GM to leave Motor City?

www.cnbc.com...

24.69.78.93...

Likely.

"General Motors is open to considering moving its headquarters from Detroit, selling off U.S. plants and even renegotiating parts of its restructuring plan with its major union, the new chief

CEO Fritz Henderson, on a conference call with reporters, said it was more probable that GM [GM 1.44 -0.17 (-10.56%) ] was headed for bankruptcy by June 1—the U.S. government-imposed deadline for the automaker to restructure or face bankruptcy.

"It's more probable that we would need to accomplish our goals in a bankruptcy," Henderson said. "There's still a chance for it to be done outside a court proceeding."

===

Anybody who stays in this market is nuts IMO.

J



mod edit to add ex tags

[edit on 11-5-2009 by DontTreadOnMe]

Here we go. draining the life's blood from the American people. At a time when we should be propping up the producing companies of this country, we are allowing them to go belly up. All the while, raping those same people of their future by giving finance of fraudulent banks without even an inkling as to where and how the money is being spent.

Lets all keep sitting on the couch while ceo's get their fill of our life's blood.
Like fat, greed mongering mosquitoes.

It's sad really.
I guess that area can be developed now, into condos.
I am a staunch advocate of supporting producing companies.
Banks produce nothing but debt.

The more tech we devote to resource production, the better off our system would be.
But there again lies the problem. The way to control profit is to control access to resources.
I wonder, if we will be able to buy American cars at all 5 years from now?
Especially with China now seeking to encroach further into the united states.

[edit on 11/5/2009 by reticledc]

[edit on 11/5/2009 by reticledc]

I'm glad someone posted this.

About ten years ago, GM bought the Renaissance Center and moved from it's old headquarters midtown to be on the Riverfront.
Detroit's riverfront will be pretty vacant if that happens.
Not sure about the tax thing since I believe there was some sweetheart deal to get them to occupy the building...cannot remember.

Local news stories believe that Warren, MI may make a bid to get the new headquarters.
Warren stands to lose a huge chunk of their tax base (in fact, GM and Chrysler are the largest tax entities in Macomb county )
They want to build on a parcel that GM has...put up a new center for the automaker with a park surrounding it.

the move: www.detnews.com...
Warren's bid: www.detnews.com...

Looks like both GM and Chrysler are gone and only a few of their more valuable "name plates" will survive.

At this point I am thinking Chev/Cadillac/Jeep/Dodge.

Let's see where it unfolds.

J

GM is a cornerstone of the military-industrial complex (Hummers, anybody?). Hence the saying that "As GM goes, so goes the country."

Some people may have noticed me saying this in the past, but it really is an important thing to wrap your head around.

Originally posted by theWCH
GM is a cornerstone of the military-industrial complex (Hummers, anybody?). Hence the saying that "As GM goes, so goes the country."

Some people may have noticed me saying this in the past, but it really is an important thing to wrap your head around.

GM doesn't make military Hummers dude.


I say screw em and let them fail.

reply to post by bismarcksea


Screw manufacturing. They're a major R&D hub.

[edit on 12-5-2009 by theWCH]

Oh really?

Tell em to come on down to Texas, no state income tax and no unions... They'll have a field day, we have plenty of room for them and plenty of people ready to work.

Not good but they will always have a presence in the USA of some kind and I think always some sort of presence in detroit as well. Although how much of one is really the issue here isn't it.

They'll be Govt. controlled to produce the vehicles thay see fit for us to drive. We'll be able to choose from the re-incarnated 'Monza' or 'Gremlin' Thats gonna be sweet!