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GM to Goverment: Bail us or we file BK! Will GM go bankrupt?

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posted on Feb, 16 2009 @ 10:27 PM
I will be applying at GM soon. It looks like they should be creating more jobs? I guess that means the workers will not get laid off?

posted on Feb, 16 2009 @ 11:58 PM
"I am well-aware that President Obama is a strong friend of organized labor, and so are some Americans. But very few are friends of the UAW outside of its membership, and that's a problem - never mind the hubris of the last round of negotiations that got far too much press to remain buried.

The fuse appears to be lit, with Ford and the non-union Japanese automakers building cars in the South the only beneficiaries of this insanity.

As for Michigan, its far too late to say "welcome to Hell", as you're already there - but this little game sure has the feel of someone cooking off a couple of nukes in the already-blistering-hot oven."

I would think looks like GM is in for a bit of trouble mate. Just do not count on anything having to do with them...dont put your eggs in that basket IOW.

posted on Mar, 3 2009 @ 04:23 PM
Closer every week. I wonder what kind of a domino effect this will have?

GM, Chrysler Say Bankruptcy Is Imminent Without More Aid

U.S. auto sales continued their free fall into February, as big rebates and low-interest financing failed to lure people back into car dealerships and showrooms.
Today General Motors reported that its sales slid 53 percent in February compared with the same month a year ago, and Chrysler sales dropped 44 percent.

Ford's sales tumbled 48 percent, despite distinguishing itself from cross-town rivals in recent months by keeping the company afloat without federal aid.

posted on Mar, 6 2009 @ 12:25 AM
Updates here!

TOP General Motors executives are more open to a speedy bankruptcy reorganisation financed by the US Government, pushing aside earlier concern that such a move would scare away so many customers the company wouldn't survive, said a person familiar with the matter.

While the company still wants to avoid bankruptcy, the new view represents a reversal from GM's position late last year, when it sought a federal bailout. The change in thinking, combined with the disclosure that GM's auditor has raised "substantial doubt" about the carmaker's ability to keep going, appears to move GM closer to the possibility it will file for reorganisation.

Both developments come as President Barack Obama's auto task force is trying to decide how much additional aid to provide GM. They also come as GM is locked in negotiations with its bondholders to trade debt for equity.

posted on Mar, 6 2009 @ 03:52 PM
reply to post by burntheships

The reason GM is doing so poorly, is the car buyers, who want a new car, cannot get financing for it, as easily as they can to buy used. Is what I've heard, anyway.

GMAC, in order to qualify for bank bailout funds, asked for, and received, depository bank status from the govt, Fed? ( leastwise that is how I remember it being reported near the time period that there were an end to the merger talks with Chrysler)

If Gm, with GMAC, cannot finance new cars, they should repay any funds received. They have created the problem themselves, through no action of us.

Needless to say, GM couldn't give me a vehicle at this point.

posted on Mar, 6 2009 @ 03:57 PM
This is funny. Either way they will go bankrupt the only difference is that one takes a bit longer and it will result with a lot of money in their pockets.

Still not enough for you America? I guess too busy watching Lost to react.

[edit on 6-3-2009 by broli]

posted on Mar, 6 2009 @ 04:17 PM
reply to post by pyrytyes

Well said...I could not agree more!
However, the ramifications for the financial sector will be huge!

First and foremost, the US automakers would be able to break UAW contracts. Under the current system all UAW employees, past and present, have the power to vote on UAW contracts. This means that the retirees, who greatly outnumber the current rank-and-file, generate significant influence over the current contracts in order to protect the benefits they have worked their lives to obtain.

posted on Mar, 6 2009 @ 04:19 PM
reply to post by broli

I sure hope I am not the only American that cares. I think about the people, not the corporation.

As I posted above, the ramifications are far reaching. But alas, they brought it on themselves!

posted on Mar, 6 2009 @ 04:33 PM
So last night, I was stuck in traffic and was behind a GM product -- a big SUV. Now, like it or not, I couldn't breathe the fumes that was entering my vents. Cracking the window open didn't do much good because it was pouring cats and dogs! All I could wonder was how much oxygen I was loosing from carbon monoxide and such while waiting for the friggin' green light to appear.

I say let GM go bankrupt. I cannot stand the smell! God!

posted on Mar, 7 2009 @ 12:14 PM
reply to post by pikypiky

Just curious as to what state the vehicle was licensed in?
Reason I ask is curiosity to know if all the huge smog outfits they put on the cars in California work at all for that sort of problem.

