If ever there was a WTF moment - this is it. First we have $50M planes, $18B in Wall Street Bonuses...
Now, GM is planning on using $1B of the Rescue Aid it received to invest in their Brazilian Operations. And they don't deny it - please follow me below the fold for more.
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."
My head is still spinning - here's a link to the article.
"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.
It wouldn't be logical? LOGICAL? So, while Michigan continues to bleed in US Worker Layoffs, and the US Taxpayers pony up $13.4B in aid, GM lobbies to avoid the taxes - they intend on sending $1B of that aid to another country.
The Detroit automaker has been urging members of Congress to add a provision to the $819 billion economic stimulus bill to eliminate the tax liability, which officials said could cost GM as much as $7 billion, and jeopardize the company's restructuring.
All the while, Michigan struggles with an unemployment rate topping 10.6% in December.
Please take a moment to write your Senators & Congressman to ensure that they put a stop to this, before it's too late.
Update 1: Contact info for Congresswoman Claire McCaskill
http://mccaskill.senate.gov/...
Be sure to thank her for the attacking the TARP issues on Wages and Bonuses. Blogged about here, by Tin Hat Mafia