With the elections coming up in the US, General Motors wants to avoid being the centerpiece of campaign composition. It won’t take much time for the GM to turn into ‘Government Motors’ and be used as a tool for electioneering by both the political sides. The carmaker received billions of taxpayer dollars a few years back, during its bankruptcy. This is the sole reason that the American multinational automaker has banned candidates from its plants until after the Election Day, November 6th. It must be taken into account that the company took this step, despite the fact that the United States Treasury is its largest shareholder with 32% of GM’s shares. Barack Obama & Mitt Romney is to suffer the most from the company’s decision.
GM’s Vice President for Global Public Policy, Bob Ferguson said, “We would like to put all of our energy behind selling our cars and trucks. It’s an understatement to say we can’t wait for November to get here.” These statements certainly drop hints that the company wants to be recognized as a success story, which made a comeback from bankruptcy to regain its brand value, and not as a centerpiece of election campaigning.
GM’s Vice President, Joe Biden’s statement that compared the importance of existence between Osama’s death and GM’s steadiness pointed towards a fact that GM is just not willing to be a part of politics in any way. Ferguson’s exact statement was, Osama bin Laden is dead, and General Motors is alive.
The US Treasury Department provided 49.5 billion USD for GM’s bailout way back in 2009 and has been repaid more than 23 billion USD so far. GM’s sudden reaction towards banning of candidates from its plants came as a repercussion to a couple of situations. Obama has been reported taking credit for GM’s survival and it was because of his efforts that the auto industry had added 200,000 jobs since 2009. On the other hand, Romney had been criticizing Obama. Romney used the bailout against Obama as poor deal that turned out to be an expensive deal for the taxpayers.
It was GM & Chrysler both, which required bailout from bankruptcy. But since Chrysler paid all of its bankruptcy loan from the Treasury Department, it has largely avoided being the centerpiece of the political campaigning. However, the now-Italian-owned, Chrysler too has taken a similar step like the General Motors by banning candidates from its plants until after November 6th. The company is currently owned by Fiat.