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GM to Obama; "Keep The Press Printing Money, or Else ..."

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GM to Obama; "Keep The Press Printing Money, or Else ..."

Old 03-05-2009, 11:25 AM
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Default GM to Obama; "Keep The Press Printing Money, or Else ..."




... That picture emerged Thursday in General Motors Corp's annual report, where its auditors voiced “substantial doubt” about GM’s ability to continue operating. ...

The disclosure about a company that has been inseparably linked to jobs and the economy of Western New York for nearly 90 years, means that Chapter 11 protection for GM might not be far away, said a Buffalo expert in corporate bankruptcy law. ...

In addition to the federal loan, the company also is seeking as much as $16.6 billion more, is restructuring by eliminating 47,000 jobs this year, closing or selling its Saturn, Saab and Hummer brands, and is seeking $6 billion in aid outside the United States. ...


http://www.bizjournals.com/buffalo/s...2/daily44.html
Old 03-05-2009, 11:31 AM
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I've said it all along, let them sink and reorg. It will be more money saved in the long and short haul.
Old 03-05-2009, 11:34 AM
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If they go chapter 11 does this mean the gubermint, as a creditor, will not see any money back from GM?
Old 03-05-2009, 11:56 AM
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There was something in that article about loans getting preferential protection in bankruptcy, so consideration for repayment of the govt loans would be a priority.

I agree, let 'em fail! Forget ch 11, let 'em go ch 7 -- finished, gone, sell off the assets, let Ford and Chrysler/Fiat sells get a shot in the arm from a failed GM.
Old 03-05-2009, 01:23 PM
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The only way out is to get the unions and bondholders to really believe that they will lose a game of chicken, and that means imminent Chapter 11. Anything else will just prolong the inevitable and cost us tens of billions more.

Their failed business model was covered up by the boom times and low gas prices. Simply cutting jobs is not the answer - they need to cut per unit costs and legacy post-retirement costs.
Old 03-05-2009, 01:25 PM
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The government should start producing the PELOSI electric car there. After all they wouldn't have to change the name.

Guberment Motors
Old 03-05-2009, 05:37 PM
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Cut our losses now and let them sink.

Cookie cutter vehicles anyway...
Old 03-05-2009, 06:55 PM
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GM isn't only our problem..how about Europe, Australia, Canada. They all have strong GM divisions. However, it seems that GM is doing poorly worldwide. If none of their divisions is doing well, it certainly dictates that it's time for some serious changes. Time to totally restructure. New faces, new management, new thinking. GM has some good products..even my new Bimmer has a GM transmission. They've also got some junk, and alot of expensive baggage.

Let the old GM die.
Old 03-05-2009, 07:16 PM
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Let them fail just like any other business would under poor management and failure to adapt.

Stop corporate socialism. The gubment could have wrote big checks to every tax paying man and woman to spend on consumer goods, pay down debt, buy stock with or save with the billions and billions "loaned" away. This bankruptcy talk will be the death of GM as no one will buy a car if unsure the warranty will be honored in 2 years.

Let free markets run their course.
Old 03-05-2009, 07:27 PM
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After taking 1 billion of their bailout money and using it for refeshing their production lines in Brazil (after swearing to Congress they would spend that money here)..to heck with them. Let them fail.

Is there no penalty for lying to congress? Pauslen did it, Bernanke did it, and so did GM. I just don't get it.
Old 03-06-2009, 04:24 AM
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GM is in a covetted position from the standpoint that they are a key player in US economic foreign policy with Canada and Mexico. This lets them get away with alot.

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