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Old 05-17-2014, 10:29 AM   #1
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Default GM to pay $35 million over delayed recall

General Motors agreed to pay a $35 million fine to settle a federal probe into the 10-year delay of its ignition switch recall, federal safety regulators announced Friday.



GM to pay $35 million over delayed ignition recall - May. 16, 2014
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Old 05-17-2014, 12:37 PM   #2
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Poor GM, they are in a world of stinky brown stuff..

I don't see why the NHTSA has their hands out, of course I am not a business major.
Rather than fine them and take the money for themselves, they could use that too pay back some of the bailout money they received, that would be a better way to put that money to use, who knows what they will use that money for.
I like how they say the fine was made with a rounding error.

"At a press conference Friday, Transportation Secretary Anthony Foxx admitted that the size of the fine amounted to a "rounding error" for an automaker of GM'* size. He said his department is asking Congress to raise the limit for a fine to $300 million. "

That is one hell of a rounding error, lol

I also like how they call the fine no big amount, which in a sense of their net worth it may not even be a chunk, but all the money they will have to dish out to fix all of these cars, and all of the other associated fees will hurt them a bit, according to that they have already had to spend the first quarters profits for the year, that may not seem like a lot to some, but IMO to any business that has to hurt the years financial gain quite a bit..
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Old 05-17-2014, 04:06 PM   #3
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According to the link:
The money from the fine announced Friday goes to the U.*. Treasury, not to compensate crash victims.
That makes no sense at all. I would assume that after this decision, greater values will be awarded to the crash victims claiming negligence?
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Old 05-17-2014, 05:58 PM   #4
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Quote:
Originally Posted by Soft Ride View Post
According to the link:
The money from the fine announced Friday goes to the U.*. Treasury, not to compensate crash victims.
That makes no sense at all. I would assume that after this decision, greater values will be awarded to the crash victims claiming negligence?
Don't think so, I read something about their bankruptcy claim or whatever keeping them from having to compensate them, well those that did not get fair amounts back for their wrecked vehicles.
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