The Wall Street Journal is reporting that GM is in talks to expand its Chinese operations, fresh on the heels of the multi-billion dollar bailout by the U.S. government.
General Motors Corp., which is lobbying for a bailout from the U.S. government, is in talks to increase its stake in a Chinese joint venture that makes small, inexpensive cars and vans, people familiar with the situation said.
(Full article here – subscription required)
I sincerely doubt that this is what the U.S. politicians had in mind when they lobbied for the first bailout.
Now, to be fair, GM is a multi-national private corporation. So, however GM decides to spend its money to stay afloat is completely up to them (and their various agreements with other companies and unions). But, now that they are expecting the U.S. taxpayers to foot the bill for their business ventures, it seems awfully arrogant of them to take away more jobs from an already faltering U.S. economy.
Thank you, Washington. You’ve truly shown your brilliant economic knowledge is far superior to the outraged citizens who were overwhelmingly against all of these bailouts.
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