General Motors presented Detroit Tigers pitcher Armando Galarraga a Corvette soon after his near-perfect game. The 2010 Chevrolet Corvette convertible is worth $ 53,000, but it was reported by Crain’s Detroit Business the media exposure the gesture brought to GM was worth approximately $ 9 million. A non-contracted study by research group Joyce Julius and Associates Inc. tracked the coverage the Galarraga Corvette brought to GM, from 714 TV shots to 151,000 print publications and countless Web entries.
Source for this article: Armando Galarraga Corvette gift from GM burns taxpayers
Taxpayers angered by Galarraga Corvette windfall
California Rep. Darrell Issa gave a critical voice to what numerous taxpayers are thinking after GM gave Galarraga the very generous Corvette gift. Issa’s spokesman Kurt Bardella explained to the New York Times that “Until GM has repaid the taxpayers in full for the money they have borrowed; each action they take should advance them in that direction.” The U.S. government presently owns 61 percent of GM following the auto bailout disaster, and because GM nevertheless owes taxpayers for its bailout investment, the Galarraga Corvette giveaway was quite inappropriate. Such is the case in spite of the fact Armando Galarraga might very well have deserved praise for the manner in which he conducted himself following the blown call by umpire Jim Joyce that cost Galarraga a perfect game. Joyce later showed contrition and also had said that he had made a mistake with the call. Without he blown call, Armando Galarraga’s game was perfect.
GM says they paid the borrowed funds but did it with another bailout loan
Rep. Issa isn’t the only one who noticed that GM aired a TV commercial in May 2010 that claimed it had already ended up paying back its government bailout loan. Crain’s reported that the fact is that GM was only able to do so because it took out an additional government auto bailout loan. Maybe the $ 9 million windfall from the Galarraga Corvette can actually help them to take care of that loan on the books? That kind of brand value publicity works just as well as any asset when it comes to repaying debt.
Additional details at these websites
Crain’s Detroit Business
crainsdetroit.com/article/20100609/FREE/100609856
Personal Money Store
personalmoneystore.com/moneyblog/2010/06/03/perfect-game-blown-call-joyce/
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