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GM, gov’t strike deal
Automaker to file for bankruptcy

BY JIM KUHNHENN AND KEN THOMAS
The Associated Press

    WASHINGTON — General Motors, the humbled auto giant that has been part of American life for more than 100 years, will file for bankruptcy protection today in a deal that will give taxpayers a 60 percent ownership stake and expand the government’s reach into big business.
    Underscoring the government’s extraordinary role, President Barack Obama planned to announce his support for GM’s restructuring strategy at a midday appearance at the White House, much as he did in April when Chrysler sought court protection.
    GM president and CEO Fritz Henderson planned to hold a press conference in New York immediately following Obama’s announcement.
    Administration officials said late Sunday the federal government would pump $30 billion into GM as it makes its way through bankruptcy court. That’s in addition to the $20 billion in taxpayers’ money that the Treasury already lent to the automaker.
    The money would come from what remains of the $700 billion rescue fund for the financial sector.
    The officials, speaking on condition of anonymity in advance of Obama’s public remarks, said the administration expects the court process to last 60 to 90 days. If successful, GM will emerge as a leaner company with a smaller work force, fewer plants and a trimmed dealership force. The company will stick with its four core brands — Chevrolet, Cadillac, Buick and GMC.
    “There is still plenty of pain to go around, but I’m confident this is far better than the alternative,” Sen. Carl Levin, D-Mich., said Sunday after being briefed about the developments by the president. “It’s a new beginning. It’s a rebirth. It’s a new General Motors.”
    The government’s ownership stake and huge financial injection repre- sents.........>>>>.....................>>>>.......................http://www.dailygazette.net/De.....1&Continuation=1

GM's new name is now.....Government Motors!!!!

in the old country they have this kind of thing so what is the big deal over here?

Quoted from 191

in the old country they have this kind of thing so what is the big deal over here?

Hmmmm....when was the last time you were in the 'old country'? To purchase a car in the 'old country' (today 2009) is just like buying a piece of real estate in this country. You need an entire legal team and enough paper work to build a bon fire. And it can take weeks and months. But I'm sure that is quite ok with you since only in the 'old country' there are none of those nasty rich people. Just the lowly peasants, huh?

Should have been done the last 3 times they came a beggin'............WE ARE PISSED OFF......pay attention,,,,the words used for bankruptcy/bailout
shareowner etc have been switched so many times that unless all the threads of the web are followed....this truly makes just a deposit
into an industry that has been allowed to wallow in 'other peoples money', unions included here.....

sorry,,,,,I dont feel bad about their situation.....what I do feel bad about is the lack of foresight for a generation and a half.........

solidarity of the unions?? good, good....solidarity for generation after generation of my father, my grandfather, my greatgrandfather etc.........the union
just acting as a sucking machine itself.....without foresight.......

what exactly is the government holding up....the constitution/freedom or companies that are NOT people but have rules to follow and should be made too.