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GM compensation program gets 65 death claims in first eight days

  • General Motors' (NYSE:GM) victim compensation program received ~120 claims in its first eight days, more than half reported by families who say the victims were killed in accidents involving cars that were subject to the 2.6M-car recall.
  • The early tally raises questions about whether GM has underestimated the number of deaths linked to the ignition switch defect, which the company knew about for more than a decade but didn't recall the cars to fix until February.
  • The closing date to file isn't until the end of the year.
  • Meanwhile, GM's safety problems persist, as it recalled 189K SUVs requiring fixes to power-window switches that can catch fire, as well as 201K Saturn VUEs to replace faulty ignition cylinders.
Comments (16)
  • funfun
    , contributor
    Comments (3136) | Send Message
     
    65 deaths claims? For months, the unprincipled executives of this corrupt car-maker and their PR con artists have been broadcasting a fake death count of only "13 deaths" caused by their deadly defective cars on the roads!

     

    Nothing has changed in the vile culture of this intractably unethical corporation.

     

    …funfun..
    8 Aug 2014, 10:27 PM Reply Like
  • Old Gray Beard
    , contributor
    Comments (9) | Send Message
     
    The fact that people who lost loved ones file claims does not mean those claims are valid. And your statement about the "vile culture of this intractably unethical corporation" is way out of line. Read the Valukas report at the NHTSA web site. One engineer created the ignition switch fiasco. Others are criticized for not recognizing its impact, but there is absolutely no indication that anyone knowingly put someone at risk. That is hardly vile or unethical.
    12 Aug 2014, 08:38 AM Reply Like
  • funfun
    , contributor
    Comments (3136) | Send Message
     
    The Valukas Report? You mean the secret and internal "investigation" commissioned by General Motor's evasive Management done by one of the finest criminal defence attorneys in the country who along with his Chicago law firm has long and lucrative ties to General Motors and its senior executives? We hardly put faith in the white-washing Valuaks Report which was done with substantial help of GM executives and employees as an objective and unbiased investigation. Many intelligent readers may well concur.

     

    Any corporation whose ethically crippled engineers and lawyers and executives would executive a massive cover-up and consumer fraud for over a decade can accurately and distinctly be characterized as possessed of "a vile culture", and "an intractably unethical corporation", in our opinion. As to a single solitary engineer pulling off this Herculean consumer product fraud and failure involving millions of deadly defective GM cars in a bureaucracy of thousands of Managers and supervisors and scores of layers of management defies all sense of commercial reality.

     

    General Motors is the Bank of America of car-makers. And we will continue to speak out as an investor, consumer, and most importantly an American citizen on the fraud infesting both of these corrupt corporate enterprises and the destruction of shareholder value.

     

    …funfun.
    12 Aug 2014, 08:57 AM Reply Like
  • funfun
    , contributor
    Comments (3136) | Send Message
     
    Investors should take note of the fact the GM Compensation Fund may be grossly underfunded at $400 million given the surge in claims. In consistently soft-pedaling and downplaying the huge scale of this consumer fraud and scandal, GM's unethical executives are continuing to dissimulate and cover up!

     

    …funfun..
    8 Aug 2014, 11:05 PM Reply Like
  • chopchop0
    , contributor
    Comments (3798) | Send Message
     
    Don't worry. Obama and Co won't their union buddies go under. Expect more taxpayer backstoppage of this entity that went through "bankruptcy" unlike any before it.
    9 Aug 2014, 12:40 AM Reply Like
  • sethmcs
    , contributor
    Comments (3396) | Send Message
     
    My understanding is GM's bankruptcy legally shields GM from all of these claims. The right move would be deny everything and delay until the political winds change then settle for pennies. Alas GM has some spineless management. If I was president of GM and was called to the senate I would tell those arrogant senators that no one in this room is qualified to make a judgment as to whether these accidents were the result of the ignition or not therefore the courts will have to make that determination. After the shock the news media would get bored and move onto something else.
    8 Aug 2014, 11:57 PM Reply Like
  • chopchop0
    , contributor
    Comments (3798) | Send Message
     
