General Motors has reached a preliminary agreement for the sale of its Hummer brand of large sport utility vehicles and pickup trucks to a machinery company in western China with ambitions to become a carmaker, a person familiar with the Chinese government approval process said Tuesday.The Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in Chengdu, concluded the agreement with G.M., said the person, who insisted on anonymity.
This, of course, does not rule out the possibility Carlyle's Rubenstein got one, too, after last night's dinner on the patio.
Chinese Company Said To Be Buyer Of Hummers [NYT]
Posted by NAS Keflavik boi , Jun 02, 2009 12:26PM
Geithner is doubtlessly giving his new chinese overlords many many hummers to keep them buying our treasury bonds...
Posted by guest , Jun 02, 2009 12:27PM
Sweet ride.
Posted by guest , Jun 02, 2009 12:31PM
@1
Correction: "our new chinese overlords" not "his new chinese overlords"
Posted by guest , Jun 02, 2009 12:32PM
This will be great for the environment.
Posted by guest , Jun 02, 2009 12:33PM
The Chinese name for the vehicle will literally translate as "Shining Dumbass".
Posted by NAS Keflavik boi , Jun 02, 2009 12:37PM
@ 3 -- or "his treasury bonds"... I have that expat split personality thing I am working through...
Posted by Lowly Assistant , Jun 02, 2009 12:47PM
Man, prom was the shizzle, nizzle. Tre, Bones, Bonnie, and I hopped in the HUM-V limo, bombed 24 MGDs, and did some off-roading.
/Seriously, what the fuck?
Posted by guest , Jun 02, 2009 12:48PM
I need big car because I have very very smarr penis. very smarr.
Posted by guest , Jun 02, 2009 12:56PM
@8's comment made me feel good about the fact I drive a "Smart Car".
http://dvice.com/pics/smart-car.jpg
Posted by HAM05 , Jun 02, 2009 1:00PM
@9 is that because you're a dumbass?
heyooo!
Posted by guest , Jun 02, 2009 1:07PM
HAM05.....I think @9 was referring to the "inverse proportion" joke along the penis/vehicle size. I got it.
Posted by guest , Jun 02, 2009 1:13PM
Ham05, damn you dumb, boy. Try eating some fish once in a while.
Posted by Anal_yst , Jun 02, 2009 1:20PM
@4
Dude, I can't wait to see the factor (and the ginormous cloud of smug/smog floating above)!
Posted by HeadlessHorseman , Jun 02, 2009 1:21PM
So let me see if I've got this straight;
1. The United States finances its budget deficits (among other ill-advised spending sprees) by issuing promissory notes to China. Nothing to unusual.
2. The US government then spends a portion of the proceeds from these loans to prop up GM and Chrysler on the grounds that it is acting to save jobs. In exchange for these bailouts, Congress begins to meddle in the companies’ operations while endlessly distracting and harassing the upper management of these companies demanding that the CEO’s make themselves available for stern words and sound bites to be used in upcoming re-election bids.
3. Predictably, step 2 fails and the companies file for bankruptcy protection.
4. The US government then ups the ante by “spending” (and I’m using that term very loosely here) additional proceeds from these Chinese loans to provide DIP financing (I apologize for the pun) to what have got to be among this country’s least viable businesses (notwithstanding most major airlines…which not coincidentally are also unionized and poorly managed).
5. The US then overseas the sale of a portion of the company’s assets (distribution agreements etc.) to a (likely state-controlled via some convoluted ownership structure) company in the same country that provided the original loan (also the same country that the UAW claims is stealing the very jobs Obama intended to save in step 2).
6. Eventually a portion of GM emerges from bankruptcy with the US government as a customer, regulator, owner and tax collector (a conflict of interest that surely pleases Ford Motor Company) while the remainder of the company languishes indefinitely…or at least until the aggregate lawyer fees exceed any remaining value by a multiple of 3.
7. China collectively “rubs one out” at the thought of having pulled a fast one on Uncle Sam.
8. The Chinese actually see the Hummer product and experience a fit of post-coital remorse typically reserved for pregnant women from West Virginia. Meanwhile, Obama orders the Treasury to crank up the printing presses noting that it’s time to pay down our Chinese loans. Timmaay voices concerns about inflation. Obama replies with something to the effect of how inflation disproportionately screws those with the most savings while disproportionately benefiting those deeply in debt noting that this is consistent with his socialistic worldview.
9. Hilarity ensues?
Posted by Anal_yst , Jun 02, 2009 1:23PM
Also, how could I forgot to ask, but we must know: Who is the Sichuan Don?
(yea its one of those days)
Posted by guest , Jun 02, 2009 1:29PM
@14
Get back to work.
