Posted on 05/19/2009 12:29:20 PM PDT by autumnraine
Edited on 05/19/2009 2:07:32 PM PDT by Admin Moderator. [history]
I am speechless. Are we Russia yet?
NEW YORK, May 19 (Reuters) - General Motors Corp's (GM.N) plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday. The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source. The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims. GM has about $6 billion in secured debt, including a secured revolving credit and bank debt. The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans. In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.
The government has given GM until June 1 to restructure its operations to lower its debt burden and employee costs.
If those talks failed, the company has said it would follow rival Chrysler LLC into bankruptcy.............
Mussolini never made the trains run on time.
The empty suit is looking for another do nothing job when he is no longer the figurehead phony TOTUS.
No one has standing to fight him in court.
The chief executives of the Big Three automakers have repeatedly abased themselves before Congress. They have carefully followed scripting provided for show trials. They never mentioned crushing constraints from unsustainable union contract benefits, or CAFE standards, none of which impact highly profitable overseas operations. In spite of or because of their obsequiousness, the Washington patricians determined to dictate future operations for the car companies.
Such a course directly contradicts the innovative path chosen by Albert Speer to raise German armaments production over three fold from 1941 to July 1944, despite round-the-clock allied bombing. To quote from “Inside the Third Reich,” Speer said, “Aside from organizational innovations, things went so well because I applied the methods of democratic economic leadership. The democracies were on principle committed to placing trust in the responsible businessmen as long as that trust was justified. Thus they rewarded initiative, aroused an awareness of mission, and spurred decision-making. Among us, on the other hand, all such elements had long ago been buried. Pressure and coercion kept production going to be sure, but destroyed all spontaneity. I felt it necessary to issue a declaration to the effect that industry was not ‘knowingly lying to us, stealing from us, or otherwise trying to damage our war economy.’ “
Now a new Reichstag, while allowing private ownership, will centralize control within federal bureaucracy, thereby stifling initiative and spontaneity.
http://www.seattlepi.com/opinion/391765_webltrs12.html
Nothing to see here, peepull. Just more hope and change.
There are important issues to ponder, instead of this
ongoing government take over of the American economy,
for example:
1.) Who’s going to win American Idol?
2.) Is the liver an organ or a muscle?
3.) a. Who is Johnnie?
.....b. Why does he crack corn?
......c. Do you really care?
GM stock closed with a 7.6% gain today...
What!!!???
True, and unlike the trains in Italy Obama won’t even be able to take credit for any work done before he got there. Things are so messed up in banks, autos, Medicare, and Social Security that he’s staring at one disaster after another.
I might be moving to Zimbabwe soon...
It was Jimmy who cracked corn. Johnnie had an alibi.
Jimmy is the one who cracked the corn. And I don’t care.
Just don’t break the law. Half of their prison population just died.
While us sheeple just stand by and watch. Seriously, I don't care if you all hate GM/Chrysler cars, this needs to be stopped dead in it's tracks.
No doubt. My question is: what steps will the government take to force us to buy them? (All in the name of marketing and saving the planet...)
hh
Russia no, Soviet Union maybe.
self ping for later read......
Trying to keep a semblance of a sense of humor here,
while Barry-0 continues driving us all to Krazeetown.
Can you say unaffordable sky high tariffs on imports? There is nothing these idjut Commies won't try.
Get that repair fund ready...the GM product coming from the government will make “Made In China” look like quality.
I think that there is an assumption that people will continue to buy GM products. I suspect that is an unfounded assumption.
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