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General Motors files for bankruptcy protection (GM Nationalized)
Associated Press ^

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 ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events; US: Michigan
KEYWORDS: automakers; bankruptcy; generalmotors; gm; governmentmotors; michigan; nationalization; socialism; yeshecan
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1 posted on 06/01/2009 8:58:24 AM PDT by Deek
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To: Deek

Housing.. check... Banking...check.....Autos...check *O*’s plan is coming along nicely!

/SARC


2 posted on 06/01/2009 9:02:03 AM PDT by tiredoflaundry (I will not be silenced.)
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To: Deek

funny watching the market increase on this news, yea government take over is positive for the market.. not


3 posted on 06/01/2009 9:02:10 AM PDT by 4rcane
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To: Deek

Grab your wallets. Here comes more taxpayer money thrown down this black hole to ‘help’ GM aka the UNION.


4 posted on 06/01/2009 9:02:20 AM PDT by kcvl
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To: Deek

After wasting nearly $20 billion of taxpayer money already? BAH, they should have done or been allowed to do such long before now.


5 posted on 06/01/2009 9:02:20 AM PDT by cranked
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To: Deek
"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."

Well, at least we will know how to spot government employees.
6 posted on 06/01/2009 9:02:20 AM PDT by Safrguns
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To: cranked

And just where did that 20 billion go? anyone know ?


7 posted on 06/01/2009 9:03:07 AM PDT by al baby (Hi Mom)
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To: Safrguns

“New GM” is that kind of like “New Coke”?


8 posted on 06/01/2009 9:03:11 AM PDT by dfwgator (The Huskies are Gator Bait!)
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To: Deek

Oh good grief, TOTUS is giving a rhetoric spew on this now..../facepalm.


9 posted on 06/01/2009 9:03:18 AM PDT by cranked
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To: tiredoflaundry
And to think lefty nut cases thought Pres. Bush was a dictator. I guess they have no problem with Obama taking control of everything?!
10 posted on 06/01/2009 9:03:20 AM PDT by kcvl
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To: Deek

Might have to start looking at foreign cars.


11 posted on 06/01/2009 9:03:31 AM PDT by Chi-townChief
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To: Deek

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.


12 posted on 06/01/2009 9:04:04 AM PDT by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: al baby
And just where did that 20 billion go? anyone know

Giant sucking sound...........

13 posted on 06/01/2009 9:04:23 AM PDT by b4its2late (There is always one more imbecile than you counted on.)
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To: al baby

Too late, he just promised $30 billion more.


14 posted on 06/01/2009 9:04:30 AM PDT by chuckles
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To: Deek

This is like screaming....”Buy Toyota”


15 posted on 06/01/2009 9:05:07 AM PDT by Sacajaweau
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To: al baby

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...

:-)


16 posted on 06/01/2009 9:05:22 AM PDT by cranked
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To: dfwgator
“New GM” is that kind of like “New Coke”?

Similar, in that I wouldn't buy one. :)

17 posted on 06/01/2009 9:07:30 AM PDT by MarineBrat (The New York Times is a Communist Kamikaze.)
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To: cranked
After wasting nearly $20 billion of taxpayer money already? BAH, they should have done or been allowed to do such long before now.

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.

18 posted on 06/01/2009 9:07:39 AM PDT by kcvl
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To: All

Heard “Green Training Camps”....Now, let’s see who’s on the Board....That’s likely to be a big clue!!!


19 posted on 06/01/2009 9:07:40 AM PDT by Sacajaweau
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To: Deek
Why is it people can see the spin here? If this were Hitler or Chavez, the headline would read “GM nationalized, Bondholders screwed, Zero announces the start of “The People's Car”!” Didn't Hitler do this with “Volkswagen”?
20 posted on 06/01/2009 9:08:27 AM PDT by chuckles
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To: Deek

GM was just short of a stall.

The govern-loons said, “all we need to do is pull back on the stick just a bit more, and we can start gaining altitude again.”

So they took the controls and pulled back.

I await the GM spin and subsequent crash.

Ref: See British Leyland


21 posted on 06/01/2009 9:08:57 AM PDT by Da Coyote
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To: Deek; ExTexasRedhead

We need to fire the Federal Government big time.


22 posted on 06/01/2009 9:09:32 AM PDT by freekitty (Give me back my conservative vote.)
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To: kcvl

It so surreal..


23 posted on 06/01/2009 9:09:37 AM PDT by tiredoflaundry (I will not be silenced.)
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To: dfwgator
“New GM” is that kind of like “New Coke”?

"New GM" = "Government Motors"
24 posted on 06/01/2009 9:10:24 AM PDT by Deek
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To: Deek; All

Please note everyone... according to the news I heard this morning GM will be 60% owned by the U.S. Government, and 16% owned by the CANADIAN GOVERNMENT as well!

