Newspaper article The Evening Standard (London, England)

GM Steers a Tricky Course

Newspaper article The Evening Standard (London, England)

GM Steers a Tricky Course

Article excerpt

Byline: Anthony Hilton CITY COMMENT

IT is getting difficult to hold onto reality in the world of bailouts and rescues. It was hard enough to grasp the idea as spun by the Prime Minister that it was a sign of success to inject yet more billions of taxpayer money into the banks so that we could have less control over them. But then comes the news that General Motors has decided after all not to sell its heavily loss making European car division.

This the same GM which filed for bankruptcy back in the summer and is only with us now because of the $50 billion of aid from the US government. There seem only two possible explanations for the U turn -- or a third if you think management has taken leave of its senses. One is that though the putative buyer was a Canadian company called Magna, there was Russian money backing the deal. It may be that American amour propre could not come to terms with having its iconic manufacturing company rescued by the Russians on this the 20th anniversary of the fall of the Berlin Wall. …

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