[bodigami]

$this->bbcode_second_pass_quote('en.wikipedia.org', 'I')n February 2009, GM announced the end of the Saturn, Pontiac, and Hummer lines.

[Plantagenet]

$this->bbcode_second_pass_quote('bodigami', '
')who uses chrysler cars? i have not seen one... i think ever. they are a usa-only brand; world-wide they are a generic no-name brand.

[bodigami]

$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('bodigami', '
')who uses chrysler cars? i have not seen one... i think ever. they are a usa-only brand; world-wide they are a generic no-name brand.

[lowem]

$this->bbcode_second_pass_quote('bodigami', '')$this->bbcode_second_pass_quote('en.wikipedia.org', 'I')n February 2009, GM announced the end of the Saturn, Pontiac, and Hummer lines.

[bodigami]

$this->bbcode_second_pass_quote('lowem', '')$this->bbcode_second_pass_quote('bodigami', '')$this->bbcode_second_pass_quote('en.wikipedia.org', 'I')n February 2009, GM announced the end of the Saturn, Pontiac, and Hummer lines.

[Plantagenet]

President Obama is not living up to his own words. The president demands that Americans make “hard choices” and “sacrifices”. He says that “we simply cannot keep this company afloat on an endless supply of tax dollars.”

Nice words. But that’s exactly what he’s doing.....

Next up will be General Motors and that will be even stickier.

And so the inevitable future before us: The site visits to Detroit, the negotiations with Congress, the protests from unhappy dealers and every little spat between the UAW and Fiat will soak up more and more of the president’s time and the taxpayer’s money.

And it just won’t end. In fact, with Chrysler filing for Chapter 11, we’re only at the beginning of our long, nationalized nightmare.
---Wall Street Journal

[Plantagenet]

Yo, America. This is Fiat Spokesman Barrack Obama, the man you trust, asking you to put the rest of your money where your tax money has gone and buy your next car from Fiat, the classic American car manufacturer!!!!

[Novus]

GM bond holders reject the debt restructuring plan. GM will declare bankruptcy within days and default on its debt on June 1st. Keep your eyes on this one it could be a black swan of epic proportions.

[mos6507]

When the Volt project was announced (what was it, over two years ago?) I told myself that if GM went belly up it would be a signal that if I wanted an EV I would have to do a conversion because it would signal the receding horizons phase of peak oil collapse. Never did I imagine that gas prices would be this cheap and GM would still go bust. It's really left me wondering where the auto industry is headed.

[timmac]

$this->bbcode_second_pass_quote('mos6507', 'W')hen the Volt project was announced (what was it, over two years ago?) I told myself that if GM went belly up it would be a signal that if I wanted an EV I would have to do a conversion because it would signal the receding horizons phase of peak oil collapse. Never did I imagine that gas prices would be this cheap and GM would still go bust. It's really left me wondering where the auto industry is headed.

[IMSancho]

ABC's (A as in Australia) Foreign Correspondent had a segment on the decline of Detroit last night, they have the video up on their site if you are interested in seeing how this is being reported over here:

http://www.abc.net.au/foreign/content/2009/s2575894.htm - click on 'windows version'

[eXpat]

GM bankruptcy nears as bondholders shun tender offer
$this->bbcode_second_pass_quote('', '[')b]DETROIT/NEW YORK (Reuters) - General Motors Corp has failed to persuade enough bondholders to accept a debt-for-equity swap, setting the stage for the largest-ever U.S. industrial bankruptcy within days.

The event marks a critical disappointment for GM, the largest U.S. automaker and once considered the bellwether of U.S. manufacturing.

"I would say this is a sound rejection of an unsuitable offer," said Pete Hastings, a credit analyst at Morgan Keegan who has followed GM. "I have been saying for some time that this thing was dead on arrival and we were just waiting for the doctor to pronounce it dead. Now that's happened."

The largest U.S. automaker had so far failed to gain anywhere near the 90 percent of bondholder support desired to stave off bankruptcy, two sources familiar with the discussions told Reuters on Tuesday. Bondholders have until midnight to make their final decision on the tender.

As of midday Tuesday, the source said the company had only a "low-single-digit" percentage interest from bondholders.

But bondholders have balked at proposals that they forgive debt in exchange for a 10 percent stake in a restructured company.

