BUY AMERICAN!!!! YAHOOOEEEEEE!!!

[inthebrain]

Oh, and put up a big ole fence to keep the worker bees in their place.


>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
General Motors to Invest $1 Billion in Brazil Operations -- Money to Come from U.S. Rescue Program

By Russ Dallen / Latin American Herald Tribune

SAO PAULO -- General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.

According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to "complete the renovation of the line of products up to 2012."

"It wouldn't be logical to withdraw the investment from where we're growing, and our goal is to protect investments in emerging markets," he said in a statement published by the business daily Gazeta Mercantil.

Meanwhile, he cut the company's revenue forecast for this year by 14% to $9.5 billion from $11 billion, as the economic crisis began to cause rapid slowdowns in sales.

GM already announced three programs of paid leave, and Ardila added that GM Brazil "is going to wait and see how the market behaves in order to know what decision to take" with regard to possible layoffs.

For Ardila, the injection in Brazil's automobile sector of 8 billion reais ($3.51 billion) recently announced by the federal and state governments of Sao Paulo "has already begun to revive sales," which fell by 12% in October.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>




http://www.michaelmoore.com/words/latestnews/index.php?id=13325

[RB TexLa]

1. debunked several times on DU

http://www.autoblog.com/2008/11/22/gm-not-sending-any-bailout-money-to-brazilian-operation/


A story has surfaced on the Latin American Herald Tribune (a publication we hadn't previously heard of) stating that General Motors was planning to invest $1 billion in it's Brazilian operations to update its South American products. So far, that part of the story is true. However, that's where the truth apparently ends. The story goes on to say that GM plans to use money obtained from the proposed government bailout package to pay for the Brazilian investment.

We contacted General Motors to check on the story and spokesman Richard James replied, "I don't know if something got lost in translation but Jaime Ardila, President of GM Brazil did NOT say that funding for GMB projects would come from the US financial aid package. GM Brazil has $1 billion in investments that have already been approved but they will be financed by our Brazilian operations through local sources."

Just as Opel (GM's German division) is going to the German government for assistance, GM Brazil-Mercosur is raising capital in that country. During the congressional hearings this week, CEO Rick Wagoner also indicated that GM operations in different regions are each funding projects locally in response to a question about a recent expansion in Russia. It appears that any money that GM gets from the US government will stay here.

[stillcool]

2. and then there is this...

http://www.economicpopulist.org/?q=content/gm-using-bail-out-money-invest-brazil
GM is NOT using U.S. Government Loans to Invest in Brazil
The claims that General Motors is planning to invest $1 billion of U.S. federal aid money in its Brazilian operations is unequivocally wrong and without any basis in fact. No monies from a U.S. government loan would be allocated to investments in Brazil. In the case of Brazil, GM has $1 billion in investments that have been announced over the last two years. These investments are fully financed by GM's Brazilian operations through local sources. GM's operations in Brazil are fully self-funded.

Laura Toole
GM Latin America, Africa, Middle East Communications
http://www.economicpopulist.org/?q=content/gm-using-bail-out-money-invest-brazil