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GM borrows $4 billion more, prepares for bankruptcy

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posted on May, 23 2009 @ 11:59 PM
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General Motors Corp on Friday borrowed another $4 billion from the U.S. Treasury and won a cost-cutting deal from Canadian auto workers as a showdown with bondholders set the stage for a bankruptcy filing by the end of the month.
source


If they're going bankrupt anyway, why are we still giving them our hard earned tax money? This is ludicrous. They should have been allowed to fail as per the laws of Capitalist economics. Why can't they just file bankruptcy and get it over with? Why are they prolonging the inevitable at the expense of the American Tax Payer?



TA




posted on May, 24 2009 @ 02:50 AM
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It doesn't make much sense does it?

What I think may be happening is that the borrowed money will be used to shore up anything GM doesn't want public and get the books in order. Even bankruptcy costs money to go through.

Though this sum is a doozy.



posted on May, 24 2009 @ 06:46 AM
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Yet more proof the Bail Outs are just one gigantic scam .
If General Motors is going to go Bankrupt anyway then what is the point on giving them a dime ?
Somebody most likely the General Motors executives are going to end up living very well off the Bail Out money if it isnt rendered worthless by inflation(SP?) . Just wait for the plane loads of executives to vanish overseas where they are out of reach of the US tax payer and US laws .

Cheers xpert11 .



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