Well, at least the auto-workers will still have their jobs, right? I wonder where they think they’ll find customers for their GOVERNMENT MOTORS cars (same with Chrysler).

And all the talk last fall was that we CAN’T let them file bankruptcy! We just CAN’T we’re ALL DOOMED if they do! Yeah, and this is SO MUCH better isn’t it??? Where did those BILLIONS go? To “settle” their books before they went to court or something?

I don’t suppose we’ll hear much from those who were pushing for all the stimulus bills coming on this thread apologizing either...


25 posted on 06/01/2009 9:12:48 AM PDT by LibertyRocks ( http://LibertyRocks.wordpress.com ~ ANTI-OBAMA STUFF : http://cafepress.com/NO_ObamaBiden08)
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To: Deek

>...the Obama administration’s plan to shrink the automaker to a sustainable size <


26 posted on 06/01/2009 9:13:19 AM PDT by ken21 (i am not voting for a rino-progressive.)
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To: Chi-townChief

Is Ford still American-owned?

I think what we’ll be doing is only buying used classics from here on out, unless we NEED something new, and then we’ll look at foreign brands, that assemble their cars and use parts suppliers from HERE in the U.S..


27 posted on 06/01/2009 9:16:12 AM PDT by LibertyRocks ( http://LibertyRocks.wordpress.com ~ ANTI-OBAMA STUFF : http://cafepress.com/NO_ObamaBiden08)
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To: Deek
If any of you are reading this story on DRUDGE and you work for the Gov,
prepare to be arrested.
28 posted on 06/01/2009 9:18:15 AM PDT by MaxMax (America's population is 304-Million. Obama must punish America for the other 4.7 Billion)
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To: 4rcane
funny watching the market increase on this news, yea government take over is positive for the market.. not

Or is it a flight from bonds to stocks because bonds have lost their appeal? The main point of bonds is that they are senior, secured debt. Now that obama has declared that part of fundamental business law to be ignorable, there's no point in buying bonds.

BTW, I can no longer imagine an outcome in which GM continues to exist. They blew through $20B in our tax dollars in two months. They have another $30B in our tax dollars, but their net worth is about negative $90B. With bankruptcy calling their survival into question, college educated liberals buying 70% of their cars from Europe and most of the rest from Japan, and conservatives offended at the fascism of a nationalized company, I don't see much future demand for their product. As for future voluntary investments to keep them afloat, no sane person would loan them money via corporate bonds after they chose to default for political reasons, and no sane person would buy stock in a company with such a severe negative net worth problem. Once the fascist in our White House realizes that we won't tolerate his stunts any more, they're dead. [Good!!!]

29 posted on 06/01/2009 9:18:32 AM PDT by TurtleUp (So this is how liberty dies - to thunderous applause!)
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To: Sacajaweau

You can still buy a Ford.


30 posted on 06/01/2009 9:19:06 AM PDT by Forward the Light Brigade (Into the Jaws of H*ll)
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To: LibertyRocks; All

The sad part is that some people on the board likes the idea of the Government propping up dead companies. In a sane world GM and Chrysler would have gone into bankruptcy. Then a leaner and meaner GM and Chrysler would have emerged or a new car company.. In a sane world that is..


31 posted on 06/01/2009 9:19:41 AM PDT by KevinDavis (http://governorpalin4president.blogspot.com/)
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To: Deek

I will do everything in my power to avoid paying taxes. I’ll cut back, take less money, barter when we can, take every deduction I can possibly find, I will structure it so that they get as little as possible. I will not ever buy a GM car. Read my lips, NEVER. In fact, they won’t even get a dime for parts or repairs. We are selling the last 2 GM’s this week and we have replaced all with Fords.


32 posted on 06/01/2009 9:20:12 AM PDT by mojitojoe (The American Revolution: 70% of the people were loyal to the King, The other 30% founded a nation.)
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To: tiredoflaundry

“It so surreal..”

I’m 45 years old...
I NEVER, EVER, thought I would see this happening in my lifetime.

NOW I begin to understand how my Grandfather and his brothers felt while this SAME, EXACT THING was happening in 1930’s Germany. And they, too, felt as powerless to stop it from happening as I do, with the media triumphantly trumpeting everything the Messiah is doing.

The Brothers decided to flee to America, and my Grandfather was lucky to survive the aftermath.

WE haven’t got anywhere to flee to.


33 posted on 06/01/2009 9:24:49 AM PDT by tcrlaf ("Hope" is the most Evil of all Evils"-Neitzsche)
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To: Deek

I’m sorry, but listening to this GM CEO in the presser leaves little doubt as to why this company is in the toilet.


34 posted on 06/01/2009 9:25:30 AM PDT by jennyjenny
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To: Deek
Feburary 11, 1937.

