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General Motors Company Message Board

  • defcon365 defcon365 Apr 3, 2014 7:32 PM Flag

    Today I Decided to Take a Short Position on GM - My Story and Reasons Why...

    First and Foremost, I am not here to bash those going long, or encourage others to short GM.

    In 2004 I leased a brand new Chevy Malibu. Within a couple months I was nearly killed from their electronic steering failure while making a left at an intersection. Without warning, the steering wheel started to violent shake and not only did I not have control, it was going bezerk sending me head-on into oncoming traffic!

    Chevy had my car towed to their dealership and was told they reprogrammed it.

    About 1 month later, I was on the turnpike and it happened again! This time I was travelling around 75 mph and it took me straight into the median guardrail!

    At this point I told Chevy to get me out of this car IMMEDIATELY! They said there was no proof of my claim but they replaced the entire steering system. I then escalated this to Corporate where several conversations took place speaking to executives directly under Rick Wagoner. Their response over 45 minutes of conversation was "Sir, you could use the brakes to stop!"

    I filed a complaint on the NHTSA website in 2004, there were already A LOT of other just like mine where drivers were sent into ditches, going onto curbs almost hitting pedestrians, the horror stories go on and on!

    This is only for my model, then I discover there are other ones that year, same problem!

    I tried everything, major news media, attorney general, congressmen, anyone who would listen with stacks of complaints in 2004 right from the NHTSA website. Keep in mind, less than 1% of people even know they can file complaints there. NO ONE WOULD LISTEN!

    In the end, I was screwed, has to raise money to buy myself out of a death trap, and get into a car safe for my family.

    In addition, my breaks completely failed on that car approaching an intersection. I used the emergency break to stop.

    This is a separate issue from the ignition recall you are hearing about, and GM posted a recall for 1.3 million cars just a few days ago!!!

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Join the list of shorters. Shorts are really going to get scarce. Make money both ways. Be like the insiders at GM who cash out free shares and collect a bonus check to add to their regular pay.

    • (((First and Foremost, I am not here to bash those going long)))

      Well I am.

      I never advise shorting, but I'll bash a GML all the live long day.

      /rd

    • First and Foremost, I am not here to bash those going long, or encourage others to short GM.
      ... More----------------------------Bu-l-l-sheet.This appears to be your first post on the GM board, followed by 10-12 more.If you come here to bash, man up, don't start out like a little girl with an apologetic piece of #$%$ like that. And your post begging the institutions to help you out-------Please!! You are a flat out IDIOT,destined for the ignorant list.

      • 1 Reply to interstatedb
      • You wanna see an IDIOT, look in the mirror pal.

        As an investor, once I saw the news on the ignition recall, I saw that they also issued a recall for 1.3+ Million cars for total power steering loss without warning!

        As this personally happened and impacted me 10 years ago, it's a win-win IMO

        It is me having a chance to get back at GM for screwing me over!

        The truth is, I hate to see ANYONE lose money in the market that is an ethical trader.

        Maybe institutional investors and major hedge funds won't bail on them (I think some are in the exiting phase now) but it would be the right thing to do for the time being.

        And yes, that was my first post on the GM board, being an ethical trader and being kind to others is a trait I try to exude at all times. Even to jerks like you! Bashing and Posting FACTS is two different things. Bury your head in the sand pal!

        Like I posted before, they have a 1.6 BILLION LOSS RIGHT NOW with the recalls and Venezuela Currency Rate hit!

        Go long for all I care, maybe in time, you will even out, but a HARD STEEP SLIDE is coming!

    • The time to short GM was in 2004 when you were experiencing those problems, not now. Looking objectively at their product lineup today, there are a lot of excellent vehicles. The market always looks forward. To make an investment decision based on something 10 years in the past is idiotic.

      Sentiment: Buy

    • First and Foremost, I am not here to bash those going long, or encourage others to short GM.
      ... More-------------------------------------Fantastic! (sounds better than B-U-L-L-S-H-E-E-T)

    • One call to a lemon law attorney and you'd have been set.

      /rd

      • 1 Reply to robert_dinero_here
      • I wish I would have rd, was more focused on the danger.

        Aside from what happened, My reasons as an investor I took a short position is simply this:

        - It's going to cost them A LOT of money for the electric steering recall and the ignition recall. I also understand there is going to be a few more that come to light in the next few days.

        - I don't buy their sales numbers they reported to be entirely accurate.

        - You have multiple deaths and Injuries! (should be first bullet point)

        - Big investors are not going to let Gm get away with this #$%$ anymore!

        - With this news coming to light, GM sales will be impacted.

        If Institutional Investors and Hedge Funds would stand up for the little guy and retail investors by saying "Hey, we need to drop GM for a while, We are paying attention and what you did was wrong!" It could make a BIG difference. There are so many other GOOD companies to invest in. They have choices too!

        Regardless of your position with GM, I wish everyone saftey and health!

        GLTA

    • uh huh - sure...

      whatever...

      Sentiment: Buy

 
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