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 ...
“...Well, at least we will know how to spot government employees....”
That’s exactly what I told my wife...
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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.
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Get that great GM feeling!
(it kind of feels like rape for the bondholders, but hey- Hopey Changey requires SACRIFICE)
BS They just lost a whole family of Lifetime GM owners here.
I hate the UAW.
“Might have to start looking at foreign cars.”
...And residences also. Amen.
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.
“...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...”
Yes. Just enough “stimulus” money thrown their way to take care of bonuses, payoffs and security for the thieves; now screw the bond holders and all the taxpayers who paid for it all. Unions and socialist have won; they have destroyed free enterprise as we knew it.
I hope every democrat and union member who has continually voted themselves to get a 8-year college level salary w/benefits for working on an assembly line with a G.E.D. or less, is happy now with their socialist unemployment check and working as a janitor or flipping burgers.
This is looking more and more like the economic takeover of Germany with EVERY PASSING DAY!!!
And the lib sheep just keep bleating along while they are being led to thier own slaughter.
I NEVER thought I would ever see this in my lifetime....
Next up - your internet freedom! It’s coming soon unless we get congress changed next year!
The DMV will now administer GM warranties. And handle all of your healthcare benefits. Aint we got fun!?
There have been and will be tea parties in response to government irresponsibility. I wonder — Will there be a backlash against auto companies if they have received bailout money? I for one will never buy another vehicle from anyone who has received a bailout at taxpayer expense. What do you think?
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.
I am sure it will be fair and balanced with Sotomayor on the job.\s
I love the way 0 says taxpayers own 60 percent of GM. As a stock holder, I have some suggestions. Reckon anyone is listening?
All the unemployed people in 0moters are gong to get reeducated to work in the green energy fiasco. I hope that works out for them.
PC = slavery on 0’s plantation.
That market increased because GM and Citibank were yanked off the market today, thereby, not dragging down the average.
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