# GM bankrupt!!??? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [October 8, 2008, 9:51pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161 "2008-10-08T21:51:41Z")\ **Posts on this page:** 20\ **Page:** 19
**Author:** ![SideWinderGX](https://avatars.discourse-cdn.com/v4/letter/s/fbc32d/32.png) [@SideWinderGX](https://forums.speedlife.net/u/SideWinderGX)\ **Post date:** [March 29, 2009, 5:54pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/361 "2009-03-29T17:54:00Z")
> [@Violator](#): > > Wagoner did what he thought was best for the company at the time. I.E. keep it afloat. The only thing he did was accept money from the government, but that doesn’t excuse him for being in the situation in the first place :roflpicard: ---
**Author:** ![Adictd2b00st](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/adictd2b00st/32/7625_2.png) [@Adictd2b00st](https://forums.speedlife.net/u/Adictd2b00st)\ **Post date:** [March 29, 2009, 6:08pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/362 "2009-03-29T18:08:22Z")
> [@Joe](#): > > If your company wants to borrow billions of dollars from me, and i want you to change CEO’s, you have to pick between your CEO, or my money. Clearly they thought the gov’t loans were more important. Tough shit. basically, theres your reasoning right there! ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [March 29, 2009, 6:10pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/363 "2009-03-29T18:10:35Z")
Wagoner made some bad decisions at GM for a number of years. Him and his army of bean counters forced them to cut corners on little items that would save them $5 and turn off the customer, costing them a $30000 car sale and their reputation. Now that they’re finally worried about putting out a quality product and realized that cutting the corners does show, their product is improving despite him, not because of him. If they’re gonna have the government stepping in on the business end they really need a car guy CEO. ---
**Author:** ![TORQDSS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/torqdss/32/5125_2.png) [@TORQDSS](https://forums.speedlife.net/u/TORQDSS)\ **Post date:** [March 29, 2009, 6:14pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/364 "2009-03-29T18:14:07Z")
this government is a fucking embarassment. Obama can go fuck himself. ---
**Author:** ![Penfold](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/penfold/32/5007_2.png) [@Penfold](https://forums.speedlife.net/u/Penfold)\ **Post date:** [March 29, 2009, 6:20pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/365 "2009-03-29T18:20:48Z")
> [@Fry](#): > > Just another day in the People’s Republic of America. :bigclap: ---
**Author:** ![n20junkie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/n20junkie/32/7396_2.png) [@n20junkie](https://forums.speedlife.net/u/n20junkie)\ **Post date:** [March 29, 2009, 7:29pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/366 "2009-03-29T19:29:30Z")
Yea, the government telling CEO’s to walk. That will cause a rally the stock market! Monday will be an interesting day. Obama is really good at fucking up the market, and with it the peoples confidence in the country. Every time he opens his man pleaser, the markets fall. ---
**Author:** ![RedGoober4Life](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redgoober4life/32/7610_2.png) [@RedGoober4Life](https://forums.speedlife.net/u/RedGoober4Life)\ **Post date:** [March 29, 2009, 7:58pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/367 "2009-03-29T19:58:19Z")
> [@Blue Eyed Devil](#): > > Barney Frank should takeover as CEO of GM. > My 2 cents. A Silver Chevrolet Aveo in every garage! Soy nuggets in every microwave! ---
**Author:** ![Violator](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/violator/32/7278_2.png) [@Violator](https://forums.speedlife.net/u/Violator)\ **Post date:** [March 29, 2009, 8:01pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/368 "2009-03-29T20:01:31Z")
I am just afraid that decisions will be made by people that are not car people and have little experience with the industry. ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [March 29, 2009, 8:02pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/369 "2009-03-29T20:02:41Z")
