Go Back   This Blue Marble, a Global Current Events Discussion Forum > Main Floor > Economy

Economy Economy discussion forum. Discuss the politics and effects of the general economy and global economic collapse here. Please keep all politics out of the Finance and Investment subforum.

Thread Tools Search this Thread Display Modes
Old 04-20-2017, 08:15 AM   #1
Omne ignotum pro magnifico
Potemkin's Avatar
Join Date: Aug 2008
Posts: 28,138
Blog Entries: 3
Thanks: 110
Thanked 5,901 Times in 2,918 Posts
Default Venezuela steal GM car plant

Build a plant in the country because the government insists they "build Venezuelan", keep the plant running at a loss even after everyone bugs out and this happens.

I don't know if GM was schmoozing the Venezuelan government or they were stupid.

I would guess it might have something to do with the US Foreign Corrupt Practices Act (FCPA). FCPA is a far reaching law which precluded bribery all over the world. (If your 3rd tier subcontractor even buys a dinner for a local official in some emerging market, the US based corporate entity can be fined. Really crimps business in some cultures.)

General Motors Quits Venezuela After Officials Seize Plant

General Motors said Wednesday it has been forced to stop operating in Venezuela after one of its plants was illegally seized by local authorities.

The seizure, in the country's industrial hub of Valencia, comes amid a deepening economic and political crisis that has sparked weeks of deadly street protests.

General Motors Venezolana, GM's local subsidiary, did not provide any details about the seizure, other than to say the facility "was unexpectedly taken by authorities, preventing normal operations." It said other assets, "such as vehicles," had also been stripped from the site.

More: http://www.nbcnews.com/news/world/ge...-plant-n748741
“The price of freedom is the willingness to do sudden battle anywhere, any time and with utter recklessness.”
― Robert A. Heinlein, The Puppet Masters
Potemkin is offline   Reply With Quote
Old 04-20-2017, 08:24 AM   #2
Lifetime Member
Ross's Avatar
Join Date: Aug 2008
Location: Melbourne Australia
Posts: 14,984
Thanks: 5,765
Thanked 6,141 Times in 2,758 Posts
The refusal to learn is fascinating .

They have impoverished themselves by the same mechanisms
over and over again .

IMO it has a lot to do with suppressing freedom of speech . If you
are not allowed to accurately record and report past failures then
there is an obvious trap when it comes to learning from experience .

To my mind that is exactly why countries like China are going to be
less successful than we tend to fear and imagine .

All paper is a short position on gold . “Gold is money. Everything else is credit.”

“If we don’t believe in freedom of expression for people we despise, we don’t believe in it at all.” ( Noam Chomsky )

‘you can judge a man’s spirit by the amount of truth he can tolerate.’ .... Nietzsche
Ross is offline   Reply With Quote
Old 04-20-2017, 08:36 AM   #3
Senior Member
Join Date: Sep 2008
Posts: 1,099
Thanks: 38
Thanked 293 Times in 186 Posts
But it's for the children!
oldasrocks is offline   Reply With Quote
The Following User Says Thank You to oldasrocks For This Useful Post:
Ross (04-20-2017)

car, plant, steal, venezuela

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

All times are GMT -4. The time now is 03:16 AM.

Powered by vBulletin®
Copyright © Jelsoft Enterprises Ltd.