Posted on 11/10/2008 7:46:17 PM PST by tobyhill
General Motors is in such dire financial straights that it needs to line up a federal aid packaged before president-elect Barack Obama takes office in January, the automaker's chief executive said Monday. "This is an issue that needs to be addressed urgently," Wagoner told Automotive News, adding that now is the time to "overshoot, not undershoot" the level of assistance.
GM is willing to offer the government preferred stock, speed the introduction of fuel-efficient vehicles and set limits on executive compensation in exchange for financial aid, Wagoner said.
But Wagoner did not think it would be "a very smart move" for him to resign.
"It's not clear to me what purpose would be served" Wagoner said. "I think our job is to make sure we have the best management team to run GM."
On Friday the biggest US automaker warned it would run out of cash in the first half of next year and appealed to the US government for help to save it from collapse.
(Excerpt) Read more at breitbart.com ...
let them use the bankruptcy protection laws like 99% of all other business do that are either mismanaged or going through a tough time.
Atlas is seriously about to shrug with company after company lining up at the taxpayer trough and the goofballs in DC giving out “money” like lollipops.
remember when this moron gave every member of
oprah’s audience a new pontiac?
He should just say that the people have spoken and a new president is on his way to inauguration. The new guy has the right to set his own agenda, free of meddling by the current president.
If Bush bails out GM, the union workers get health care, pension benefits, etc. and the people get poorly made and overpriced cars. Oh, and the bill for the bail out.
Besides, wouldn't it be fun to watch the UAW as GM files for bankruptcy? Unionism would suffer a fatal blow if the UAW dies! Viva le Revolucion!
When you signed up with FR you agreed to the above. No one is above the rules....even you.
Let them sink. NO BAILOUT!!!
How about getting some nine year old to replace Wagoner. It would not take much to do a better job.
One thing to consider is the large pension liability the government would be required to assume if GM is allowed to go into bankruptcy. If a bailout has a chance of working, it might be the cheaper route.
bush doesn’t have any brains left... that’s part of the problem... lame duck means go to camp david, rent out the lincoln bedroom... host a bowling tournament with the local kindergarten class...
obama is already shadow governing and will quickly undue what he can of Bush’s stuff, so why even bother
“GM is willing to offer the government preferred stock, speed the introduction of fuel-efficient vehicles and set limits on executive compensation in exchange for financial aid, Wagoner said.”
...As opposed to building a car the world wants to drive.
speed the introduction of fuel-efficient vehicles and set limits on executive compensation
Uh, dude, if you had tried this, say 3 years ago.....
Why would the guv have to assume the responsibility of the pension liability? Are you talking about it being underfunded?
Hey bone heads, How about designing me a car that doesn’t cost me a years pay, is fuel efficient and I can fix myself economically and wont get me killed driving. If you want to make some money and save your sorry asses, there you go.
While perhaps not your style, the Miata was originally offered to Detroit, and the design was acquired by Mazda after Detroit refused it.
Some can afford it, but are unwilling to stretch the budget that far. It is going to take time for folks to recoup those loses. And before it happens, the price will go back up.
Like most of the problems in the economy, drill and build refineries, and the car makers would soon be flourishing. The whole economy would. Liberals refusing to do that will make any bailout a band aid on a sour that is infected. It will only get worse and put off the inevitable.
Thank you for saying so Bob!
The Pension Benefit Guaranty Corporation (PBGC) created by the Employee Retirement Income Security Act of 1974.
Care to elaborate?
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