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G.M. to Seek Bankruptcy and a New Start
Made popular 1749 days ago in
President Obama will push General Motors into bankruptcy protection on Monday, making a risky bet that by temporarily nationalizing the onetime icon of American capitalism, he can save at least a diminished automaker that is competitive.
American taxpayers will invest an additional $30 billion in the company, atop $20 billion already spent just to keep it solvent as the company bled cash as quickly as Washington could inject it. Whether that investment will ever be recovered is still an open question.
The company will also have to shed 21,000 union workers and close 12 to 20 factories, steps that most analysts thought could never be pushed through by a Democratic president allied with organized labor.
Forty percent of the company's 6,000 dealers will close, the workers' union will be forced to finance half of its $20 billion health care fund with stock of uncertain value in the restructured G.M., and bondholders, including many retirees, will be forced to take stock worth 10 cents for every dollar they lent the company.
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Is this good money thrown after bad money?
Yes, will fail again
No, emerge as a solid company
This is not a scientific survey,
to learn more. Results may not total 100% due to rounding and voting descrepencies.
1749 days ago
obama and the democrats have ruined GM and thousands of real people have lost billions. This "settlement" has been nothing more than a payment to hte UAW for its' support, vote buying on a massive scale with other people's money.
All the obama supporters with GM product, stock or bonds, how is all that "Hope & change" working for you. Hope you can get parts and be ready to change to a new one item. BTW, don't expect anything for GM product on a trade in, no one wants them any longer.
Taxpayers are zapped too. Goverment Mortors isn't going to build what America wants to buy. obama and the democrats are going to go for the green vote by forcing GM to build cars no one wants.
Don't have GM paper, check your 401K.
The obamanation, lives on goverment handouts and never held a job.
1749 days ago
Of course it is. All of the bailouts have been a waste of good hard earned money! The unions need to be next as far as letting them go under. They are a majority of the problem with this auto situation!
1749 days ago
Again shame on them, American Tax payer money put at risk with an unlikely positive scenario. Can't ever remember GM not having problems and restructuring, it seemed it was continuous battle to survive. This will not be any different. Another AIG. We have so many industries and companies that are life support that will eventually die. It's been a fiasco...
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