Aren’t there laws governing these procedures and why aren’t they being followed.

Cindy Munford on April 14, 2009 at 5:34 PM

You’re joking, right.
These are Democrats that we are talking about after all.

They are just kicking the can down the road.

I suspected that any real resolution to this would require restructuring of GM’s pension obligations. I didn’t expect that we would have to completely underwrite them. That’s absurd.

Some days, you’re naiive. Getting us to pay for those pension obligations was part of the plan all along.

We’d be better off allowing GM to fail on normal bankruptcy terms. Will even a healthy GM add back $77 billion back into taxpayer pockets, let alone cover the $14 billion they’ve already wasted?

We would, but the Democrats wouldn’t. After all, they stand to get hundreds of millions from the UAW, money that would not roll in if GM went the normal bankruptcy route.

Save taxes and American jobs–buy a Ford, Toyota, or Honda.

Steve Z on April 14, 2009 at 7:21 PM

Both my vehicles are currently Fords. They hold their own. My litter beater 97 Ranger has 125k miles on it.

Where are the trolls?

Knucklehead on April 14, 2009 at 6:53 PM

They never show up when it’s so “over the top” obvious Barry is breaking it off in us. Even they know when a good f&^king is coming down the pike.

One plan under consideration would create a new company that would buy the “good” assets of G.M. almost immediately after the carmaker files for bankruptcy.

OK, of course this is completely illegal. But I guess it’s just a waste of breath to even mention that sort of thing anymore.

But leave ME and MY (tax) MONEY out of it!

Save taxes and American jobs–buy a Ford, Toyota, or Honda.

But how does this help GM sell cars? It doesn’t change the fact that not enough cars are being sold to support the dealerships. Who cares if GM survives as a legal entity if the dealerships close.

keep the change on April 14, 2009 at 5:13 PM

GM needs to thin dealership ranks, according to LA Times

They’re prepping us.

It will be $200B before it’s over (20% of one year’s income taxes for the entire top 25% of country income earners)

notagool on April 14, 2009 at 5:41 PM

FIFY

Less desirable assets, including unwanted brands, factories and health care obligations, would be left in the old company, which could be liquidated over several years.

Pity the poor toxic retiree or the toxic disabled worker.

The big loser will be the GM, builders of the world”s next Volga. No one will by a GM now. Can you imagine the resale.

We are soooooo screwed.

The new GM will fail too, with this group of savants designing the cars for them.

I have been a car nut for almost 45 years, and the only interesting car to come out of a state-owned auto business was the Trabant, from East Germany. It was interesting because it was so hopelessly inept in every way you could look at it for days and wonder “what in the hell were they thinking?”.

Now Skoda, in CZ, survived state ownership and actually now is mildly competitive on the World Rally Cup circuit.

“Company privately creates shell corporations to dump its bad debt into so as to make its balance sheet look better”
= ENRON

“Company with government support creates shell corporations to dump its bad debt into so as to make its balance sheet look better”
= Hope and Change

Just so I’ve got it straight.