GM early payments: Another bankruptcy signal

GM early payments: Another bankruptcy signal

money.cnn.com

NEW YORK (CNNMoney.com) -- In another sign the company is preparing for a possible bankruptcy filing within the next two weeks, General Motors has agreed to speed up payments to 1,500 suppliers who provide it with the parts it needs to make cars in North America.

The company typically pays its suppliers on the second day of the month. But GM spokesman Dan Flores said the June payment has been moved up to May 28 to help its suppliers in the face of current "market uncertainty."

(visit the link for the full news article)



[edit on 14-5-2009 by LeaderOfProgress]

Well there you have it people. Another sign that the bail outs will not work. We still have not felt the ripple effect from the Chrysler bankruptcy. My true question is how come all of the ordinary people that are not proffesionals in investing knew that bailing out the automakers was a futile effort? The proffesional investors and corporate CEOs told us that bailing them out was the only option. To put it simply they lied to us in order to steal our money.

Here is another news story warning of bankruptcy.

NEW YORK (CNNMoney.com) -- General Motors Corp. stock briefly plunged to $1 a share in Wednesday trading, flirting with its lowest levels since the Great Depression, before it managed a recovery

The latest slide in the stock began Tuesday, when GM plunged more than 20%. It occurred after a half-dozen GM executives, including vice chairman Bob Lutz, disclosed Monday that they'd sold off $315,000 worth of shares.

I thought that the head people were not selling due to insider information. Can we say insider trading? I think charges need to be brought against them now. Before they can cover their tracks and move to china.

money.cnn.com

money.cnn.com
(visit the link for the full news article)

[edit on 14-5-2009 by LeaderOfProgress]

money.cnn.com

NEW YORK (CNNMoney.com) -- General Motors, the quintessential U.S. company, sold more vehicles in Asia in the first quarter than it did in the United States.

Only about a quarter of GM's vehicle sales worldwide were made in the U.S. during the quarter. More than a third of GM's sales were from the U.S. market during the same period a year ago.

Like I said above, I look for the criminals to move overseas so as to avoid prosecution for their criminal activities. Isn't it funny how we are of the mindset that Asian cars are better but yet they think our cars made by our failing companies are better?

reply to post by LeaderOfProgress


Chrysler is joining in too.
Chrysler To Shutter 789 Dealerships
www.abovetopsecret.com...

I wonder if people even realize that these are just the first domino's in a long line yet to come? This is going to mean thousand's of jobs lost over the next couple of month's. It isn't just the car maker's themselves it is the hundred's of business's that supply them and make every little part they use. OH yeah never mind they are moving that off shore too!

Here is another thread I started related to the stock sell off if you ask me. I do wonder if they still are planning on the 100 to 1 reverse stock split. I'm telling you, if they go through with this whole scam then they need to be prosecuted.

DETROIT (AP) -- General Motors Corp. notified shareholders Tuesday it is planning a reverse stock split that would give them one share of new stock for every 100 shares they currently own.

GM plans 1-for-100 reverse stock split