Skip to comments.General Motors files for bankruptcy protection (GM Nationalized)
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 ...
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.
I wonder which airline the government’ll own first?
...There’s a new brand of toilet paper in the WH, rolls of green backs...
I hope no American patriot buys a GM car ever again.
Feburary 11, 1937.
This is the date the UAW forced GM to sign it's first labor contract.
Wasn't that photo taken just before they were getting ready to go to lunch?
They took over an aircraft manufacturer in WWII and failed miserably at it.
I think I’ll stick with Japanese cars (made in North America, though). Companies that not only honor their warranties, but regularly go beyond the stated terms of those warranties in the name of customer satisfaction. Yeah, even the Japanese sometimes drop the ball when designing things - for example the ‘03 and ‘04 Honda Accord transmission failures, but they replaced all those transmissions, and not just with more of the same ones that were bound to fail (hello, Chrysler minivan) but after determining the cause of the problem and redesigning to solve it.
OM (Obama Motors)
Or is it:
ZM (Zero Motors, Zero's company, Zero Production, Zero Accountability)
Inquiring minds would like to know...
The “we love socialism” index has made little sense for * while now.
Like both Air France and Aeroflaut, our airlines will drastically drop in quality if taken over. A friend of mine who was a flight attendant told me that Aeroflaut airlines are like flying ghettos. Overweight, dirty, cheerless “attendants” literally THROW greasy sack lunches at passengers midst a nasty, outdated interior.
Maybe, but the government taking Ford off its list of approved vendors won't help. The government is only going to be buying from companies they have a stake in.
I think you meant Aeroflot.
BTW- Aeroflot is Russian for Northwest Airlines.
20 billion 20 schmillion. It’s all govt “greenback” funny money.
Only trouble is, Hitler didn’t force anybody to drive a VW, he probably got the idea from the Model T, made by Germany’s good friends the Fords, and he just sketched it on a cocktail napkin and had it given to an auto exec to see what he could do with it.
This is actually quite different.
Tha will ultimately come out our taxpayer behinds.
My employer, who voted for Obama, was just complaining because the credit card company he has used for his business will no longer be offering any type of reward points. He normally gets about 8 roundtrip airline tickets per year due to the volume of business he does with that card.
I asked him if he was aware that this was a result of legislation that Obama wanted passed in order to "crack down" on credit card companies. He said he thought the credit card companies needed to be reformed, but he wasn't expecting it to actually affect HIM.
Libs can’t see past their noses.
Socialist Obama and the Socialist Congress are buying union votes with our tax money, and/or our increased national debt. Perhaps Government Motors will announce a new model called Peopleswagon? Who in his or her right mind would buy a Government Motors car or truck? Taxpayers are going to pay to keep this sucker alive until we vote the Socialists out of office. The waste will likely exceed $200 billion.
But the GOP “leaders” are so timid they don’t even dare to call the Demos by their true name: Socialists. Tens of millions of us have taxation without representation.
It was no picnic here in the 1930s either. The sickest part of it is that this is all a return to something that failed in the last century. This is reactionism run amok. When the Russians are scolding us about free enterprise and capitalizm, something is very topsy-turvy.
That’s actually very likely. Who wants to buy ANY new car in this economy? And the govt is probably goign to try to force unionization down the throats of the foreign and right to work automakers.
Who iss mosss laziesss? Amelicanautoworker or fat amelican? WRONG! Amelicanautoworker fattest AND laziest.
I spent up all my airline miles last year. They are not promised to be honored in perpetuity, and I figured I’d better get rid of them. This was before all this happened. I also took some w/ds from my 401Ks to try to pay down debt. Didn’t really work, but I did it at about 13000, so at least I made enough money to overcome the penalty as opposed to just loosign it.
Donnie Deutsch of MSNBC is being PAID by US with BAILOUT MONEY to do PR for GOVERNMENT MOTORS!!
After billions and billions and billions and billions of dollars spent to prevent bankruptcy - the company is bankrupt....
Just kidding. You are right. America is the last bastion. We save her or we go down fighting. The communists are now brazen and not worried about being subtle. The DNC is going for the jugular. They feel that they have the support of all the idiots they need in the nation and the conservatives and republican party are powerless to stop the US converting to outright socialism. It’s a bold gamble. If it works, we are screwed.
Where’s my stock certificates since I am, in effect, a car company owner. Also, I want some say in what kind of cars will be built.
Ha ha ha ha ha ha ha! Another conservative in the making... Ha ha ha ha ha ha ha!
How much money did we give the Unions and GM, should have let them go Tango Uniform.
I won’t even think about buying GM or Chrysler from here on out.
There was a column on Townhall a few days ago by Tom Borelli called “Obama’s Corporatism Strategy Might Advance Cap-and-Trade” in which he described how so many corporations are chomping at the bit to get their fingers in the cap and trade pie - capitalism be damned. Too many CEO’s are too swept up in greed these days.
This is about as illegal as it can get — a back room designed Chicago style taxpayer/serf funded bailout of a corporation and its union buddies and nobody asked if I wanted to contribute to their bailout fund. Not even my crooked congresscritters were allowed in on the deal.
GM is now to become BM. (Barack Motors)
Bush’s fault.... seriously.
How does one say that in Chinese? Perhaps like this? /s
"Geithner tells China its dollar assets are safe(Chinese audience laughs at him)"
Reuters ^ | June 1, 2009 | Glenn Somerville Posted on June 1, 2009 5:38:47 PM EDT by Free ThinkerNY
BEIJING, June 1 (Reuters) - U.S. Treasury Secretary Timothy Geithner on Monday reassured the Chinese government that its huge holdings of dollar assets are safe and reaffirmed his faith in a strong U.S. currency. . . .
"Chinese assets are very safe," Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.
His answer drew loud laughter from his student audience [emphasis added], reflecting scepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.
(Excerpt) Read more at reuters.com ...