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GM Is Selling Saab To Spyker Cars
johncadengo writes "General Motors said today that it has struck a preliminary deal to sell Saab to Spyker Cars, a tiny Dutch maker of high-end sports cars, saving the Swedish automaker from what seemed like certain extinction after previous bids for it collapsed. A previous bid from Spyker was rejected by GM in late December because GM was uncomfortable with Spyker's Russian backers. The biggest investor in Spyker is the Russian bank Convers Group, which is controlled by Alexander Antonov. In March, Mr. Antonov was shot seven times and reportedly lost a finger in an attempt on his life in Moscow. No arrests have been made. His son Vladimir, 34, is a top executive at Convers and the chairman of Spyker." GM is taking a bath on the deal, financially speaking.
Nerds buy geeky cars. Saab is a geeky car. At one point they had sodium inside the valves for cooling. They had standard turbochargers whey you couldn't get turbocharges.
At one point they also had 2-cycle engines (you had to add oil to the gas tank every time you filled it up) and, if you did it right, you could get the engine running backwards, giving you a car with one speed forward and four in reverse. If that ain't geeky, I don't know what is. You could probably win a lot of bar bets with it.
Sodium-cooled valves isn't all that geeky, though. The 292 CID V-8 in my 1964 Ford F-150 pickup had them, as do a lot of other heavy-duty vehicles.
This ain't rocket surgery.
you realize that their stellar financial performance in last few months was a direct result of Cash for Clunkers program which was a blatant handout of taxpayer's money to car manufacturers? We shall see what happens when there is no more stimulus. I suspect that the sales will grind to halt and they will be SOL again
Pretty much the same thing was with Goldman Sachs - they were about to collapse, government came to the rescue with tarp plus lent money practically for free (0,5%), so folks at GS could buy treasury bonds (maybe around 4% - difference is pure risk-free profit at the taxpayer's expense) and gambled in stock market. Thanks to their 'brilliant' strategy they could repay tarp to be free of constraits again... and pay record high bonuses to their managers.
Even 7 year old would make a profit with heavy subsidies from the buddies in government.