Posted on 06/01/2009 8:58:24 AM PDT by Deek
NEW YORK – General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.
GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.
"The General Motors board of directors authorized the filing of a Chapter 11 case with regret that this path proved necessary despite the best efforts of so many," a company statement said. "Today marks a new beginning for General Motors. ... The board is confident that this New GM can operate successfully in the intensely competitive U.S. market and around the world."
(Excerpt) Read more at news.yahoo.com ...
Housing.. check... Banking...check.....Autos...check *O*’s plan is coming along nicely!
/SARC
funny watching the market increase on this news, yea government take over is positive for the market.. not
Grab your wallets. Here comes more taxpayer money thrown down this black hole to ‘help’ GM aka the UNION.
After wasting nearly $20 billion of taxpayer money already? BAH, they should have done or been allowed to do such long before now.
And just where did that 20 billion go? anyone know ?
“New GM” is that kind of like “New Coke”?
Oh good grief, TOTUS is giving a rhetoric spew on this now..../facepalm.
Might have to start looking at foreign cars.
TOTUS takes credit for all of this - they followed its plan as he told them to do! But of course TOTUS inhearted all of this, it was not its fault that it had to nationalize the largest company in the world. TOTUS says it will change your oil and rotate your tires.
Giant sucking sound...........
Too late, he just promised $30 billion more.
This is like screaming....”Buy Toyota”
UAW?
Flushed down the toilet?
Don’t know, don’t really care...the point is GM should have filed for bankruptcy along time ago. Apparently, they learned nothing from the Ford restructure a few years back...
:-)
Similar, in that I wouldn't buy one. :)
I don't think the taxpayer's would have been very happy to know their tax money was going to keep the UNION happy for Democrats to get reelected. That is all that $20 billion of TAXPAYER MONEY was for, period.
They knew damn well what was going to happen and is happening. It's all a BIG LIE! They don't expect to make cars people will buy. They expect to keep UNION members in jobs while we foot the bill.
Heard “Green Training Camps”....Now, let’s see who’s on the Board....That’s likely to be a big clue!!!
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