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

SAN FRANCISCO (MarketWatch) - General Motors Corp. will offer the government the choice of giving it billions more in bailout money or seeing it file for bankruptcy when it presents a restructuring plan next week, according to a report published Saturday.

Also read about it here :
uk.reuters.com...

A person briefed on concession talks between the United Auto Workers and General Motors Corp. says union negotiators walked away from the bargaining table Friday night.

Let the bastards file BK, will not effect me.

But we know that GM likes the taste from the teat and were shown how easy it is to whitemail those even mare stoopid bastards in congress.

I think most of us saw this one coming....GM has been tanking for quite awhile now. Obviously the union there was probably told that there would be pay cuts, layoffs, incentives dissolved. Wonder if GM will end up bringing in some scabs? I worry about my friends and family back in Detroit, some of whom work for GM or work for companies that make parts for GM....but i still say, let them fall. They haven't changed their approach to the business at all, still mostly putting out gas guzzling vehicles with large ticket prices....it's their own dang fault.

Bankrupt supplier Cadence sues GM for $4.9 million

www.reuters.com...

Hmmm.wonder if this has something to do with GM latest threat of help us or else?

[edit on 14-2-2009 by burntheships]

reply to post by burntheships


May play a part.

When Gm announced it would buy out 62000 employees, it more, ro less, told me BK would be the next step. Once they file, will the union contracts be null and void? If that is the case, there is a lot of payback for the congress to do, to make the unions happy.

A power play is in the making... WE will lose.

reply to post by pyrytyes


If GM wants to stay in business all they have to do is file a Ch. 11, not a Ch7 or Ch 13...But since GM has no clue as to what people want and need, I say let them go down. If I remember right, it was the CEO of GM when asked if he would take $1 a year salary to help get the first round of bailout funds and he said, no he was good...that tells me a whole lot. He doesnt give a damn about anyone else but himself....

Yes that is what I am wondering to! What about all of the exteneded warranty contracts...the car dealerships? Not to mention all of the employees!

How can the goverment just sit by and tell GM to talk a walk? I am not for bailing them out...but this looks like the goverment is really in on putting the USA out of business! I mean, look they "bailed out" the banks! I really do not care about the banks! But the goverment said if we did not bail out the banks...well then the whole world will crash! So now we have GM...more important than some birth control clinic over in Africa...and they give money to the clinic for condoms and tell GM to take a hike!?

More pain for the USA! And you are right about the power play for sure!

reply to post by burntheships


They may not go bankrupt, but they told all 91,000 UAW members
to take a farewell package or stick around til a possibly less appealing
option is on the table.

GM tells 91,000+ to take a deal and leave

It appears Chrysler is right in there with them, and I'd say the odds
of bankruptcy are pretty high.

GM has new plants in Russia and India it is using to build cars for
MUCH less than on US soil, and with WTO protection they can go
ahead and kill off the US economy in totality.

When it is all said and done we will make NOTHING here because
political dissident labor in prisons in china work for free, or in other
countries they work for below what is our minimum wage.

The globalists want their serfs back, and want to return to a
noveau type corporate royalty status.

Why would the government bail out GM? It doesn't make sense for automakers to continue their mass production when the mass consumers are people without jobs or income in the first place! I say GM will go bankrupt. I could care less about the banks or companies that do not adjust to CHANGES in doing business in a global market/economy. Promises can be broken. Contracts can be null and void. The unions must go: It's outdated.

[edit on 2009-2-14 by pikypiky]

having unions stand up for people is outdated
wow without them will we ever get our asses handed to us
you really think the labor costs are gms biggest problems

i wouldnt be surprised if there doing all this just to break the union not like they havent tried before

[edit on 14-2-2009 by dean007]

The Unions...last bastion of defense against the Goverment. I have always thought that The Unions worked against the free market, and Individual Small Business...but when you have the Goverment working so hard against the little man, who needs the Unions!

I am almost starting to understand the mobsters on a different level now!

While reading this thread, I sit in a Chevrolet showroom responding to some late Internet inquiries. GREAT! This just brightened up my Saturday night

Originally posted by pyrytyes
reply to post by burntheships

 

May play a part.

When Gm announced it would buy out 62000 employees, it more, ro less, told me BK would be the next step. Once they file, will the union contracts be null and void? If that is the case, there is a lot of payback for the congress to do, to make the unions happy.

A power play is in the making... WE will lose.

The Democratic Party is owned by the Unions.. if the Democratic administration allowed GM to fail or file for Bankruptcy, and it adversely effects the Unions, then the Democrats face severe counter effects..

IMO, the Democrats would sooner Nationalize the GM corporation before they allow them to file Bankruptcy..

It is up to Republicans in Senate to block this..

And we saw how easily their votes where purchased with the "Stimulus".....

All US automobile manufacturer will go bankrupt. Bailout or not!
So, why drag along the unavoidable?

Before you can have a clean room you gotta get rid of the dirt!

Originally posted by dean007
having unions stand up for people is outdated
wow without them will we ever get our asses handed to us
you really think the labor costs are gms biggest problems

i wouldnt be surprised if there doing all this just to break the union not like they havent tried before

[edit on 14-2-2009 by dean007]

You are right, if you go download GM's financials you will see
their #1 cost is the dealerships by far. The cost of demos and promos
and other things via the dealerships dwarfs worker costs.

Originally posted by thegreatobserver
All US automobile manufacturer will go bankrupt. Bailout or not!
So, why drag along the unavoidable?

Looting the treasury is an honored tradition of failed nations.

Why would ours be any different ?

The thieves in nice clothes are just doing what comes natural to them.

If you dress properly, and act properly, you do no time.

Plutocracy indeed.


[edit on 14-2-2009 by Ex_MislTech]

Originally posted by dean007
having unions stand up for people is outdated
wow without them will we ever get our asses handed to us
you really think the labor costs are gms biggest problems
i wouldnt be surprised if there doing all this just to break the union not like they havent tried before [quote/]

You know the more I think about that the more I think that is the best truth I have read in a month!

wow without them will we ever get our asses handed to us

General Motors and Chrysler LLC will present their latest plans to the federal government Tuesday about how they will survive for the long-term.

The two companies have already received approval for $17.4 billion in loans from the government, money that most experts believe has kept the struggling automakers from bankruptcy.

If GM and Chrysler do not prove to the government that they can be viable in the future, the loans could be recalled.

money.cnn.com...

I think the only way the government should help GM out is if it does not lay off workers and create so many jobs within the year. That needs to be a stipulation to helping out any company. If they are begging for help then they need to help america out in return by providing jobs so people can afford the cars! If they are not willing to do that let them go down.

Breaking News 9/16 10:00pm

reply to post by burntheships


GM getting 4 billion loan tomorrow per Obama Administration