It was announced today that an additional 7.6 million U.S. vehicles are being recalled. GM stock is trading around $37 today (you'll recall it needed to hit around $55 a share for the taxpayers to break even on their "investment").
GM has been getting hammered with recalls, as evidenced by a simple search on Google.
At what point will GM encourage consumers to buy a different brand of vehicle?
GM is number one in one category: number of vehicles recalled in a single year!
Remind me again of why we didn't let this company go bankrupt? I wonder if GM will need a taxpayer bailout to finance the over $2.5 billion in claims it will have to pay out?
As I wrote this post, I went back to see what effect the news was having on GM stock. It's dropped to just over $36, and trading has been halted.