    Perhaps, but their PR and reputation would take a hit that could not be measured in dollars. Realistically already has
    9 Aug 2014, 12:40 AM Reply Like
  • sethmcs
    , contributor
    Comments (3396) | Send Message
     
    That could be fixed. Hire a private investigator to follow these victims. Its amazing how sick people act when potential millions are at stake. Watch what they do day to day. This tactic is used successfully in workman's comp cases.
    9 Aug 2014, 01:06 AM Reply Like
  • NLTInvestor
    , contributor
    Comments (316) | Send Message
     
    i dont think bankruptcy protects a company from the penalties of killing someone
    9 Aug 2014, 03:35 AM Reply Like
  • funfun
    , contributor
    Comments (3136) | Send Message
     
    Dead people killed by the criminal negligence of GM Management and unethical engineers "act sick"??

     

    …funfun..
    9 Aug 2014, 07:17 AM Reply Like
  • chopchop0
    , contributor
    Comments (3798) | Send Message
     
    "i dont think bankruptcy protects a company from the penalties of killing someone"

     

    It does if you are a corporation
    9 Aug 2014, 09:04 PM Reply Like
  • Tdot
    , contributor
    Comments (4652) | Send Message
     
    The fact is, in the bizarre bankruptcy case, Old "General Motors" sold substantially all its good assets (including the income tax credits from the years of losses) to the New "General Motors Company" in 2009. Of course they used the Taxpayer's cash to do it, but that is another matter. Anyway all the liabilities and obligations, including warranty, recall, and litigation matters from before the sale belong to "Old GM". Thus "New GM" is treated like an innocent bystander who happened to buy some tainted property which must be repaired by the previous owner. Even though the people and assets are substantially the same, on legal paper they are not even related.

     

    This whole Obamaruptcy arrangement stank to high heaven from the get-go, and it remains to be seen whether the stunningly unprecedented precedents that were set will stand up in future bankruptcy law and litigation.
    12 Aug 2014, 05:01 PM Reply Like
  • mikeRetirement
    , contributor
    Comments (229) | Send Message
     
    Anyone can file a claim. How many are actually valid? GM's reserves for this may prove to be too high.
    9 Aug 2014, 09:41 AM Reply Like
  • Ryandan
    , contributor
    Comments (1614) | Send Message
     
    Gee, all the hate and venom from one commenter makes you wonder what life must be like in his reality. GM has some questions to answer and some reforms required. In this country we do tend to forgive and forget a little too fast sometimes. But, while GM is recalling everything they ever made, Ford still can't gain market share. C has set a new standard for improvement in quality and design and reputation while Ford still follows at a great distance. So which car company offers America the least impressive effort in rebuilding pride in product manufacturing?
    12 Aug 2014, 10:29 AM Reply Like
  • funfun
    , contributor
    Comments (3136) | Send Message
     
    GM's desperate and accounting-dodging executives and their fanatical fans and PR operatives blaming this colossal consumer product fraud and growing scandal on a single, solitary engineer way down in the ranks sequestered in his cubicle is like blaming the massive serial frauds of Bank of America costing $77 billion in shareholder money on a single assistant branch manager in Fort Lee, New Jersey! Or claiming all of Bernie Madoff's $50 billion scam was the singular doing of one of his loyal secretaries. Or claiming the entire ENRON fraud and conspiracy, and ensuing collapse was perpetrated secretly by some accounting clerk way down the management ladder.

     

    Folks, we simply do not buy into the Beijing-style brainwashing from Ren Cen. No do we give any purchase to the Anton Valukas, Esquire White-Washing. Do you?

     

    …funfun..
    12 Aug 2014, 10:49 AM Reply Like
  • chopchop0
    , contributor
    Comments (3798) | Send Message
     
    Death toll now double GM's original prediction. Stock near 52 week lows.... coincidence? I think not

     

    http://bit.ly/1o8u6AO
    14 Oct 2014, 12:35 AM Reply Like
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