Oh! Never mind.
Posted by wcburrs87 , Jun 02, 2009 1:32PM
I really believe China is just messing with us now. It's only a matter of time til they put their foot down and crush us.
Posted by guest , Jun 02, 2009 1:42PM
Well maybe this means things will go well for the US. If the Chinese are dumb enough to buy Hummer after every other business has had it, failed with it and sold it. Then maybe they are dumb enough to believe Geitner.
"No no we arent going to print any more money mr. Ping Pong...by the way you should see that Hummer in communist red. Whooo...
While they are at it- I think the chinese should buy our trains and every Chinese person shoud get their very own and drive around in them all day like a car. Meanwhile Obama passes law that we all have to drive Prius while we pay off his debt to China! Who voted for this asshole?
Posted by guest , Jun 02, 2009 1:47PM
@14 "Yes we can"...
Posted by guest , Jun 02, 2009 1:48PM
Me Chinese
Me play joke
Me put peepee in your coke
Posted by MoneyBoss , Jun 02, 2009 1:51PM
I'll have a #3 with some Egg Foo Young and Power Windows, please.
I SAID A NUMBER THREE
WITH SOME EGG FOO YOUNG
POWER WINDOWS
PLEASE REPEAT MY ORDER
WHAT DID YOU SAY? I CAN'T UNDERSTAND YOU?
Okay, pay by credit, please. $55,000? Can I put that on AmEx? Thanks!
Posted by guest , Jun 02, 2009 2:20PM
the next time Obama wants to take a $300,000 trip to NYC with the first shorty he is going to have to call the Mainland for permission.
Thats almost makes it worth it.
Posted by guest , Jun 02, 2009 2:37PM
Sichuan Tengzhong Heavy Industrial ----> S.T.H.I. ----> S.H.I.T.
Posted by guest , Jun 02, 2009 2:46PM
Taking orders now on the New Hummer H4 "Long March" in Tienamen Red.
Posted by guest , Jun 02, 2009 2:46PM
Taking orders now on the New Hummer H4 "Long March" in Tienamen Red.
Posted by guest , Jun 02, 2009 2:46PM
Taking orders now on the New Hummer H4 "Long March" in Tienamen Red.
Posted by guest , Jun 02, 2009 3:03PM
None of you guys get it........60K for current Hummer (H2)......highest volume....sales.....
China is the only growing market in the world for cars. They love US cars and go overboard for Hummers.
They will sell more Hummers in China in 6 months than they have ever sold in the US for 1/3 the price once they move the production there. It will be 20K in China.
Production starts up, our goverment says we have to pay an import fee (due to gas use/low MPG)
China can/could sell for 20K (they will in China but not in USA)
US Govt gets 20K as import Gas Guzzler TAx
China company profits another/extra 20K
Sale price = 60K just like today.
Who wins? Enviroment? Our Govt? China? Detroit?
I bet you can figure it out..........
Posted by guest , Jun 02, 2009 3:13PM
your right.........and we just handed it to them for 10 cents on the dollar and we asked our tax payers to pick up the 90% of the cost to help support the discounted price to China.........
LOL, we are so stupid.........this is just nuts..........
WE own 80% of GM and we just let our Govt sell part of it to Chian for 10 cents on the dollar.....but we keep the debt............
Seriously...........
Posted by guest , Jun 02, 2009 3:25PM
LOL, who's the communist now, china or US?
Posted by guest , Jun 02, 2009 3:57PM
@29 we both are but we are stupid and poor and our lil budda buddies are opening our asses and driving limo H2's right up in there.
Why isn't this shit on mainstream TV? Why does anyone like Obama? I still dont understand.
Are sure ACORN isnt really WONTON and China isnt behind his election?
Posted by guest , Jun 02, 2009 4:38PM
Bet this investment is gonna work out just fine. Like Blackstone
Posted by guest , Jun 02, 2009 9:45PM
@20 - I almost just pee-peed my pants. Seriously.
Posted by guest , Jun 02, 2009 10:03PM
@28 - did you type that with a hammer?
Posted by guest , Jun 02, 2009 10:26PM
Are the posters of this article Americans and some Indians? How pitiful that you all sounded
like a bunch of losers and immatures!
I'm hesitant to label you all as insecures.Just grow up,ok? If all of you think that way, nothing positive's going to happen to US economy.
-A Canadian-
Posted by guest , Jun 03, 2009 10:59AM
@34 - did you just realize the Leafs and the Habs were out of it and look around at the world? Go get yourself a two-four at the packie, a dozen from Timmy's and slink back into your state of hibernation.