Posted on 03/31/2009 8:32:44 PM PDT by kcvl
Chrysler & GM both filing for Bankruptcy....
GM is filing Chapter 11....
Chrysler is going to be sold off in pieces..
Toyota is closing many plants in The USA...
Lawmakers briefed on the subject told the news agency Obama is also ready to let Chrysler face bankruptcy and be sold off piece-by-piece if it is unable to form an alliance with Italian automaker Fiat.
The “quick and surgical” bankruptcy option that was said possible when the president declared the automakers’ viability plans insufficient on Monday now appears to be inevitable, members of Congress and unnamed sources said.
http://www.foxnews.com/politics/2009/03/31/sources-say-bankruptcy-looms-gms-future/
Henderson calls for ‘reinvented’ GM
Apr 01
GM is to close more car plants, lay off more workers and speed up consolidation of dealers in response to the US government’s demand for faster restructuring, its new chief executive said Tuesday. Just days after taking over from ousted chief Rick Wagoner, Fritz Henderson said there was a need to “reinvent GM” within 2009. He again raised the prospect of bankruptcy filing if GM cannot secure agreement with the auto workers union and its bondholders by June 1.
http://ftalphaville.ft.com/blog/2009/04/01/54277/henderson-calls-for-reinvented-gm/
NEW YORK (Reuters) - A possible bankruptcy plan being discussed for General Motors (GM.N) includes quickly forming a new company of the automaker’s most profitable parts, while a group of other units would remain under bankruptcy protection for a longer period, a source familiar with the plans told Reuters on Tuesday.
GM also would seek to have a new deal in place with the United Auto Workers union prior to any bankruptcy filing, the source said.
Under the plans being considered, GM would seek to quickly move its most profitable units into a new company separate from its other units in the early days of the bankruptcy filing, said the source who asked to remain anonymous because the person was not authorized to speak to the media.
The aim would be to show consumers, taxpayers, and the government that the new GM can survive and compete in the autos sector as a viable company, the source said.
http://www.reuters.com/article/businessNews/idUSTRE53005220090401
Drucker too.
Yeah, I’ve seen the polls. It’s unfortunate these people are either willfully ignorant or full-fledged marxists.
What the little ignorant guy doesn’t understand is his vote for obama is going to dry up the local food shelf when he’s out of a job and other charity functions. Obama’s going to bleed working class Americans to death so we’ll just be able to take care of our own, barely, and not afford to give to charity.
It’s becoming crystal clear to me that is his intention. The Mob, as you quoted Rush, have no idea about the lit piece of dynamite they are holding in their hands. Kiss freedom goodbye.
Suppose that Obama dangled bailout money in front of GM to get control. Then he kicks out Wagoner and the board, closes the profitable, Southern, non-union shops, and then, when GM goes bankrupt anyway, has his ‘team’ of CEO and board declare the union contracts off the table. Was this the game all along? To protect the union contracts when the company was going bankrupt?
“You’ll have to hire a private mechanic to fix the government mechanic’s mistakes”
Change some words from mechanic to Doctor and you are discussing health care,
I’m not so sure...the way government oversight works, a Mechanic just might get hired on to be a doctor...
Except they haven’t closed the few Southern plants, just some of the Northern union ones.
And even then - if they do that, Obama would piss off his core, the unions.
Company overview General Motors GMT800 car assembly line.General Motors currently employs approximately 266,000 people around the world. GM's global headquarters is the Renaissance Center located in Detroit, Michigan, United States. In 2007, 9.35 million GM cars and trucks were produced in 19 different countries.[6] GM is the majority shareholder in GM Daewoo Auto & Technology Co. of South Korea and has had many collaborations with the world's various automakers. This includes product, powertrain and purchasing collaborations with Suzuki Motor Corp. and Isuzu Motors Ltd. of Japan, advanced technology collaborations with Toyota Corporation and BMW AG of Germany and vehicle manufacturing ventures with several of the world's automakers including Toyota, Suzuki, Shanghai Automotive Industry Corporation. of China, AvtoVAZ of Russia, Renault SA of France, and most recently, UzAvtosanoa of Uzbekistan. GM also had collaborations with Fiat S.p.A (see GM/Fiat Premium platform) and Ford Motor Company. To this day, GM retains various stakes in many different automakers.
yitbos
This all about securing the UAW county club and Cadillac “demo's”. Soon the parking lot of the Country Club will look like a visit to Havana.
Yep. From the beginning.
Remember the UAW was “responsible” for win in the last election.
probably get better care from the mechanics...
...though hearing a request for a 9/16 socket in the middle of a medical procedure might be a bit...odd....
With this guy in the white house we dont have 60 days let alone 6 months.
“Choo Choo” Charlie Wilson was one of the kingpins in the criminal enterprise that placed General Motors on its road to disaster.
In that heyday — and I remember it well — as my uncle was the plant engineer of the large Fisher Body plant in Flint,
Wilson and his successors capitulated to virtually EVERY serious demand of Reuther and his cohorts...essentially passing on the increased labor costs on to an unwitting public. Reuther played the Big Three like a violin.
However, there was NO competition to challenge such abhorrent management malfeasance.
It was not until approximately 1956 — when European auto manufacturers were finally structured to make a run at the American market — that the threat of competition reared its head. VW, Renault and Morris all peddled their bare-boned cars at the same price — $1640 — and they all did 30 MPG; and ran, and ran, and ran, for next to nothing. A huge market developed overnight.
Detroit did NOT take this ominous threat seriously — and the rest is history. As an aside, it was not until approximately 10 year later that the Japanese did their number on Detroit, with the Datsun and Toyota saturation of the market. By that time the European game had run its course, except for a refined VW product line.
The Japanese marketing successes essentially rang the death knell on Detroit; however, the Detroit snake still thrashed in its death throes for these many years, even after its head was severed by the labor cost and product quality disparities, twenty years prior.
Very respy, dk/coro
ha!
Zachary!
Perfect, Phil.
Obamamobile indeed.
Won’t start. :)
No one is buying anything right now good or bad !
America is in bunker mode IMO !
Good !
I want to see UAW BROKE !
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