Bulletin: GM will file for Chapter 11 at 8 AM
Filed under: Company News
A number of media reports say that GM (GM) will file for Chapter 11 at 8 AM this morning. The move has been anticipated for several days.
Under the plans to be presented to the court, GM's debt will fall by about 50% and the company will get an additional $30 billion from the U.S. government. Taxpayers will get a 60% ownership in the car firm.
Although it has been written and said on a number of occasions, GM's fate relies more on its ability to keep its market share by building better products than it does on a short-term government bailout. It should not take more than several quarters to see if the company can pull that off. If it cannot, a lot of taxpayer money will have been wasted.
Douglas A. McIntyre is an editor at 24/7 Wall St.
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Reader Comments (Page 1 of 1)
6-01-2009 @ 7:46AM
WESTFALL said...
It is easy to make an honest case that auto retirees’ healthcare benefits are being collectively stolen from them, when they need them the most. The insulated duplicitous governmental politicians, who have been using their political pulpits to crush the auto retirees’ healthcare benefits, were the same politicians campaigning for healthcare for all Americans in the elections just a few short months ago. None of those clamoring to steal the auto retirees’ healthcare were exposed to the difficult assembly lines or toxic hazards that these retirees were exposed to, and none of their retirement benefits are on the line.
It really is class warfare as the corporations, top union officials and politicians falsely and immorally cover up the legitimate needs and rights of these blue-collar and white-collar auto retirees. The retirees didn’t make the poor business decisions that the top executives did, but rather spent a lifetime working on difficult jobs, being exposed to dangerous toxic chemicals producing the vehicles and earning their benefits.
The assault against auto retirees by the very powers that should be protecting them is a betrayal and a cultural tragedy.
BETRAYED AUTO RETIREES
http://michaelwestfall.tripod.com/id125.html
AUTO WORKER TOXIC EXPOSURE
http://www.thecuttingedgenews.com/index.php?article=11254&pageid=24&pagename=Society
RON GETTELFINGERS DESTRUCTION OF UAW PRESIDENT WALTER REUTHER’S UNION
http://michaelwestfall.tripod.com/id121.html
UAW OFFICIAL ANALYSIS
http://unionreview.com/insights-analysis-uaw-betrays-autoworkers
… http://michaelwestfall.tripod.com/id50.html
… http://michaelwestfall.tripod.com/index.html
… http://www.umflint.edu/library/archives/westfall.htm
… http://www.reuther.wayne.edu/node/3880
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