GM had no comment on the bond exchange. The automaker said it would detail results of the exchange on Wednesday morning. Reuters sources said GM could file for bankruptcy some time after midnight Tuesday, but before June 1.

[eXpat]

Another little push
GM talks with Europe break down, Chrysler future on hold
$this->bbcode_second_pass_quote('', 'B')ERLIN: The US auto industry faced an uncertain future on Thursday after talks with Germany on the fate of General Motors collapsed in acrimony
and as Chrysler awaited further court action on its salvation.

Both GM, the largest US auto manufacturer, and Chrysler, the third biggest, are being propped up by massive assistance from Washington but their prospects now depend on further help from foreign partners and governments.

Battered by dwindling consumer demand and bad product choices, the once-mighty icons of the US auto
sector are in turmoil. GM appears to be heading toward bankruptcy, a step already taken by Chrysler.

The fate of General Motors hinges in part on shedding its European operations, notably German unit Opel, which employs 25,000 people in Germany.

But all-night talks among German and US government officials, as well as GM representatives, to find a buyer for Opel fell apart early Thursday, with Germany accusing GM and US negotiators of scandalous bargaining tactics.
While the final choice of a buyer rests with General Motors and the US government, German involvement is critical, as Berlin is prepared to provide billions of euros (dollars) in loan guarantees to any potential investor.

But at the last minute, Germany said GM and the US government said they needed an extra 300 million euros in temporary loans from Berlin to keep Opel afloat, a tactic slammed by Finance Minister Peer Steinbrueck as scandalous.

"We were unpleasantly surprised when this new demand came out of the blue at 8:00pm local time (1800GMT)," Steinbrueck told reporters.

"We found that pretty scandalous."

Fresh talks are scheduled for Friday, with Berlin racing to select its preferred bidder ahead of GM's likely bankruptcy on June 1, a deadline set by the US government for the company to come up with a rescue plan.

[Denny]

The Toronto Globe and Mail staff finally got their calculators out and worked out that the cost of the bailout, per job retained, of just the Canadian government side of the bailout is staggering - $1.4 million.


Absurd. And, in reality, it won't keep the regular worker employed in the medium or longer term, unless consumers buy the product.

As they say, and rightly too:

"At General Motors of Canada Ltd. alone, the rescue package could amount to a staggering $1.4-million for every job saved, with no guarantee that the bailout will ensure the long-term survival of the company's remaining auto assembly and engine plants."

It is too bad we taxpayers are like stupid sheep, and cannot apply common sense to blow away political deals like this. I personally hope he is wrong about this:

"For Mr. Milke, the auto bailouts are typical of political decisions that benefit relatively few people at the expense of millions. But because the risk of a cross-Canada taxpayer revolt is small compared to the potential payback from voters in hard-up communities in Southern Ontario, the decision to bail out the auto companies is an easy one for politicians."

[eXpat]

This may be an interesting Monday, GM should announce bankruptcy
GM to Announce Bankruptcy “Around Mid-Day” Monday
$this->bbcode_second_pass_quote('', 'D')etroit, Mich: (NYSE: GM) - General Motors President and CEO Fritz Henderson will host a press conference on Monday, June 1. The conference will be around mid-day at the GM Building, 767 Fifth Avenue, in New York.

[lowem]

Yup, been a long time coming. Of course the pundits say that the "green shoots" phenomenon would help somewhat. Riiight ...

[Keith_McClary]

$this->bbcode_second_pass_quote('Denny', 'T')he Toronto Globe and Mail staff finally got their calculators out and worked out that the cost of the bailout, per job retained, of just the Canadian government side of the bailout is staggering - $1.4 million.

[Plantagenet]

Romney aska Obama to give everyone in the US shares of GM

Romney says give GM to the taxpayers

Obama instead will give Chrysler and GM to his political supporters in the UAW. Thats how "pay-to-play" works.

[Keith_McClary]

$this->bbcode_second_pass_quote('Plantagenet', 'R')omney aska Obama to give everyone in the US shares of GM

Romney says give GM to the taxpayers

[OutOfGas]

This bail out is insane. I just read that JP Morgan and sone of the other bond holders are going to be paid 100%.

Somthing stinks. All of these companies (including banks) should have been allowed to go under.

Working taxpayers are totally hosed. Obama paid for some very expensive UAW votes.