3 million American jobs were at risk if they did not receive funds to keep solvent. Promising to restructure, and create vehicles that the American people would buy, Congress gave in, against many Economist objecting to the plans. The Big Three got there funds, and since the news has been relatively quiet about how they have used these funds. Saturday things changed when Mish's posted on article that caught my attention;
US Taxpayers are creating auto jobs in Brazil as General Motors to Invest $1 Billion in Brazil Operations
General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.
According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to "complete the renovation of the line of products up to 2012."
"It wouldn't be logical to withdraw the investment from where we're growing, and our goal is to protect investments in emerging markets," he said in a statement published by the business daily Gazeta Mercantil.
This is unbelievable waste of our tax dollars at a time of growing deficits to let GM use these funds for jobs in Brazil, when promising to save jobs here in the US. The second thing that amazes me is the lack of media coverage so far.
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