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Breaking News: US Government to own 60% of GM, Canada 12%. Details inside.

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posted on May, 31 2009 @ 09:05 PM
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U.S. GOVERNMENT TO TAKE 60 PERCENT OWNERSHIP STAKE IN GM; CANADA AND ONTARIO TO RECEIVE 12 PERCENT.

GENERAL MOTORS TO FILE FOR SECTION 363 OF THE BANKRUPTCY CODE

GENERAL MOTORS WILL CLOSE 11 PLANTS AND IDLE 3 OTHERS

No US Govt employees Will serve on GM board of directors




posted on May, 31 2009 @ 09:05 PM
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I have updated the OP with the info about GM that has been released now.

Second line.

[edit on 31-5-2009 by Soldat401]



posted on May, 31 2009 @ 09:05 PM
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reply to post by Piranha
 



Maybe he's releasing his birth certificate?

lol

This is creepy, what could it mean?



posted on May, 31 2009 @ 09:07 PM
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starting to see good action in futures now..

up to 8519



posted on May, 31 2009 @ 09:08 PM
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Dammit, I was all giddy. I had a feeling it was going to wind up being more GM poo. Well I guess this is better than a nuke-ya-ler stike on Nk. Sadly I drive a Saturn and the wife drives a Saab. We also have an HD-DVD player. Apparently we make bad decisions.

[edit on 07/23/2007 by drink2forget]



posted on May, 31 2009 @ 09:08 PM
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I was hoping it wouldn't be about GM, but the second CNN started, I knew it was.

I wonder what this means for the plant I live by. Thankfully my family has no stake in GM, with the exception of a car.



posted on May, 31 2009 @ 09:09 PM
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It's already been said, Ben.

GM is going into bankruptcy and the government will have 60% control of it.



posted on May, 31 2009 @ 09:09 PM
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reply to post by Soldat401
 


Here's the Full Fact Sheet if you want to add it to the OP



posted on May, 31 2009 @ 09:09 PM
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Just want to say I LOVE how ATSers figured this out before the deadline

second line.



posted on May, 31 2009 @ 09:13 PM
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UUUUUUUUUUUUUUUUUUUUGH what does GM have to offer? Everything they make is a horror if you ask me. 30 billion! just imagine if we gave 30 billion to Tesla! Obama has caved on this one. He should know better than to do something this stupid.



posted on May, 31 2009 @ 09:14 PM
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reply to post by unityemissions
 


your right unity.websters - embargo = a prohibition on movement of
commerce/frieght for a certian amount of time. in this case the info.
is prohibited from movement til 10 pm film at 11.



posted on May, 31 2009 @ 09:15 PM
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What happened to the days of when a company mismanaged themselves and went bankrupt.. they went bankrupt.

I never intended to get into the auto manufacturing business.... I suppose we all are now, since its all done with taxpayer money.

So, when do I get my free car?



posted on May, 31 2009 @ 09:17 PM
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reply to post by redhatty
 


Done.

I have modified the subject as well. This is my first topic ever on ATS, so please be lenient on me if I have broken any rules.

This is a turning point in America's history, for better or worse. This could be the first in a long line of government-bought companies.



posted on May, 31 2009 @ 09:18 PM
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reply to post by TwiTcHomatic
 


Check under your seat. If the keys aren't there, ask Oprah.



[edit on 31-5-2009 by Soldat401]



posted on May, 31 2009 @ 09:19 PM
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Yup...GM goes GVT......Yeah....like THAT will solve their problems!



posted on May, 31 2009 @ 09:22 PM
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Oh Yay! Now, not only does the US Gov and the UAW own part of GM so does Canada.

So any takers on how long it will be before GM files Chap 7?



posted on May, 31 2009 @ 09:25 PM
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reply to post by Hastobemoretolife
 


GM will survive until either it becomes too much of a political liability, or until we can no longer print money. Whichever comes first.

So I'd say by the end of Obama's first term.



posted on May, 31 2009 @ 09:28 PM
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Originally posted by TwiTcHomatic
What happened to the days of when a company mismanaged themselves and went bankrupt.. they went bankrupt.


and for this!



That must be one hell of a driving experience with a 6inch tall window! WTF!! And look at the skinny tires. Oh man this thing is all kinds of FAIL.



posted on May, 31 2009 @ 09:29 PM
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Just watch for when they start bailing out media corporations


They'll have carte blanche on what used to be private companies, banks and the media; fascism will be the new democracy.



Fascist governments forbid and suppress criticism and opposition to the government and the fascist movement.

Wiki



posted on May, 31 2009 @ 09:30 PM
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I can't believe how ridiculous our government is becoming.......Well, on second thought I can. DAS AUTO!



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