sounds like a good idea to me, if the CEO can be asked to stepdown/ fired, that just shows you that everyone below him can have the same happen to them. ---
**Author:** ![StrokedZ28](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/strokedz28/32/7592_2.png) [@StrokedZ28](https://forums.speedlife.net/u/StrokedZ28)\ **Post date:** [March 29, 2009, 8:34pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/370 "2009-03-29T20:34:01Z")
> [@TORQDSS](#): > > this government is a fucking embarassment. Obama can go fuck himself. This gov’t was an embarrassment long before Obama became President. I wish everyone that is saying that this a good thing or a bad thing would just STFU and wait to see what the outcome is really going to be. ---
**Author:** ![RedGoober4Life](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redgoober4life/32/7610_2.png) [@RedGoober4Life](https://forums.speedlife.net/u/RedGoober4Life)\ **Post date:** [March 29, 2009, 8:35pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/371 "2009-03-29T20:35:10Z")
> [@Violator](#): > > I am just afraid that decisions will be made by people that are not car people and have little experience with the industry. agreed. they’ve done so much good for this country on their own: > **[Taken for a Ride - How General Motors (GM) Conspired to Destroy Rail Trolley...](https://www.culturechange.org/issue10/taken-for-a-ride.htm)** > > How General Motors conspired to destroy rail > trolley systems. This is a story of why our public transportation is the worst > in the industrialized world. From Auto Free Times #10 published by the > Sustainable Energy Institute, Arcata,... ---
**Author:** ![blk99z28](https://avatars.discourse-cdn.com/v4/letter/b/f19dbf/32.png) [@blk99z28](https://forums.speedlife.net/u/blk99z28)\ **Post date:** [March 29, 2009, 8:45pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/372 "2009-03-29T20:45:49Z")
> [@Violator](#): > > I am just afraid that decisions will be made by people that are not car people and have little experience with the industry. Exactly. Because the Fed and treasury have done such an admirable job with the banks/financial (and housing)markets. They can’t even run the Government right but now the Fed is in the auto industry. Grrrrrrrrrreeeaaattt! So what happens now when they fuck it up? We can here how they inherited such a shitty company and it wasn’t the Govt’s fault it failed. :bloated: ---
**Author:** ![StrokedZ28](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/strokedz28/32/7592_2.png) [@StrokedZ28](https://forums.speedlife.net/u/StrokedZ28)\ **Post date:** [March 29, 2009, 8:51pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/373 "2009-03-29T20:51:47Z")
> [@Violator](#): > > I am just afraid that decisions will be made by people that are not car people and have little experience with the industry. > [@blk99z28](#): > > Exactly. Because the Fed and treasury have done such an admirable job with the banks/financial (and housing)markets. They can’t even run the Government right but now the Fed is in the auto industry. Grrrrrrrrrreeeaaattt! So what happens now when they fuck it up? We can here how they inherited such a shitty company and it wasn’t the Govt’s fault it failed. :bloated: Can you two fill in the blanks here because I haven’t read anything yet on who is replacing him but has Obama picked some political stooge to replace him already? Is Wagoner the only guy on the planet that can run GM? You guys have gone way too far in your pessimism on this one. Its not like the gov’t just took over operations of GM. You are not going to have Obama appointed officials making the decisions in Detroit. ---
**Author:** ![AKUMA\_TO\_TENSHI](https://avatars.discourse-cdn.com/v4/letter/a/db5fbb/32.png) [@AKUMA\_TO\_TENSHI](https://forums.speedlife.net/u/AKUMA_TO_TENSHI)\ **Post date:** [March 29, 2009, 9:15pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/374 "2009-03-29T21:15:49Z")
> [@Violator](#): > > I AM SO PISSED OFF. > > What the fuck does the white house or any worthless political dumb shit know about the automotive industry, running, or restructuring ANYTHING of that size and scope. > > WHAT A JOKE! > > My stock will fucking tank on Monday. > > Politicians are worthless. They make rules based on opinions not deductive reasoning and fact. Wall Street might take this as good news. Out with the old guard. Lets see what happens. Several board memebers tried this and so did Kirk K. and yet Wagner still stands. Good luck Akuma ---
