What Happens When You Give Government Control?

[skyrider 0]

Hummer, symbol of America's love of big, is now in hands of Chinese heavy equipment maker
By TOM KRISHER , Associated Press

(You know, the country that makes all them safe toys ,and bic lighter motorcycles?)

http://fwix.com/share/34_5cfa1e482d

■DETROIT - Hummer, the off-road vehicle that once epitomized America's love for hulking trucks, is now in the hands of a Chinese heavy equipment maker.


General Motors Co. and Sichuan Tengzhong Heavy Industrial Machinery Corp. finally signed the much-anticipated deal for GM to sell the brand on Friday.

Tengzhong will get an 80 percent stake in the company, while Hong Kong investor Suolang Duoji, who indirectly owns a big stake in Tengzhong through an investment company, will get 20 percent. The investors will also get Hummer's nationwide dealer network.

Financial terms were not disclosed, although a person briefed on the deal said the sale price was around $150 million. The person did not want to be identified because the terms were being kept private. GM's bankruptcy filing last summer said that the brand with military roots could bring in $500 million or more.

Suolang Duoji also is the controlling shareholder and chairman of Lumena Resources Corp., a Hong Kong listed mining company.

GM and Tengzhong said in a statement that the transaction still must be approved by the U.S. and Chinese governments. Chinese regulators initially expressed reservations about Tengzhong's ability to run such an enterprise


Hummer's current management team will stay with the new company, which will be headquartered either in Detroit or suburban Auburn Hills, Mich.

James Taylor, the GM executive who has run Hummer recently, will remain as its chief executive officer.

NOW WE'LL HAVE THE FRICKIN' CHINESE MAKING U.S. MILITARY VEHECLES ! WTF !

[rushmc 23]

Nice deal huh.....

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[kallend 2,230]

Quote

NOW WE'LL HAVE THE FRICKIN' CHINESE MAKING U.S. MILITARY VEHECLES ! WTF !

Capitalism has some strange results, doesn't it?

HOWEVER, if you bothered to check your facts, the military version was NOT included in the sale

...

The only sure way to survive a canopy collision is not to have one.

[dsandreas 0]

Maybe you missed the whole part about the Feds putting $80billion plus (of taxpayer's money) into Chrysler and GM, firing the CEO of GM, determining which dealers to close, ignoring bondholders and giving large portions of the companies to the unions.

This is not capitalism....read the news.

[kallend 2,230]

Quote

Nice deal huh.....

You too should check your facts

(on second thoughts, the shock might kill you).

...

The only sure way to survive a canopy collision is not to have one.

[rushmc 23]

Quote

Quote

NOW WE'LL HAVE THE FRICKIN' CHINESE MAKING U.S. MILITARY VEHECLES ! WTF !

Capitalism has some strange results, doesn't it?

HOWEVER, if you bothered to check your facts, the military version was NOT included in the sale

I think you meant socialism

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[kallend 2,230]

Quote

Maybe you missed the whole part about the Feds putting $80billion plus (of taxpayer's money) into Chrysler and GM, firing the CEO of GM, determining which dealers to close, ignoring bondholders and giving large portions of the companies to the unions.

This is not capitalism....read the news.

Irony score 10/10

www.google.com/search?q=military+hummer+excluded+from+sale&sourceid=ie7&rls=com.microsoft:en-US&ie=utf8&oe=utf8&rlz=1I7GGLL_en

...

The only sure way to survive a canopy collision is not to have one.

[billvon 3,176]

>I think you meant socialism

In socialism, the government would say "sorry, GM, we're in charge and you can't sell Hummer to the Chinese."

But in a capitalist society they are free to do so. Freedom really sucks sometimes, eh?

[rushmc 23]

Quote

>I think you meant socialism

In socialism, the government would say "sorry, GM, we're in charge and you can't sell Hummer to the Chinese."

But in a capitalist society they are free to do so. Freedom really sucks sometimes, eh?

No, freedom is good. And I may have even agreed with you had GM been allowed to fend for their own. As it is, they are getting marching orders from the union through Obama.

Think I am wrong? Well, look at what certain states senators are doing with the upcoming Senate vote on the health care bill.

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[Rookie120 0]

The HMMWV was not part of the sale. Just the Hummer brand.

If you find yourself in a fair fight, your tactics suck!

[kallend 2,230]

Quote

The HMMWV was not part of the sale. Just the Hummer brand.

Someone already mentioned that.

...

The only sure way to survive a canopy collision is not to have one.