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=

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