**Author:** ![BigRon](https://avatars.discourse-cdn.com/v4/letter/b/58956e/32.png) [@BigRon](https://forums.speedlife.net/u/BigRon)\ **Post date:** [March 29, 2009, 9:17pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/375 "2009-03-29T21:17:45Z")
He took the company from $90+ a share to below $2 at one point. Granted I am not blaming him for the downward turn, but in the interest of public image I like the move. ---
**Author:** ![traumadog](https://avatars.discourse-cdn.com/v4/letter/t/8baadc/32.png) [@traumadog](https://forums.speedlife.net/u/traumadog)\ **Post date:** [March 29, 2009, 9:25pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/376 "2009-03-29T21:25:26Z")
> [@BigRon](#): > > He took the company from $90+ a share to below $2 at one point. > Granted I am not blaming him for the downward turn, but in the interest of public image I like the move. Public image would have been better served by yanking the money back and forcing them into Chapter 11 (or in Chrysler’s case, Chapter 7). Only then can Obama really justify to the people the billions it will take to turn these companies around. ---
**Author:** ![traumadog](https://avatars.discourse-cdn.com/v4/letter/t/8baadc/32.png) [@traumadog](https://forums.speedlife.net/u/traumadog)\ **Post date:** [March 29, 2009, 9:30pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/377 "2009-03-29T21:30:15Z")
Rumor has it that Fritz Henderson (current COO) is next in line. Wonder if the Government will make him work for $1 too. I hear most of the Board is going, too. And who knows who Obama’s team will pick as next if Henderson goes, too. I mean, there are not alot of CEO’s that are good, know the industry, and are “popularly acceptable” out there. And FWIW - Obama’s team has given Chrysler 30 days, and GM 60 to get their acts together. [http://www.detnews.com/article/20090329/AUTO01/903290337/GM++Chrysler+to+get+additional+short-term+aid](http://www.detnews.com/article/20090329/AUTO01/903290337/GM++Chrysler+to+get+additional+short-term+aid) Makes me wonder if Chapter 11 isn’t in the cards after all. Then again, maybe this will start the defections of all senior management at GM - if the boss’ head goes for political expediency, what’s to save the rest of upper management. ---
**Author:** ![blk99z28](https://avatars.discourse-cdn.com/v4/letter/b/f19dbf/32.png) [@blk99z28](https://forums.speedlife.net/u/blk99z28)\ **Post date:** [March 29, 2009, 9:32pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/378 "2009-03-29T21:32:07Z")
Seems about right to me. :gotme: ---
**Author:** ![n20junkie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/n20junkie/32/7396_2.png) [@n20junkie](https://forums.speedlife.net/u/n20junkie)\ **Post date:** [March 29, 2009, 9:35pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/379 "2009-03-29T21:35:24Z")
> [@StrokedZ28](#): > > This gov’t was an embarrassment long before Obama became President. > > I wish everyone that is saying that this a good thing or a bad thing would just STFU and wait to see what the outcome is really going to be. Yea cause were not entitled to our opinion. Like you were real quiet about old W’s position on everything, and waited months before commenting. ---
**Author:** ![blk99z28](https://avatars.discourse-cdn.com/v4/letter/b/f19dbf/32.png) [@blk99z28](https://forums.speedlife.net/u/blk99z28)\ **Post date:** [March 29, 2009, 9:54pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/380 "2009-03-29T21:54:59Z")
> [@n20junkie](#): > > Yea, the government telling CEO’s to walk. That will cause a rally the stock market! > > Monday will be an interesting day. Obama is really good at fucking up the market, and with it the peoples confidence in the country. Every time he opens his man pleaser, the markets fall. The Asian markets are down about 2.5% as of right now. I’m sure the USDMs will follow Monday. … Like Geithner’s comments on China’s idea to look for a world currency to replace the dollar as the currency of global trade. Great idea. :picard: [Previous page](https://forums.speedlife.net/t/gm-bankrupt/56161.md?page=18) [Next page](https://forums.speedlife.net/t/gm-bankrupt/56161.md?page=20)