It was announced today that General Motors would be fined $35 million for delays in recalling vehicles for ignition switch repairs:
BREAKING: US government fines General Motors maximum $35 million for ignition switch recall delays.
— The Associated Press (@AP) May 16, 2014
From the USA Today:
The fine is part of an agreement with the DOT to settle its “timeliness” inquiry into whether GM told the government with the required five business days after finding a safety defect.
GM admits in the consent agreement with the government that it didn’t do so.
GM also agreed to provide the DOT’s National Highway Traffic Safety Administration “full access to the results of GM’s internal investigation into this recall.”
The amount of the GM fine is the maximum the NHTSA can levy.
@cvpayne Why should the Gvt get the money. Shouldn't the victims' families get the money????
— Joe_in_Indiana (@Joe_in_Indiana) May 16, 2014
Absolutely!! billions from Wall Street RT@Joe_in_Indiana Why should the Gvt get the money. Shouldn't the victims' families get the money????
— Charles V Payne (@cvpayne) May 16, 2014
@cvpayne Why this will be downplayed:
1.GM one of the biggest media ad buyers.Don't bite hand that feeds
2.GM associated with Obama— Rick S. (@RS1022) May 16, 2014
Considering what taxpayers lost on the GM bailout, the fine is considered a relative drop in the bucket:
US lost $11.2 billion in GM bailout but by golly those tough Obama regulators fined those bastards for $35 million
— Charlie Spiering (@charliespiering) May 16, 2014
GM fined $35M by US. The bailout cost taxpayers $10.5B, so we just need to fine them 300 more times to get our money back.
— Nicholas Hebb (@nickhebb) May 16, 2014
Let's Bailout #GM and then fine them for operating like an incompetent government owned entity.
— Veteran Market Timer (@3Xtraders) May 16, 2014
GM fined 35 million today by their government investors. At this rate they might need another bailout.
— Phillip Skweres (@PhilS33) May 16, 2014
Really, just taxpayer money from their bailout. RT @zerohedge: GM TO PAY MAX $35 MILLION PENALTY
— Mike (@ThePantau) May 16, 2014
To sum it up with extreme sarcasm:
GM IS THE BEST GOVERNMENT RUN COMPANY EVER!!!! AND THE UAW IS AN AWESOME STEWARD!!!!!!
— Melissa Mackenzie (@MelissaTweets) May 16, 2014
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