If You Knew Then What You Know Now About GM's Dirty Little Secrets - Would You Still Have Bailed Them Out?

Chances are slim to none that Mary Barra, General Motors Co. (GM) chief executive officer, can do much but apologize, nod ruefully, answer questions, and otherwise abase herself and GM when she appears before Congress next week.

Hanging over her head, as well as the heads of other GM executives, could be a criminal prosecution, just like the one that pressured Toyota last week to agree to a $1.2 billion fine and three years probation. Not that the government definitely intends or is likely to charge her -- but, hey, who could take such a chance by showing anything but remorse?

Once the klieg lights and TV cameras are switched on, anything might happen. More than a few members of Congress bear a grudge over facets of the 2009 GM bankruptcy, including the way it was used as an instrument -- remember "Let Detroit Go Bankrupt"? -- to undermine Mitt Romney's presidential bid.

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Car4Life - 3/26/2014 12:35:00 PM

+2 Boost

Just as we bailed those Banks out that had some Dirty not-so Little secrets to avoid complete financial collapse, yes I would.

It's unfortunate, GM should be fined greatly, however choosing to shut them down will have a domino effect I would not want to be around for.

cidflekken - 3/26/2014 1:15:48 PM

+5 Boost

I think they are two different things.

GM's bailout was needed. The ripple effect had they not been assisted could have been pretty disastrous.

GM's actions (of lack thereof) with this recall situation need to be handled through the legal process, either criminal or civil. And any punitive actions/fines need to be decided through the judicial process.

280SE - 3/26/2014 4:40:41 PM

+1 Boost

This is further evidence to support the notion that GM was a large and dysfunctional organization with poor risk controls and poor alignment of interests across stakeholders. That is who we bailed out. No news there.

TheSteve - 3/27/2014 1:31:43 AM

+2 Boost

Lay off, guys! The problems occurred under the OLD GM. Bankruptcy. These cars' defects. This is the NEW GM that we're talking about now. They aren't legally liable for the OLD GM's problems.

And when we need to throw billions of tax-payers' dollars at the New GM, they'll do something similar, and the New-New GM (Yet-Newer GM?) will be declared a great success, they'll dodge more bullets, and we'll all be happy, yet again, that the world didn't end for our failure to throw more good money after bad.

It's the American Way! What's good for GM, is good for America, right?

midwest5248 - 3/27/2014 10:51:13 AM

+1 Boost

f it is shown that GM purposely swept this under the carpet and mislead congress as to its true liabilities during the bankruptcy procedings, then an investigation needs to go to the original management team in charge at that time. I would say the penalty could take the form of monetary fines against "golden parachutes" given to top GM officials. Also, I'm curious as to why the picture going with this article is of a 1976 Chrysler New Yorker with a GM on its grill?