Monday, February 9, 2009

GM sends TARP money to Brazil

After getting a bailout of TARP funds by President Bush, GM decides to use the money to upgrade a factory in Brazil. This is a ripoff of the US taxpayers. GM's CEO Wagner should be recalled before Congress to explain this outrage.
General Motors to Invest $1 Billion in Brazil Operations -- Money to Come from U.S. Rescue Program

By Russ Dallen
Latin American Herald Tribune staff

SAO PAULO -- 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." (excerpted) read more at

No comments: