6/1 This Morning GM Filed For Chapter 11 Protection
Posted by Editor on May 31, 2009 · 153 Comments
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153 Responses to “6/1 This Morning GM Filed For Chapter 11 Protection”The Restoring Honor Rally August 28, 2010
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Obama is "playing the American People like they are a bunch of idiots,,,,unfortunately too many are…that's how this buffoon got elected, remember?….as far as Gobmint Motors goes, they can SHOVE IT….I'll walk or ride a horse before I'll support "the regime"……of course, I'll probably have no where to go…no job, no groceries in the supermarket, no Dr. Appts, cause at 57, I'm probably too old to be cost effective, and God knows no fun stuff to do….just basic survival…..
It's about time! They should of done this in the first place instead of asking for all that bailout money. GM is a sub par product. Products that are crap won't last on the market place that long, especially products that consumers don't want. This was inevitable.
Funny how the White House thinks they're going to wipe out all of GM's debt by the end of summer…I see another bailout looming…
I can agree with you on Most of what you said.
1) Yes, they should have filed B/K Months ago, The company would already be out or reorganization.
2) Yep there will be another bailout.
3) My GMC P/U is the best auto I have ever owned. 200K and have only ever changed an alternator, and Battery.
Upholstery has held up better than any import I have owned, And second only the Leather I had in my s-10 Blazer.
The Best selling Autos in the US for the past decade were 1/4 ton P/U's FORD F-150 and Silverado 1500.
Those would be what the consumers want, But enviro zelots try to dictate that people want People Pods, I for one do not.
Bad business practice and unsustainable dept are what is going to kill/ Killed the American car Company,
and quite possibly America herself!!!!
Now the new GM cars will be supplied with Obama's painting on the roof & on the dashborad & the car wont start 'till we say : Obama Pelosi Acorn – yes we can , yes we can .
the only part of ocrap that you could have ontop of your car would be his teeth, the rest woud cause globel warmming ! Just saying.
oh no we dont wanna upset Al Gore .
Well as someone who has been driving a ford since1986 I will just continue to stick with the winner.
The US taxpayer just took a hit for about 60 billion. Sadly this was a political cost Obam felt we all needed to pay.
Can you wait till 2010?
I hope Obama's new auto company fails terribly. I know I won't be buying one of piece of crap government cars!
I heard the CEO of GM offer a sincere "THANK YOU" to the taxpayers of America today.
I found his humility and sincerity refreshing.
It goes a long way toward helping to ease the frustration, anger, & helplessness that I feel while watching the news.
Perhaps other corporate bigwigs who have accepted bailout money have also offered similar sentiments, but if so they have not done so very publically. I haven't exactly seen a lot of it. Most of them just take, take, take.
And that's what makes us the most angry about bailouts.
20 Billion down the drain… Let's see, at about $25K a car, that's 800,000 cars we paid for. Now another 30 billion…. I am getting sick!!! or is that sicker? Buy a Ford if you want an American car!
The Government using your taxmoney to confiscate GM from the private sector.
The Government mandating Government Motors build cars no one wants.
The Government ordering cars no one wants for the Government Fleet and using your taxmoney to do it.
The Government telling you YOU must "sacrifice" in order for Government Motors to succeed.
To paraphrase Henry II's quote about Thomas A Beckett: Will no one rid us of this troublesome Government?
BYE BYE AMERICAN PIE DROVE MY CHEVY TO THE LEVE BUT THE LEVY WAS DRY
GOOD BYE GENERAL MOTORS , I WEEP OVER THE LOSS OF THE GTO ,COMARO, 442, Z28,trans am, the real corvet
What a deal! The government pumped in 15 billion, getting ready to pump in up to 50 billion, The government owns 60%, the Canadain Government 17.5%, UAW 12.5% and the regular citizens who hold bonds 10%. The government is no longer us, it is the BH0 regime, we have no say on anything that happens with GM, it is all out of the WH. All we are is the "cash cows" with nothing better then give our money to the government.
"Government does not solve problems; it subsidizes them."….Ronald Reagan
There is no such thing as government money. But we have allowed them to think that there is. There is no accountability and there is no representation any more. Most of us disapprove of the spending, bu congress votes party line to make sure they will continue to be favored for committee positions and chair positions and look good to voters in order to stay in office. It's outta here, out of the park, a grand slam for the liberals: executive, house, senate and now judicial… a four bagger.
There is no such thing as government money. But we have allowed them to think that there is. There is no accountability and there is no representation any more. Most of us disapprove of the spending, but congress votes party line to make sure they will continue to be favored for committee positions and chair positions and look good to voters in order to stay in office. It's outta here, out of the park, a grand slam for the liberals: executive, house, senate and now judicial… a four bagger.
GM and Chrysler are nothing but slush funds for liberals. They will continue to funnel cash through these slush funds to pay off all their allies. Watch this extra 30 billion is just the first installment. There will be more.
Doesn't this look similar to AIG and how they flushed billions to pay off hedge funds and banks in Europe and Asia. They are just paying off different constituencies now.
Soon the Greens will get their money since they can't operate without subsidies, the farmers will get paid off for ethanol, the suppliers will get their dough, GE will get their wind turbines paid for… and we will end up with the tab.
I'll throw my two cents in: GM is dead, long live government motors? Naw, doesn't sound right. In fact, the mere IDEA that the GOVERNMENT took over GM is madding! No, I won't buy GM but I will not tolerate blatant socialism. So what is one to do? I have e-mailed my state and fed reps so many times on so many topics that I'm sure they probably delete them when they come in. But I WILL hold their feet to the fire and make them pay in votes when they come up for relelection!!!
The President again said today that he's not interested in running the auto companies. Well he is.
Today he stated that day-to-day operations will be run by a private board-of-directors. A board that is made up of members chosen by the US Govt., the Canadian Govt., and the UAW. Just who do you think they (never let a crisis go unwasted) are going to pick?
He stated that the US Govt. will not choose what plants to close, what cars to build, or how far to throw under the bus the ACLU retirees.
This non involvement flies in the face of the election and post election rhetoric. Just look at the CAFE standards that were shoved down the automakers throat just a few weeks ago!
He just telegraphed his moves by telling us what he won't do. Those fibs go in the same column as his recent assertion that the levels of debt we are taking on are unsustainable. Well, duh, didn't you just add $10 more trillion over the next 8 years? He didn't say that the private board of directors won't be under any pressure to do what the government wants, did he? Nah. That would NEVER happen, would it?
Obama Failed Change Policy: After Obama pledged to reform the government and NOT appoint lobbyists to his administration, Obama failed to honor his commitments in the Dept. of Defenses and other agencies.
As of last Friday, Lobbyists are no longer prohibited from being appointed to key positions within the BO administration. This is a complete reversal of his previous policy.
so … we get our money back right.
I mean we all thought that GM should have gone into bankruptcy anyway ….. and they got all that cash.
so we get all that money back right?
I come from a long line of Chevrolet drivers. I will be buying a FORD next time around. That is, unless the government forces them into bankruptcy too.
Vote with your $ people.
From one Ford owner to a future Ford owner. I plan on it.
I went to the DMV today. Immediate I was engulfed in the herd…lines going everywhere. Then I had this sickening thought that this insanity is exactly what socialized medicine will be like! Brutally incompetent and orchastrated by people who couldn't care less if you got what you needed or not.
Different subject.
Do NOT buy GM products!!! The bailout money is gone. You'll never see that again. Let it go. But stand your ground and REFUSE GM products!
I agree. In fact, I will not do any business with any company that takes bailout money and thus takes its marching orders from our Comrade-In-Chief. And neither will my kids, as long as I have their ear.
But if we don't get rid of him in the next election I'm afraid we'll have no choice in the matter much longer.
I am a 42 year IATSE card carrying retired union member. Buttttttt, what Obsama has done here with our money is indefensible and outrageous.—- I have always bought American cars, but WILL NEVER UNDER ANY SET OF CIRCUMSTANCES, buy a new car from a union & Obsama owned GM or Chrysler. The UAW is an embarrassment to working folks. They are acting like beggars.
Don't forget our Obamanation now has a guaranteed plan to keep Govt Motors afloat. He will soon mandate that the entire Federal fleet of autos be replaced with clean, green autos and "trucks". Guess who will be building them? Good old Govt Motors. The Obamanation not only took over GM's business…he also has made a guaranteed market for his new cars. He now makes the cars that he will buy using our money. Sounds a little circular to me! And very Fascist too…..
Just my thoughts.
I have read the comments here on GM and Chrysler and wonder how many of you have help create this? Yeah bad management did not help get these companies where they should be as in sound financial shape. Did you know that a Chevy impala which cost 25000 here cost 50000 in Japan because of goverment tariffs. Did you know the same thing is happening in Korea. But we let the foreign car companies sell their cars here tariff free. The Foreign sales in Japan are 5.5 percent of the market and 2 percent in Korea now you start understanding how uneven the playing field is. Go buy those foreign cars and support the companies and governments destroying this country. The next job or company you lose might be yours.
I stopped buying GM cars in 2003 when they sold me a piece of junk that began to fall apart right after the 36,000 mile warranty expired and would not give me a break on the repairs. They stripped out value from their products in order to pay ridiculous benefits to their current and former employees.
Foreign countries just probably wanted to keep their salvage yards from filling up too fast. Small countries, you know.
There was a push to take cost out of vehicles to remain competitive but not all were bad. The difference you faced was a bad dealer and they are one reason GM is in bankruptcy today. We lost site of how important customers are and the Japenees take care of their customers even though they have issues also it does not reflect it when the dealer fixes the issue. I am saying we need GOOD American manufacturing or this country will surely sink to the level of a third world country. We lost our electronics, cars, appliances what will be next? Think about it.
Now that Obama will be GMs new Chairman of the Board. Will he cut his own pay?
I have only one question for the President, if he would even dare to answer it, how is it that FORD can make it through the last 2 years without taking a single penny of taxpayer money, but GM and Chrysler can't get the UAW to make realistic wage and healthcare concessions resulting in the US taxpayers footing the bill for their own stupidity? At this point all that I can say is buy FORD, a company that has true American values.
True American values is a bit of a stretch. Ford supports numerous "gay" causes. They do make the best trucks on the road though.
I listened to the President's remarks and I could not believe how he was trying to play the American People like they are a bunch of idiots. He used Chrysler as an example of how successful chapter 11 with the gov't is, but he used only half of the truth to make his point and if the whole truth had been presented then it would not look that good at all. The only reason that individuals are bying Chrysler cars right now is because they are looking for screaming deals on last years models sitting on dealership lots that are being closed down and the fact that they have not produced a single car in the last 60 days is why the demand for vehicles is up (the dealerships are selling their old inventory and they need to restock with the new models). By the way, I don't know if anyone has seen the new Chrysler models but the three that are being promoted in the gov't approved advertisments are all hybrid models which I would not even touch or pay the additional cost for the vehicle because strapping a bunch of batteries to a car is not "Green".
Obama is the king of "If you can't convince them, comfuse them"
If you want to stop this GM (government motors) takeover it is very easy to do. Let them go bankrupt. Do not buy any GM products. I know that your tendency will be to support them but it will only encourage to do this again if they are sucessfull at this takeover. DON'T BUY DON'T BUY DON'T BUY
I have already made that decision. I have been a loyal GM customer for over 35 years. Now, with our gov't taking over, I will not be purchasing a single GM product.
Gruug, my sister is a retired bank officer and my brother in law is owner and ceo of his own company. After long disscussions we realized that we have to show them we will not be fooled. We are very smart and know that they just helped the UAW become the owners with the government of GM. I am smart enough to know if you don't buy any GM products you will make that company worth diddly squat. I would rather lose the first bailout money and teach them not to try this again.
Isn't it interesting how many of us view *this* bankruptcy? I have a feeling that had GM & Chrysler gone bankrupt on their own last fall, public sentiment would've been to support them. Instead, they're going to feel the backlash of those of us who are trying to tell the government to stay out of private industry!
Maybe if the CEO'S greed had not compeled them to think of themselves and lining their own pockets they would still have their jobs and these companys would be still in business. Now the healthy thing is for them to go under and let a new company spring forth and not GM. If Obama is sucessfull it will give him the belief he can take over all businesses.
First we started doing welfare. Now we are doing welfare for failed companies. When we are conscripted into the world federation we will be doing welfare for other countries. Is there life on other planets? Geez. What ever happened to allowing failure. If you allow it to persist and enable it, it pollutes you with mediocrity.
First we started doing welfare. Now we are doing welfare for failed companies. When we are conscripted into the world federation we will be doing welfare for other countries. Is there life on other planets? Geez. What ever happened to allowing failure. If you allow it, it pollutes you with mediocrity.
well lets all go pick out our new company cars… we own GM now right??? i am sick and tired of EVERY person inside the beltway looking out for themselves, while we are stuck with the bill, the GOVT HAS NO money they spend our money, notice no-one votes through pay cuts for any GOVT branch
wow who didnt see this coming, i think anyone who has ever balanced their own checkbook knew good and well this was coming…..just obama protecting his unions
There is a serious problem in BO's "promise" to step out of the companies. When does he plan on stepping out? It is like the promise from an elected dictator promising to step out of office when he is able to. The propper time will NEVER present itself. WE as Amercians are all fools for allowing ourselves to be cowed down. We must start to rise up! When is TEA Party round two!!!? We must organize and be heard over, and over, and over again!
July 4th!!!
Obama Failed Economic Policy: GM hacks appointed by BO are ecstatic about bankruptcy now that Mr. GovtWrench and the UAW are running the company. Nationalization of this major industry with the previous government take over of the moneychangers now put in place the planned demise of capitalism in the United States.
The solution: BUY A FORD!!!!
Now that BO is in the car design business, what about fuel efficiency?
Now that these new Obamamobiles riding lawnmowers get 40 MPG, what about safety?
Now that these new Obamamobiles have been reinforced with side impact panels and other weight additions, they only get 25 MPG. What about fuel efficiency?
This endless cycle of government interference is what caused the car industries’ demise in the first place.
Where are the entrepreneurs?
Who will step up and buy the brand names Jeep, Plymouth, or Pontiac? Build from the ashes of GvtMtrs a new auto company. Something lean and free of legacy costs and dead weight?
What an opportunity. But there seems to be no place for entrepreneurs or innovation in this new Amerika.
I totally Agree MR2 . God Iwaish I had the cash to BUy piontac ,Jeep, HUmmer. SAturn , We COULD BLOW THE Forigen cars away
typo I wish
Good lord sorry for this previos post looks like Idin't even Know how to spell.
First Chrysler… now GM… yet another sad day for American capitalism!
Stay strong Ford… don't let Obama and his progressive agenda ruin the last great American auto maker we have left!
Welcome to OM Obama motors, don't worry people we will close plants and lay off workers, but your sacrifices will set the stage for a newer and Better Obama Motors. Wait until you see our new models role off the assembly line holds two golf bags a six pack of beer and two morons all for under $32,900! VAT TAX Included!
Oh how true! Unfortunetly it won't be on the course though!
Believe me, I am not a supporter of the UAW, or any union for that matter. BUT, I would hope all of you will consider a Ford over a foreign owned company automobile. Ford asked their employees, a few years ago, to take concessions, as they saw the current economic conditions coming. They agreed, and have taken some more as the economy worsened. Ford, and its employees didn't take a dime from the government, and are counting on fellow Americans to to help keep them in business without government assistance. The employees at Ford took "pride and the well being of their company" over greed, rather than expectations of government help. Despite being part of the UAW, they should be commended for their selfless efforts. Again, please consider a Ford when buying a new automobile because Ford is still an American owned company.
And Ford has some pretty good cars as well. The focus is pretty good and has more power than other small cars. And it is still fuel efficient.
Why didn't GM file bankruptcy BEFORE the tax payers dumped $50B into their coffers. Where in the hell did this
money go?
I guess now I can head down to the Cadillac dealer and pick out a new company car, since I own them I want a free company car, with all the other benefits……….I will never buy a new GM again, this is completly outragous!!!!!
WRONG! The government owns GM, not us!
I see this myself and wondered if anyone else noticed it. SHe looks scared out of her mind!!!!!!!!!!!!!
I am watching this speach he is giving and the woman on the left has a very worried look on her face. Hmmm wonder if she really supports all of this.
OH my cow, I am not believing what I'm hearing this ninkumpoop president say about the GM situation, after he blamed the "past administration" as usual he actually stands there and says, "I refused to allow any more taxpayer money be indulged into this company" PLLEEASE!!!!!!!!!!!!!!!!!!!! the man is the biggest LIAR I have ever seen and thinks we are all total idiots. Was anyone else in a state of shock over the canyon between his reality and OURS?? The guy has a different "reality" if you know what I mean………………….he needs help
Oh and again, the hate on the face and in the tone of voice, never lets go of that hate and contempt does he?
OH my cow, I am not believing what I'm hearing this ninkumpoop president say about the GM situation, after he blamed the "past administration" as usual he actually stands there and says, "I refused to allow any more taxpayer money be indulged into this company" PLLEEASE!!!!!!!!!!!!!!!!!!!! the man is the biggest LIAR I have ever seen and thinks we are all total idiots. Was anyone else in a state of shock over the canyon between his reality and OURS?? The guy has a different "reality" if you know what I mean………………….he needs help!
I decided to sell my portion of GM and buy a ford…I'm waiting for my check from Obama!
Herd something today that is pretty scarry. Last year GM had an estimated value of about $80 billion dollars.
The taxpayers have now bailed GM out to the tune of $90 billion. Talk about fuzzy math.
Why isn't anyone questioning these seizure of properties. They don't stand up to The Constitution. Why our media slobbers all over the Chosen One, here is a hard fact of reality from a most unlikely source. THIS IS A MUST READ. So please do.
http://english.pravda.ru/opinion/columnists/10745...
Is this link correct? I keep getting a prompt of "load error". Thanks for checking.
2 Questions….
1) When will we be getting our capital loss paperwork for the IRS at the end of the year & what amount will we
write off? do I own my Truck now????? (LOL) YEAH, no more car payments:O)
2) Funny how only Ford, who didn't take money made it through….I guess we are re-distributing the wealth to other countries. I'm just saying… its not fair that the U.S. has had the majority stake in the auto industry for so many years now is it???? Shouldn't other countries have a fair cut.
I cannot believe what is happening to our country. The pace in which our country is changing is mind blowing. Will we recognize America by the end of the year? I am beginning to wonder.
Obama and the media has stated that we, the taxpayers own over 70% of GM. That is a lie! We provided the $ against our will and Obama owns 70% of GM. I hope we all grow a brain soon and realize this man is nuts!!!!!
Alright all you supporters of this illegal bailing out and ownership of these incompetent private auto companies…
What is the exit strategy? You know the strategy that you are supposed to come up with before you get into something.
With the government and unions running the company, the statement "the inmates are running the asylum" never had more relevance.
Will Obama be GMs new Chairman of the Board ?
He is everything to everyone.
God must still be in charge of America
So we gave them billions, then more billions, and even after bankruptcy, we're going to funnel more billions to them? All that has happened is that instead of going bankrupt in the first place when they needed to and getting a clean restructuring, the taxpayers have been put on the hook for tens of billions more, and the auto makers became beholden to the government, who now get their say in the bankruptcy. It's going to cost us even more money, which means borrowing/printing more money, which will lead to hyper-inflation, yet again costing the taxpayers more and more. Don't worry, they're not going to raise your taxes, everything's just going to cost more, that's all.
I refuse to buy a GM , matter of fact I won't buy a car that has the UAW involved in it's making . I consider the heads of the UAW and the SEIU as unAmerican and the enemy of all Americans who believe in justice , fairness and values .
Boycott GM/UAW. Obama refuses to allow the UAW to die a natural death, keeping that labor dinosaur alive through Union Welfare with the front of a dead auto company.
Americans have to teach the federal government a lesson: Stay out of private business if they know what's good for them.
GM should have filed for bankruptcy months ago, or even last year. The UAW has given millions to Obama and his campaign during his run for Presidency… is it interesting to anyone that now the UAW will get a huge stake in the company? Obama bailed out the company to give the UAW stake in it. The UAW KNEW that if GM filed bankruptcy, GOOD BYE UAW. They went to Obama, and Obama set them up for ownership. The auto task force had no premise to save GM, but rather save the UAW. This is a dirty scheme run by the Obama administration. And now that the UAW will own a huge portion of GM, the Government will now own an even bigger chunk…. which gives them complete control over EMISSIONS. The pieces all seem to fit way to nicely… hmmm…. and I wonder what Rick Wagnor would have done? Stopped the UAW and Government perhaps? But NOPE! Obama unconstitutionally fired him. American capitalism is now dead, and Obama "capitalism" (Socialism) is now here.
I just sent this letter to the White House. Does anyone think I will receive a reply?
As I am now a part owner of General Motors, I request my benefits of ownership. A new company car of my choice, including fuel allotments, and full medical benefits, consistent with those of my colleagues. As part owner, I also expect to be informed when all board meetings are held, as I will discuss and vote on any and all decisions to establish profitability of General Motors. I will await a prompt and respectful reply to this request.
I just sent this letter to the White House. Does anyone think I will receive a reply?
As I am now a part owner of General Motors, I request my benefits of ownership. A new company car of my choice, including fuel allotments, and full medical benefits, consistent with those of my colleagues. As part owner, I also expect to be informed when all board meetings are held, as I will discuss and vote on any and all decisions to establish profitability of General Motors. I will await a prompt and respectful reply to to this request.
yes indeed you're gonna get a reply , the same reply that we got when millions called in & asked not to go with the bail out to anyone .
The fix is, of course, in for Obama's minions in the UAW. And the bondholders are, like they are doing at Chrysler, bending over and holding their ankles while saying "Thank you Obama, may I have another". The answer my wife and I have given is that we will not purchase another GM or Chrysler product, even though it is our tax money that is being used to bail these buttheads out. No sense throwing good money after bad. We'll purchase vehicles made in the southern US using reasonably priced labor. Sorry Detroit and UAW, but you really have screwed the pooch this time. We're done. You and your savior can do whatever you like, we're not going to play or pay.
To put an end to this type of thievery – do not under any circumstances buy from GM or Chrysler. Buy from Ford or another company that isn't taking any slush fund money.
GM and Chrysler are not a car companies- they are a slush fund for liberal democrats to pay off their thieving and inefficient lackeys.
I see a major issue here with the restructure the bionic company with the gov't and the UAW as the main sholderholders of the experiement. All of the bondholders and other investors getting pwned by will likely set the tone for all other companies and industries.
I see investors drying up their troughs and getting out of the market all together. I mean look these people can't handle the stress of a reccession well. How do you think they'll manage constantly getting hosed in their investments. Add to the exodus of investors out of Wall Street to the list of what Glenn Beck and company is seeing as the short recovery and the Inevitable "throught the fllor" depression to happen, we're in for a world of hurt. Pun intended and unintended.
We need ot be careful. The 2010 elections will set the precedent of our salvation or damnation!!!!!!
http://www.youtube.com/watch?v=zhhkF3dqXR0
OBAMA MAN CAN…. lol
Is there any one out there who will still want a GM vehicle? I think the UAW committed suicide on this….
I won't buy GM because I am already subsidizing the inefficient UAW and I won't ever give them another dime voluntarily.
I being a Chevy man is over unless it's a used car or truck because I will not by from Government Motors, no how, no way!
If someone would have said 20 -30 years ago this may happen I would assume the world was about to end.
Quote from FOX NEWS: "Beyond the bankruptcy announcement Monday, GM is expected to reveal 14 plants it intends to close and name the buyer of its Hummer division."
I lived in one of those communities that shuttered a plant before this mess. Folks and small businesses suffered. Some positive acts we can do:
– Help the small businesses who will be hurt by these decisions.
– Buy local.
–Donate gently used or even nice items to Thrift Shops.
–Be a secret friend to a family suffering from layoff with a gift card to a grocery store or auto shop.
– Pray for those who can't move from a jobless town.
C-Marie, an excellent and kind reminder to help our families, friends, businesses and churches.
You know, the majority voted him in (at least that's what they tell us) Now he is paying the unions back for getting him in office, with tax payers money, that includes money from those of us who didn't vote him in!! We got scr ewed twice!! Isn't that great??
As my late mother used to say…. they're a day late and a dollar short. Had they done this in the first place, they wouldn't be under the thumb of the Federal Government and still calling their own shots.
But how else would the left get it's way to force the cars they want us to drive in our garage?
Bingo! My husband works for a company that makes Ford motor heads. I just pray that Ford is watching what is going on and never takes money from the government. Ford should be thanking their lucky stars they didn't take any of the bail out money.
Can't you see it now, cars given labels like "The new Frankferter Hybrid from Chevy." Runs on a mixture of gas-a-jizz but only if Barney has been busy over a long congressional break! Or the Obamaslamma Van that comes with drop down teleprompters instead od DVD players. Oh, and don't worry about your after the sale coverage, their isn't any!!
Well "they" probably know…. it's us that probably will never know…:) It seems as if a billion dollars is the same thing as a $100 bill to Congress anymore. I'm just sooo sick of it!
The burning question that should be on everyones mind here is this. Just why couldn't this have been done before we pumped 19 billion dollars into General Motors with the claim that it was too big to fail? Our government is just wasting money hand over fist and it seems as though there is nothing we can do to stop them.
That is $50 Billion!!
No one is asking how did the UAW get infront of bond holders! errrr…. The bankruptcy laws should be adhered to.
What's pathetic is that was inevitable and our government still poured billions into a company that is not a going concern. couple that with the new Administration practice of paying the bondholders after the unsecured debt holders(UAW) and we've turned the investment side of the world upside down. Does anyone not think that will not have consequences? Why invest if Uncle Sam is willing to side step the law, and practice and leave the investor, the fuel of our economy, in the dirt?
What really peeves me is that pontiac is gone!!!!!!!!!!!! I've owned 3 of them and they are awsome cars. Thanks UAW. Now when I tell stories about the GTO my kids will ask me "Dad whats A Pontiac"
Yeah, This was the only innovative arm of GM. What a shame.
Yes Hiattn I am peeved about that too! I have owned many Pontiacs in my lifetime too. Never had a GTO but I did have my share of Firebirds and they are great cars and fun to drive. What a shame!
bye bye miss american pie,
drove my chevy to the levy but the levy was dry,
those good ole boys were drinking whiskey and rye singing this will be the day that I die.
Billions of deficit/taxpayer dollars are gone forever. So Mr. GovtWrench can claim 72% ownership and hand what’s left over to his UAW campaign contributors. Anybody have any lingering doubts BO is a Socialist/Marxist?
(copy / paste) "GM is expected to reveal 14 plants it intends to close " (copy / paste)
(copy / paste) "Under the deal, four factories in Germany would stay open saving jobs." (copy / paste)
this is the disturbing part…
but really, this should of happened to GM months ago, we should of been past this by now… guess who else is going to pay for this, YOUR IRA or 401K! maybe it will already of been "factored in" the markets but this is going to be another huge sell off in American blue chips this week…..
maybe i am missing something, if the US Treasury is going to own about 75% of GM, how come they have to close 14 plants in the US but are able to save four plants in Germany?
GM should have proudly marched into Cpt 11 last year and wiped out the UAW. With the UAW dead and all the legacy costs gone GM could make a killing. It is a shame the UAW hopped into a GM Auto and drove over the clifff without making sure the company could work.
I STAND CORRECTED… obviously the free capitalist markets have been waiting for this creative destruction to happen… looks like that markets have been waiting for this, so again, i stand corrected on the above mentioned market comment.
Old Marine you see what is really happening . I'll be damned if I ever buy a car made by Government Motors ! When banking crisis 2 hits with credit card defaults by the millions and even more mortgage defaults, my guess is, nobody will be buying anything !
dont forget comercial real estate
People are not buying anything. Come to Floirda, there are new stip malls sitting empty. There isn't but a handful that have full occupancy. We are in a depression and repeating FDR and Carter policies. Folks this is about to get nasty and when it does it will not be pretty.
Tax Cheat Timmy is going to China to say we are worried about our deficit and can you loan us another $2 or $3 trillion. This is insane.
General Motors should have filed Chapter 11 Bankruptcy back at the first of the year, so the tax payers could have saved that first $20.Billion that Obama gave GM. But Obama is ready to donate $30.Billion more of our hard earned tax money to help out the UAW union save their jobs, with at the vary least another $70.Billion to keep the union going. If you figure a new car's value at $15,000, that would be the same as 6.67 million cars that could have been built with Obama's fabulous money give-away to the union. But the union, I mean GM isn't out of the woods yet!
Hmmm… Now that I (as a taxpayer) am 70% owner of a large automobile manufacturer, I believe I am entitled to a company car and an expense account. I should also be entitled to all company benefits. I will be contacting the White House tomorrow to express my pick for my new company car…And yes, I really will contact them!
Ayn Rand is spining in her grave…
Who is John Gault?
How very sad for this country!!! On the other hand, it should have happened long before any bailout money.
After how many Billions (with a B) of our tax dollars were pumped into them because " they were too big to fail". Yeah right. Our government pumped in that money basically to krrp the unions afloat. If GM emerges from bankruptcy with union labor still in place I for one will never by another vehicle from them or any other company that uses union labor. This was a social project that failed.
They not only will be in place but they will also have close to a 20% stake in its ownership of the company courtesy of the liberals in the White House.
If you want to know how the government will do running a car company read the history of the Renault car company, The French did a bang up job of running it. After Monday we will be able to call it Government Motors instead of General Motors. What a sad day this will be. I wonder how the stock market will react. It will probably tank after Obama's teleprompter speaks.
Isn't that like shutting the gate after the cattle have gotten out? They should have filed bankruptcy at the get go. Now, after billions of dollars in bailout money, they file bankruptcy??? And, the saddest part of it all, they can no longer put the union in their place.
I want off this crazy rollercoaster ride!
This is not a Chapter 11! This is a fixed "reorganization", fixed by BH0 to protect the UAW and to S crew the American people out of billions of dollars. If it was a true Chapter 11, GM would have an opportunity to renegoate the union contracts, but that isn't going to happen, the UAW comes out the winner and America comes out the losser. Can anyone say "Bye, Bye Billions of dollars"?
OldMarine, dead on and after Pres Obama's speech on Monday we are handing over another 30 Billion tax payer dollars to GM.
bye bye miss american pie drove my obama to the levee .
Right on, Old Marine. I've been hoping someone would come to their senses and allow GM to experience a real bankruptcy so the unions could be put in their rightful place but we don't have anyone with good sense in Washington. The president does want to protect the unions so he can keep their support. It's a sad day in America.
If I were a bond holder, I would be sueing the living crap out of these idiots. Every single one of them broke the fiduciary responcibility.
Your right once again, this was nothing but a takeover by our government, but I also believe the UAW will have one big wake up when all the jobs are shipped to china and no one buys there new green junk.
Believe me they will be screwed in the end too! it is just going to take them awhile to realize it.
We can only hope. The UAW, and unions like them, are only part of the problem.
OldMarine, you are so right.
The whole bailout was nothing but a political shell game to provide the UAW with Union Welfare at the cost of GM and out of the taxpayers' pockets.
Obama is an owned man and his masters are collecting.
George Soros and the Unions, particularly the UAW.
This is why I beleive this could very well be the death throws of both Chrysler and GM. I see both going the wayside as Plymouth and Oldsmobile. If President Messiah didn't screw with this bankruptcy, then these two companies may have came out strong and ready to compete.
You are so right, and it just T's me off. We pay for it but don't get a new truck. Whats worse is this will be subsidised forever, because a union or an entity with an entitlement base like a union, can not run a profitable company. What a joke, but it's the same joke running the white house and the same choke somebody voted for…..
