That’s probably not the best approach to take if they want to sell cars NOW. If I were in the market for a vehicle, I wouldn’t buy one from a corporation that says they’ll close their doors if fedgov doesn’t give them a bunch of taxpayer money.
How many dealerships could afford to do any factory warranty work if they had to eat the costs themselves?
Dump the UNIONS!!!! That will buy GM at least a decade - and possibly a much longer life.
A bailout by the Feds will buy them a month or so...
may not make it to New Year’s Day if Congress doesn’t approve a federal bailout for the beleaguered industry.
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If they’ve already purchased NYE favors, napkins, plates and cups I’m willing to buy them at 5 cents on the dollar.
Yeah? And with the aid how long will it be before you are back in Washington demanding more money? Groundhogs Day?
And then St. Patrick's Day. And then Easter. And then Memorial Day......
GM, Ford and Chrysler have spent the last 30 years making cars that were subpar when compared to imports, and now they expect the public to have a sense of regret when they’re about to have their long overdue date with chapter 11?
Americans have already voted with their pocketbooks. Take a look in most any parking lot and you’ll see what the results of the election were.
RIP
And then I'd go to the UAW Headquarters parking lot and see how many Lexuses, Mercedeses, BMWs, etc.......
That a threat or a promise?
I call BS but if it's not then, adios GM and Chrysler.
The auto industry spent nearly $50 million lobbying Congress in the first nine months of this year.
And people tied to the auto industry gave another $15 million in campaign contributions, CBS News investigative correspondent Sharyl Attkisson reports.
It’s not surprising that a lot of that money went to members of Congress from Michigan, where the auto industry is the biggest employer and politicians are passionate advocates for their constituents.
Take Sen. Carl Levin, who received $438,304 from the automotive industry. And in the House, Rep. Joe Knollenberg received $879,327. Rep. John Dingell got nearly a million from the industry. All have enjoyed generous support from the auto industry over their careers, with GM and Ford as their two top contributors. All support a bailout.
But nobody’s been a bigger advocate for Motor City interests than Dingell. And for him, the stakes aren’t just political, they’re personal.
“There’s an actual conflict,” said Ryan Alexander of the nonprofit group Taxpayers for Common Sense. “His personal financial health, you know, the wealth of his family is tied up in the car industry.”
Dingell’s wife Debbie once worked as a lobbyist for GM.
When she married the congressman, she became a senior GM executive at an undisclosed salary. And we found the couple has extensive GM assets.
Dingell’s current financial disclosure filed in May lists GM stock worth up to $350,000, options worth up to $1 million more, and a GM pension fund. In 2000, among the Dingells’ GM assets were stock options worth up to $5 million.
And in 1998, the congressman reported selling GM stock options worth up to $1 million dollars.
Dingell wouldn’t agree to an interview.
Taxpayer watchdog Alexander says the Dingell’s personal ties to GM are something the public should know about when the congressman casts his votes.
“They stand to benefit if the company doesn’t go under, if the company prospers,” she said. “And they stand to lose a lot if the company goes bankrupt.”
Nobody is placing bets on whether Congress will end up giving the car companies a bailout. But if investments in Washington politicians count as leverage, then the auto industry has plenty of clout.
I wish my business was big enough that I could go and ask for BILLIONS. Sigh i’m tired of being poor.
I loved it when Corker (i think it was him) told the committee that the market cap on the Big 3 was only $6 billion. AIG in comparison is $5 billion by itself. When Democrats go to kill the oil industry with their green laws, I hope they remember that Exxon Mobil has a market cap of $387 billion. How much money would they need?
Remember that old Seinfeld episode about Jerry fake crying?
"What is this salty discharge? I...I actually care!"