Our GM: Bankrupt with Little Green Cars and a Mob Boss

Sunday Paper - May 31st, 2009 

General Motors Corp. has cleared a couple of key roadblocks on the ailing automaker’s route to an almost certain bankruptcy filing Monday.

General Motors Corp.’s board of directors met for a second day Saturday to make the final decision on whether the automaker would complete its restructuring by filing for bankruptcy protection Monday.

The outcome of the meeting could not immediately be determined. GM and the Treasury Department, which has been guiding the Detroit automaker toward a rescue plan that will give taxpayers nearly a three-fourths stake in the company, went into secrecy mode.

GM’s bondholders had a 5 p.m. Saturday deadline to accept an offer to swap their $27 billion in debt for at least a 10 percent stake in a new GM. If the Treasury doesn’t get the amount of support it wants, bondholders could wind up with far less in bankruptcy court.

The Treasury Department had no immediate comment on the deadline passing, and GM spokesman Tom Wilkinson said the automaker did not plan to make any statements Saturday.

But there was still much to do to beat the government’s Monday deadline to qualify for more aid. The company already has received about $20 billion in government loans and could get $30 billion more to make it through what is expected to be a 60- to 90-day reorganization in bankruptcy court.

GM has yet to confirm it will seek bankruptcy protection, but it has scheduled a news conference Monday morning in New York.

This from FOXNews.com - May 30th, 2009

http://www.foxnews.com/story/0,2933,523358,00.html

(continues below - AND you do not want to miss the video at the end)


Taxpayers now own Government Motors, but they’ll never get paid back.

Twenty billion dollars of TARP money is already invested in GM, with another $50 billion on the way. And that number could easily double unless GM car sales miraculously climb back to 14 million this year. That’s highly unlikely, with car sales now hovering around 9 million a year.

And with CAFE mileage standards ratcheting up — all while GM is going down — Team Obama’s green vision for the economy will soon be crystal clear. With President Obama in the driver’s seat, we’re going to get little green two-door cars that most folks won’t want to buy.

In other words, taxpayers are not going to get their money back. Yes, we the people will be left holding the bag for the mistakes of GM’s management and labor leaders over the last four decades.

This from National Review Online - May 29th, 2009

http://article.nationalreview.com/?q=ODBkYWEwMWIyZDJlZWUzMTRmZWJjYjYxNzA1Y2E5OTg=

The following VIDEO shows an American taxpayer, who like the great majority of  us taxpayers, has had ENOUGH!  He informs Obama that the great majority of  American taxpayers are much more intelligent than those people who do not pay federal income taxes (as well as the ignorant and naive taxpayers who believed Obama’s lies and voted for him).  WARNING - VIEWER DISCRETION - SOME LANGUAGE AND VIOLENCE

• The Obama Cabinet: Hope, Change, and Indiscretion Sunday Paper - January 18th, 2009 Barack Obama promised hope and change, however it appears that a parasitic, criminal element is already seeping into Washington.  It hasn't been smooth sailing for Obama and his footmen.  As Senate hearing confirmations unfold, the questionable character of several characters has come into question. We'll begin......
• Sticking it to the Private Sector and our Service Veterans WedNEWSday - March 18th, 2009 Barack Obama's hatred for the private sector and his disdain for our military and apparently now our soldiers, were married on Monday.  Obama announced his administration's plans to unfairly make veterans' private health insurance responsible for what he describes as their "fair share" of the costs for......
• More Obama Lies WedNEWSday - January 7th, 2009 In referring to his proposed federal "stimulus" plan as the "American Recovery and Reinvestment Plan," Barack Obama is quite deceptive to say the least.  The federal "stimulus" plan is the largest federal spending bill in the history of The United States.  Its primary intent is to bail out state......
• Rubin, $122 Billion, and Obama WedNEWSday - December 31st, 2008 The same day the media blasted us with the news of financier Bernard Madoff's arrest for his "Ponzi scheme," which cost investors $50 billion, there was nothing but silence surrounding a lawsuit that was filed against former Clinton Treasury Secretary Robert Rubin.   Rubin conducted his own "Ponzi......
• Obama Speaks to Iran: Softly & Without a Big Stick Sunday Paper - June 21st, 2009 The Iranian people headed out to the streets again on Saturday in direct defiance of Supreme Leader Ayatollah Khameini.  This disobedience escalated the people's stance from dissatisfaction with election results to an up-rise which now challenges and threatens the legitimacy of the current regime. The Iranian......

• Stimulus 2009: An Exclusive Fantasy Interview I enjoyed interviewing myself so much yesterday that I've decided to conduct another interview.  This Q&A session is with a member of Congress who recently voted for the 2009 Stimulus plan. It is an exclusive interview that you can't find anywhere else.  (That's because I made it up.)   But......
• States Put Federal Lawmakers in Their Place If you think that the federal government has gotten out of control, losing touch with real America, and only serves themselves and special interest lobbyists, then you are not alone. It seems that several states in our union agree with you! Since the beginning of this year more than 21......
• Should General Motors Go the Way of a Gangrenous Limb? If you had a gangrenous foot, you would have it amputated. Wouldn't you? Sure, it's justifiable to be reluctant.  It's justifiable to be completely scared out of your mind.  After all, what else would you have but fear invading your every thought while you are laying there your hospital bed......
• Turning Stone's Fourth Round Wrap Up It's been a pretty long time since we saw Matt Kuchar winning anything during the PGA Tour. It is because of this that we are not surprised he had a serious case of nerves when he ended up in a sudden death playoff during the fourth round of the Turning......
• Six Things Not to Like about Obama Motors President Obama didn't ask my opinion about the government takeover of General Motors. Neither did you. Not to worry. I've decided to share my views anyway. I'm going to start by now referring to General Motors as "Obama Motors."  I have a good reason. Whatever your thoughts on the deal......