"GM already has received about $20 billion in government loans and could get $30 billion more to make it through what is expected to be a 60- to 90-day reorganization in bankruptcy court." – "I think the government auto bailout was a big mistake," said Sen. Mitch McConnell, R-Ky., on CNN's "State of the Union" program. "We could have let these companies go through the bankruptcy process much earlier…without all of the additional government money, and ended up in the same place." – Right, so the government ignores the peope, takes our money, and secures 72.5% interest in what will be the new Government Motors. The Obama administration made sure his UAW supporters get a better deal than they are entitled while using strong arm tactics publicly to demand participation and cheat the unsecured and secured bondholders. Progressivism in play…4 years is proving to be an incredibly long time.
Don't you just wonder where all of our hard earned tax dollar "funny money" is going??? Is anyone really keeping track? I very much doubt it. There is just no telling how many pockets are being padded and campaign troughs flooded. This is the scandal of the millennium !!!!
I totally agree with you. So much money is being spent that is not being accounted for…no one seems to even care where it's all going.
EVERYONE
EMAIL OR WRITE TO YOUR LOCAL CONGRESS REPS AND SENATORS ON JUNE 6.
DRAFT YOUR LETTERS NOW, AND FIND OUT THEIR CONTACT DETAILS. THIS IS YOUR RIGHT. THEY REPRESENT YOU!! MAKE THEM DO IT! ASK THEM TO REINSTATE YOUR RIGHTS AND FREEDOMS AND STOP SPENDING. ASK FOR A REPLY.
GET FAMILY, FRIENDS AND NEIGHBORS TO ALSO. IF THEY RECEIVE THOUSANDS OF COMPLAINTS ON THE SAME DAY, THEY CAN'T JUST IGNORE YOU. THIS IS ONLY A FEW DAYS AWAY, SO GET READY NOW.
Of course they can ignore us, it's the same as it was in 1776 with king George. Their the Government and we are peasants!! That is how they view us, if you doubt me just watch thier actions on TV.
It will be a cold day in Hell before I buy one of Obama's government cars……I'd rather walk….that is if I have a job to get too, or money to go to the grocery store with…….if not, I'll just stay home….
You may not even have a home after Obama's through with our economy. Just wanted to cheer you up….SORRY! We're all in this together.
it will be like walking ! remember the flinstonemobile ! yabadabadoo
I am going on the Obama Plan, I paid my taxes so they need to give me a GM car, I am a preferred stockholder. I also expect all of the people on this board to pay for my next house. Then Obama can send me some of those $100 a pound steaks. Life is good.
Well now that the dream is over, how do we stop these idiots? I am ready and PO'ed.
When they kept building cars that were constantly in the repair shop…. I gave up. And I told them so. Did they listen? NOOOOOOOOOOOOOOOOOO!!!!! They kept hoping John Q. Public would stay stupid.. So sad, too bad!
I refuse to consider buying a GM vehicle as long as the government owns any piece of the company. When and if the feds let GM go, then I'll look at their vehicles again, but not before.
It will never happen. The government/UAW will continue to own GM long after I've shuffled off this moral coil. Once the government/UAW has its hooks into something it will never let go>
"No government ever voluntarily reduces itself in size. Government programs, once launched, never disappear. Actually, a government bureau is the nearest thing to eternal life we'll ever see on this earth!"…Ronald Reagan
The UAW has been given stock before and they dumped it immediately. It is hard to argue with yourself for more money. How much is the Car Czar making? He is building the largest house on Martha's Vineyard. Who authorized his pay and how much is it. NO ONE knows. Ask Beck & O'Reily to find out while they are kicking the crap out of ACORN.
One thing the ACORN lady said the money went to a private corporation. Is that company paying income taxes on what comes in? Since they can only donate a cetain amount of it there should he a huge taxable company there. Some one Tell Tax Cheat Timmy, this is another issue not covered on Turbo Tax!
This is the way the world ends, this is the way the world ends—not with a bang, but a whimper.
Only if the American people let it.
this is the end of the world as we know it,
this is the end of the world as we know it,
and i dont feel fine
Good riddance GM.
Drove my Chevy to Obama but Obama was dry.
This should have taken place last year! They should not have received ONE cent! Not one bailout should have taken place, NOTHING! Now our administration is on a spending spree & don't care that the funds aren't in the account to cover the checks. This is taught in middle school, don't use the checks in the account just because you have them – make sure the money is in the account first. This gives 'rubber' & 'bounce' a new meaning.
Can I just say this doesn't surprise me. At least Honda is still in bussiness. And Ford. Our family drives Honda's. I don't drive. But I love our Honda's.
I would join you in the suit.
eviction?
You bet Soros is the puppetmaster.