This is the date the UAW forced GM to sign it's first labor contract.


35 posted on 06/01/2009 9:26:31 AM PDT by ChiefKujo
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To: Deek

Now that Obama is head of a corporation and we the people own the government; can we fire him?


36 posted on 06/01/2009 9:27:31 AM PDT by freekitty (Give me back my conservative vote.)
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To: Deek

Obama is going to mandate fleet purchases to GM?!

in his speech the man is 100% nutso.

The only thing missing is the greek columns and obama playing a violin.


37 posted on 06/01/2009 9:28:07 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: Safrguns

Trabant, Iclci, GAZ, YUGO, ZAPOROZHETS, GM

One of these is now just like the others...


38 posted on 06/01/2009 9:28:26 AM PDT by tcrlaf ("Hope" is the most Evil of all Evils"-Neitzsche)
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To: Deek
The GM shareholders have been wiped out and the bond holders only got 10% on the Dollar. What no one has looked at is what percentage of these investors have been driving GM cars and trucks? What percentage of these screwed investors are going to buy a new Gov. Motors car?

Looks like Ford could get a big boost. All Ford has to do is offer a good deal if you turn in your old GM or Chrysler car and buy a new Ford!

39 posted on 06/01/2009 9:29:06 AM PDT by WellyP
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To: Deek

I’m glad to see the National Tea Party, but Sept. 12 may be too late. The Dems will no doubt come back from August recess ready to rubber-stamp with breathtaking speed.


40 posted on 06/01/2009 9:29:53 AM PDT by Buckeye McFrog
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To: Safrguns

“...Well, at least we will know how to spot government employees....”

That’s exactly what I told my wife...


41 posted on 06/01/2009 9:30:30 AM PDT by mikelets456
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To: kcvl

YES YOU are right the taxpayers are getting !#$$%$ over by the goverment,lets give more $$$ to GM , WELFARE, and more deadbeats in michigan God knows our govenor needs to get her !!!! out of her !!! I CANOT BELIVE PEOPLE VOTED for All of these DDD democrats!!!!!!!!!!!!!!!!!!!!!!!!!!!!


42 posted on 06/01/2009 9:32:38 AM PDT by ready to survive
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To: Deek

Wait-a-minute...back in January later in March, we were told that bankruptcy would be the end of GM and Chrysler, that nobody would buy cars from a company in bankruptcy proceedings and that we had to, just had to, spend billions of dollars to keep these companies afloat. But now apparently, bankruptcy is just a new beginning and will be quick and painless. Oh I’m still waiting for those toxic assets to be purchased from the banks with the TARP funds.


43 posted on 06/01/2009 9:32:40 AM PDT by garbanzo (Government is not the solution to our problems. Government is the problem.)
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To: kcvl

YES YOU are right the taxpayers are getting !#$$%$ over by the goverment,lets give more $$$ to GM , WELFARE, and more deadbeats in michigan God knows our govenor needs to get her !!!! out of her !!! I CANOT BELIVE PEOPLE VOTED for All of these DDD democrats!!!!!!!!!!!!!!!!!!!!!!!!!!!!


44 posted on 06/01/2009 9:32:47 AM PDT by ready to survive
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To: Deek
Now I can get me a shiny new Government Motors “Green Car”, financed by a shiny new Government Bank and insured by the new Government Insurance Company!
45 posted on 06/01/2009 9:33:29 AM PDT by TexasCajun
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To: Deek

Get that great GM feeling!

(it kind of feels like rape for the bondholders, but hey- Hopey Changey requires SACRIFICE)


46 posted on 06/01/2009 9:33:37 AM PDT by AH_LiveRight
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To: Deek

BS They just lost a whole family of Lifetime GM owners here.

I hate the UAW.


47 posted on 06/01/2009 9:33:43 AM PDT by Cheetahcat (Zero the Wright kind of Racist! We are in a state of War with Democrats)
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To: Chi-townChief

“Might have to start looking at foreign cars.”

...And residences also. Amen.


48 posted on 06/01/2009 9:34:27 AM PDT by gakrak
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To: tiredoflaundry

After coming out of bankruptcy it will be interesting to check on the “Diversity” of the workers and management of the “New GM!” Wait about a year or so.


49 posted on 06/01/2009 9:34:28 AM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: tcrlaf

“...Trabant, Iclci, GAZ, YUGO, ZAPOROZHETS, GM

One of these is now just like the others...”

DMV, Post Office, IRS....and people want the government to take care of their “most precious” thing in life...their Health care?

I can see it now...Mr Consumer: “My GM’s transmission just went and it’s under warranty...GM Employee: “So what? You’re gonna’ wait like everyone else...we’ll get your vehicle in the shop in 6-8 months...goodbye...”


50 posted on 06/01/2009 9:35:05 AM PDT by mikelets456
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