I sure understand about the smell and toxic funes. I get sick feeling from fumes too!

posted on Mar, 8 2009 @ 04:02 PM
Developing still, maybe now that this is out of the way, GM will get help from the bailout funds, and avert bankruptcy for now.

The Canadian Auto Workers union said Sunday it had reached a tentative agreement with General Motors Corp. on a multiyear pay freeze and other concessions needed to qualify the company for government aid.

posted on Mar, 8 2009 @ 04:37 PM
GM and all these other compaines who's survival can seriously hurt our nation need to be broken up into smaller companies. No single company should be so large that it can cause a Nation Wide finacial crisis.

Bye Bye big GM. Hello smaller car companies.

posted on Mar, 8 2009 @ 10:17 PM

President Barack Obama’s auto task force comes to Detroit tomorrow amid Republican calls to let General Motors Corp. go bankrupt and waning public support for giving automakers taxpayer loans they say they need to survive.

Let the taxpayers have a voice please!

Below is a link that details more of Geithner's plans

posted on Mar, 21 2009 @ 02:37 AM
reply to post by burntheships

President Barack Obama's auto task force is assessing proposals from GM and Chrysler to decide whether to recommend U.S. assistance or tip the carmakers into bankruptcy. Steven Rattner, Treasury’s chief auto adviser
made the comments yesterday on Bloomberg Television.

The task force will give its “sense of direction” by March 31, Rattner said. The companies have received $17.4 billion since December and asked for the additional $21.6 billion in aid last month, an amount that depends on achieving turnaround plans that are “somewhat ambitious,” Rattner said.

posted on Mar, 29 2009 @ 06:55 PM
General Motors CEO to step down...

General Morors has lost about $82 billion since 2005, and has been kept afloat beginning in 2009 with $13.4 billion in emergency loans from the U.S. Treasury. GM is now seeking another 16.6 million in aid.
This is just we have the Government involved in the private sector to many levels, even extending aid to the suppliers of GM.

General Motors Corp Chief Executive Rick Wagoner will resign from the top job at the struggling automaker, a person familiar with the matter said on Sunday, just a day before the U.S. government makes a key announcement on whether it will extend more aid.

The person, who declined to be identified because the decision has not been made public yet, did not provide further detail.

posted on Apr, 6 2009 @ 05:44 PM
reply to post by burntheships

GM is hurrying their preparation for a possible bankruptcy...but press releases say they are still trying to stave it off...?

General Motors Corp. is speeding up preparations for a possible bankruptcy filing even as directors seek deeper savings this week to avoid that outcome, people familiar with the plans said.

The bankruptcy readiness focuses on forming a new company from GM’s best assets if necessary

posted on Apr, 13 2009 @ 11:50 AM
General Motors is apparently preparing to file bankruptcy by June 1st after being directed to plan for a filing by the U.S., government, according to a report on Sunday by the New York Times.

The Times, quoting unidentified sources, said the Treasury Department has directed officials at General Motors (NYSE: GM) to lay the groundwork for a "surgical" bankruptcy filing that could last as short as a few weeks for portions of the company. Those portions would be the "good" parts of the company, and the "less desirable" parts of the company would remain in court for much longer and possibly be liquidated, according to the Times.

posted on Apr, 13 2009 @ 11:59 AM
I'm amazed and disgusted that our country/government will give hundreds of billions to banks and financial institutions yet we bitch and moan at the drop of any stimulus money to the car manufacturers. They are the last bastion of American manufacturing. What the hell do banks do? Ruin our lives and our economy. And even though I drive a Toyota I can factually say American cars are not that bad nowadays. They are no worse or no better than any other car. If you compare apples to apples as far as price range Mercedes low end cars are no better than an American car. A 60K BMW is of course always going to be better than its 30K counterpart. But Audi, VW, etc. aren't that much better. Even Toyota and Honda's quality ahs suffered in the last ten years. Hell GM has a much better 5/year 100K coverage than my 3 year/ 36K mile Toyota plan.

I'd much rather see my tax money go to prop up an ineffecient mismanaged manufacturing industry than some worthless bank or mega Wall Street institution. And people want to complain that autoworkers are overpaid? HAHA My god bankers and financial people are way more overpaid!!!!!!!!! America needs to get its priorities straight!

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