While General Motors continues plodding progress toward an IPO and eventual freedom from US government control, the ghosts of the past still linger. We were tipped off to a great, but depressing story in the New York Times that tells the sad tale of a few former GM sites that have become center for theft, crime, and nefarious activity.
The issue with these relic plants started when the taxpayers ponied up and saved General Motors from slipping under the waves. The good parts of the company were placed into a new company called, you guessed it, General Motors. The junk that was virtually worthless went into another company called Motors Liquidation Company. The sole purpose of that entity is to sell the cast aside assets.
According to the story, the epicenter of all kinds of bad activity is the former Buick City complex in Flint, Michigan. There have been incidents of attempted murder, shootings, and an amazing theft that saw more than 150,000lbs of copper leave the facility in the hands of thieves. They actually used rail cars that the factory used to employ to wheel the copper to a hole in the fence where they carted it off. The value of the copper is well over a million dollars.
This story is sad because it highlights the erosion of the automotive sector as an employer, and it also shows just how bad the situation is in Flint, Michigan. GM may be moving toward financial stability but the wake left behind from decades of awful decision making is pretty heart wrenching to see.
Thanks to Gene for the tip!
Source — NYTimes.com — GM Struggles With the Future of Past Facilities
