General Motors

[JNS Performance]

General Motors filed for bankruptcy this morning in New York.

Would post a link but I'm on a phone

[PH_Motorsports]

And canadians own 12% of the company, without having a choice.

Great, we own 12% of a company, thats filing for bankrupcy

[CanadianGTR]

Except now if the company fails miserably, it's taking the US governments 60% ownership stake and our 12% down with it.

[Insta_AxE_Toast]

http://www.theglobeandmail.com/report-on-business/general-motors-files-for-bankruptcy-protection/article1162686/

Well if they do go bankrupt then we can at least start selling off their various assets.

[mcfly]

They already have axed a bunch of dealerships last week

[bignate]

Except now if the company fails miserably, it's taking the US governments 60% ownership stake and our 12% down with it.

+1 its about time.

[tamiya_s2000]

[EtienneGignac]

I'm still waiting for that fire sale on hummers.....mud truck !

[NerdJuice]

GM I can live with. Ford I want dead.

[bignate]

GM I can live with. Ford I want dead.

not likely to happen.

[QuietChaos]

It's a very real possiblity. Ford mortgaged it's assets to avoid looking to the gov't for aid. If they can't repay every cent, they lose everything. And besides, their cars aren't as good as GM's offerings of late. I guess they went this route to look confident and fully operational in the eye of the public. Good for PR, if the public has cofidence in the brand, they are more likely to buy. But again, Ford is also taking a big risk.

On the other hand, GM is actually in better shape. They managed to shake their European divisions, I believe the bondholders took a larger stake, Pontiac and Saab is gone, with Saturn going the same way. They should emerge from bankruptcy soon. And with the US gov't backing the company, there will be more leniency with paying back bailout cash.


I could care less for Chrysler.

[JNS Performance]

I couldn't imagine been a car salesmen for Ford, GM or Chrysler. With Bankruptcy and a long history of poorly made vehicles it must be near impossible to try and stand behind the product and market it to customers.

[Oakville]

GM I can live with. Ford I want dead.

opposite for me...

[QuietChaos]

Bottom line is, American cars have improved dramatically over the past several years, as much as I hate to say it. Ford has been stuck in a rut, but their cars as okay. Same deal with Chrysler, which actually had a few good sellers. They say American quality control is starting to rival the Japanese manufacturers. Not that I'd ever buy American myself.

[Daryl @ RightDrive]

GM has left nearly 150 Japanese companies with huge accounts receivables that will never be paid back. Most of these companies will probably go out of business as well. This is sad because the US Government is going to pump another 30 billion back into GM to "revive" it, but they are forgetting the people GM has royally screwed over before this point. Sad that the US Government doesn't help GM pay off their debts first, then concentrate on "revival"

Some interesting quotes:

The decision to push GM into a fast-track bankruptcy and provide $30 billion of additional taxpayer funds to restructure the automaker is a huge gamble for the Obama administration.

They did this once, why are they doing it again, they still don't get it??? And what, does the US Government just print money like no tomorrow?

"This is proof that GM has failed," said automotive historian Bob Elton. "They have been failing for years but have covered it up. Now they've come to the end of the line."

That pretty much sums it up!