China's SAIC Close To GM IPO Stake Buy

by Staff(*) - November 10th, 2010 - Reuters

General Motors Co ... is in the final stage of talks to sell equity to long-time Chinese partner SAIC Motor Corp ... in conjunction with its landmark initial public offering, two people familiar with the matter said.

The two government-funded automakers are currently finalizing how much of a stake SAIC would buy in the top U.S. automaker after discussions involving technology sharing and SAIC's ambitions to move beyond the China market, the sources said.

After jamming through a bankruptcy plan that violated U.S. Law and the U.S. Constitution, it appears the Obama administration flunkies who currently run our state owned auto company are going to allow China to buy control and raid our technology too. I wonder how the secured creditors who saw their billions of dollars in preferential and rightful claims illegally dismissed by a liberal judge at the request of the Obama administration, feel now that the wealth stolen from them is going to be turned over to Communist China. I even wonder how the United Auto Workers Union feels. They were illegally given huge equity positions in the revived corporation in total violation of the law of bankruptcy. Do you think Communist China cares about their jobs and their pensions? How secure will their ill gotten gains remain if China is allowed to take over GM?


* (Reporting by Kevin Krolicki in Detroit, Soyoung Kim and Clare Baldwin in New York, Philipp Halstrick in Frankfurt, Fang Yan in Beijing; Editing by Bernard Orr)