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Old 11-07-2008, 12:02 PM
 
Location: Tennessee
28,832 posts, read 49,318,159 times
Reputation: 20694

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GM's Wagoner: No Plans For Bankruptcy Filing.

General Motors is not considering bankruptcy despite a sharp downturn in sales and cash position, but the industry needs fast action by the government to prevent a "devastating" impact on the economy, company GM Rick Wagoner said on CNBC.

GM's Wagoner: No Plans For Bankruptcy Filing - Automotive * US * News * Story - CNBC.com
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Old 11-07-2008, 12:13 PM
 
Location: Great State of Texas
86,068 posts, read 75,626,613 times
Reputation: 27617
Throwing money at them will not help their problems.
They shmoozed up to big oil and built expensive gas guzzling SUV's while Toyota and Honda went for efficiency.

They are running out of cash to do their day to day business. How can they ever turn around now ?
The UAW is also a big burden on them as well. I think they are sunk.

We'll be left with Toyota and Honda and that's not so bad.
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Old 11-07-2008, 01:51 PM
 
2,654 posts, read 4,875,577 times
Reputation: 1922
Without a Gov't Bailout (not $$ for "alternative fuel vehicles & technology" , but an honest to god corporate welfare queen bailout) I put the over under date for a GM Ch. 11 bankruptcy at 7/1/09.

Any takers?
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Old 11-07-2008, 01:52 PM
 
878 posts, read 1,930,540 times
Reputation: 463
This news, and President-elect Barack Obama is promising to increase the power of unions? Hah!

GM will never fail, at least not while a UAW lobbiest is in the White House. Get ready for another huge bailout.
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Old 11-07-2008, 02:02 PM
f_m
 
2,289 posts, read 7,710,823 times
Reputation: 874
Quote:
Originally Posted by zman0 View Post
This news, and President-elect Barack Obama is promising to increase the power of unions? Hah!

GM will never fail, at least not while a UAW lobbiest is in the White House. Get ready for another huge bailout.
The question is will they be able to run their business to be self-supporting. There's got to be a lot of people hanging on due to seniority that don't contribute.
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Old 11-08-2008, 02:17 AM
 
Location: Olympus Mons, Mars
6,570 posts, read 9,329,482 times
Reputation: 7102
GM needs to shut down, their products are horrendous and they are a disgrace. If they can't compete on the same quality levels as their Japanese and German counterparts then they have no business asking for handouts from the government, shame on them! The American people should not support them.

Without a bailout I think GM will go bankrupt for sure, but unfortunately there is no way the government will allow that to happen, Barack Hussien has already said he is going to have that as one of the many bailouts he has planned.

BTW, they need to scrap that abomination called Chevy Tahoe. Not only it is an ugly monstrocity, its existance is just unecessary!
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Old 11-08-2008, 02:23 AM
 
706 posts, read 1,196,815 times
Reputation: 438
They should file bankruptcy and re-emerge as a much smaller company with real management. But Hussein will throw money at them to protect his union constituents. Just one of the many mistakes we will see from the socialists in power.
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Old 11-11-2008, 06:04 PM
 
48,509 posts, read 87,158,230 times
Reputation: 18120
The new democratic big businesss party will trthorw away money on thier favorite companies. In the end it will change nothign except to be a creditor in the bankrupsy case down the road the way its being run.
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