GM Likely to file bankruptcy

[headoftheholler]

http://www.reuters.com/article/GCA-autos/idUSTRE54E00320090515

Will for be able to ride the storm out with out filing bankruptcy?

[duckslayer870]

they announced earlier today that they will be closing 1000 dealerships nationwide.

[RLWEBB]

In my opinion, they should have filed a long time ago and saved us all some money!

[Quickdraw Limpsalot]

I agree. It wouldn't have affected me losing my job (along with a few hundred others) in January either way!

[JP]

Wait......I must be really confused....I don't really understand alot of the "bailout" package.. But, didn't we just give Chrysler and GM like a bunch of millions to "save the American auto industry and the economy as a whole"?? How does this work when we loan them tons of money and 6 months later they say to heck with it and see ya?

[headoftheholler]

Wait......I must be really confused....I don't really understand alot of the "bailout" package.. But, didn't we just give Chrysler and GM like a bunch of millions to "save the American auto industry and the economy as a whole"?? How does this work when we loan them tons of money and 6 months later they say to heck with it and see ya?
Agree 100% except unfourtunatly it was billions instead of millions. :mad:

[JP]

Agree 100% except unfourtunatly it was billions instead of millions. :mad:

great......well then someone explain to me who the he$@ is the governments' investment advisor because I will be sure to never use them.....had they lost money over the long haul, ok....but in 6 months??? Charles Shwabb should be running this on his ads...."we won't advise you to invest in crap like so-and-so did the US Government"!!!! Surely, I'm missing something......nothing is this stupid, right?

[TrapShooterBob]

You're not really missing anything, except the fact the intention was never to "save" the industry.

KUDLOW: Right. What is the truth? What is the truth? Was the UAW bailed out? Is that the truth? LAURIA: Well if you look at the numbers in terms of the dollars that the government has put into Chrysler, and you look at the dollars that are being paid out to labor-related interests — including the pension, VEBA, other benefit programs, etcetera — it’s interesting that the two amounts roughly match up. About $10 billion going in, and $10 billion going out. It seems like Chrysler is just a vehicle for the government to pay its labor friends.
KUDLOW: Is this redistribution from bondholders to union health trusts? Is that what’s going on?
LAURIA: That’s it. That’s it.


http://www.cnbc.com/id/30627017

[treerat]

they announced earlier today that they will be closing 1000 dealerships nationwide.
the last i heard it was closer to 2000 dealers,,,,,,but these stupid rednecks here at the tv station don't know their butts from a hole in the ground,,,