# 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:** 20
**Author:** ![turbociv](https://avatars.discourse-cdn.com/v4/letter/t/dfb087/32.png) [@turbociv](https://forums.speedlife.net/u/turbociv)\ **Post date:** [March 29, 2009, 9:57pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/381 "2009-03-29T21:57:35Z")
the guy ran gm into the ground along with his board members. How could anyone feel confident in buying GM when its the same old BS? I know i wouldnt buy gm shares knowing the same jackass that ran the company into the ground was still calling the shots. Props to the obama admin for realizing this and cleaning house. This needed to happen in order to grow. ---
**Author:** ![system](https://canada1.discourse-cdn.com/flex034/uploads/speedlife/original/2X/b/b7170c8eddc0b95ece6b88172b2f416a08489a45.png) [@system](https://forums.speedlife.net/u/system)\ **Post date:** [March 29, 2009, 10:13pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/382 "2009-03-29T22:13:41Z")
Well with Wagoner gone, maybe it will pickup again… ---
**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, 10:14pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/383 "2009-03-29T22:14:22Z")
Kind of like how Geithner’s plan made the market rally 500 points on Monday? You people are so fucking annoying. You don’t like the guy, so no matter what he does you find a way to not like it. At least when Bush the blind squirrel found his few proverbial nuts, we gave him some props for it. ---
**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, 10:31pm UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/384 "2009-03-29T22:31:11Z")
> [@n20junkie](#): > > 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. Excuse me? I was smart enough to give my opinion AFTER his policies failed. Most of you Obama haters don’t even give him that much. Its the difference between being an ideologue and a pragmatist. ---
**Author:** ![camarojoe](https://avatars.discourse-cdn.com/v4/letter/c/c67d28/32.png) [@camarojoe](https://forums.speedlife.net/u/camarojoe)\ **Post date:** [March 30, 2009, 6:28am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/385 "2009-03-30T06:28:54Z")
New directors will now make up the majority of GM’s board. Fritz Henderson, GM’s president and chief operating officer, became the new CEO. Board member Kent Kresa, the former chairman and CEO of defense contractor Northrop Grumman Corp., was named interim chairman of the GM board. And Obama denied additional bailout funds. > **[Obama questions viability of GM, Chrysler](http://www.nbcnews.com/id/29944834/)** > > President Obama refused further long-term bailouts for GM and Chrysler, saying more concessions were needed from unions, creditors and others before they could be approved. GM stock started the nosedive this morning. Wonering why lending and banking institutions don’t have to account for the money they spend but GM and Chrysler do. Why isn’t it a standard to make all those that accept bailout funds be accountable? What changes have the banks made to show they should receive funds? Have they removed anyone from position if they failed the company? ---
**Author:** ![FearBefore128](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fearbefore128/32/5115_2.png) [@FearBefore128](https://forums.speedlife.net/u/FearBefore128)\ **Post date:** [March 30, 2009, 6:31am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/386 "2009-03-30T06:31:56Z")
> [@StrokedZ28](#): > > Excuse me? I was smart enough to give my opinion AFTER his policies failed. > > Most of you Obama haters don’t even give him that much. Its the difference between being an ideologue and a pragmatist. x2 look either things will work out, in which case things will move along and the economy will eventually cycle back to normality(like it always does) or, things won’t and America will no longer make cars(i’ll miss some cars, but it’ll be alright, America doesn’t survive on selling its own cars to itself anyways) and the economy will eventually cycle back to normality(like it always does) stfu, weather the economic shit storm, and wait for daybreak, and try not to whine about everything while we all wait it out ok? ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [March 30, 2009, 6:37am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/387 "2009-03-30T06:37:52Z")
> [@Joe](#): > > Kind of like how Geithner’s plan made the market rally 500 points on Monday? Wonder how much it takes back today? :mamoru: ---
**Author:** ![camarojoe](https://avatars.discourse-cdn.com/v4/letter/c/c67d28/32.png) [@camarojoe](https://forums.speedlife.net/u/camarojoe)\ **Post date:** [March 30, 2009, 6:40am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/388 "2009-03-30T06:40:19Z")
> [@JayS](#): > > Wonder how much it takes back today? :mamoru: Already 200. Awesome ☹ ---
**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 30, 2009, 7:06am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/389 "2009-03-30T07:06:40Z")
> [@JayS](#): > > Wonder how much it takes back today? :mamoru: Hopefully a lot. I was short the market and got killed when i was on vaca and unable to watch it. I’m making it back today. ---
**Author:** ![yamba6](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/yamba6/32/5161_2.png) [@yamba6](https://forums.speedlife.net/u/yamba6)\ **Post date:** [March 30, 2009, 8:23am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/390 "2009-03-30T08:23:43Z")
dont know if this has been posted, but saw it on the tv’s at noco/timhos about gm’s big man having to resign. dont know much about the story yet, but just saw it with obama on tv as i was leaving. ---
**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 30, 2009, 8:26am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/391 "2009-03-30T08:26:16Z")
> [@yeamabu](#): > > dont know if this has been posted, but saw it on the tv’s at noco/timhos about gm’s big man having to resign. dont know much about the story yet, but just saw it with obama on tv as i was leaving. [sarcasm]YAMMY READ THE THREAD[/sarcasm] ---
**Author:** ![yamba6](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/yamba6/32/5161_2.png) [@yamba6](https://forums.speedlife.net/u/yamba6)\ **Post date:** [March 30, 2009, 8:27am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/392 "2009-03-30T08:27:38Z")
lol sorry, its call for call today, i havent had much time for anything this morning, if fucking blows. ---
**Author:** ![nappy1380](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nappy1380/32/7502_2.png) [@nappy1380](https://forums.speedlife.net/u/nappy1380)\ **Post date:** [March 30, 2009, 8:35am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/393 "2009-03-30T08:35:29Z")
President Obama: All GM and Chrysler Vehicle Warrantees Will Be Backed by the US Government. (story developing) From [CNBC.com](http://CNBC.com)… no writeup yet but this can’t be good. ---
**Author:** ![Geehee](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geehee/32/7238_2.png) [@Geehee](https://forums.speedlife.net/u/Geehee)\ **Post date:** [March 30, 2009, 8:37am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/394 "2009-03-30T08:37:12Z")
LOL at gov backing warrantees. that makes me laugh. ---
**Author:** ![yamba6](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/yamba6/32/5161_2.png) [@yamba6](https://forums.speedlife.net/u/yamba6)\ **Post date:** [March 30, 2009, 8:40am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/395 "2009-03-30T08:40:22Z")
i knew there was more to this from what i was seeing on the tv, but like i said, i didnt catch exactly what was going on. ---
**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 30, 2009, 8:44am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/396 "2009-03-30T08:44:48Z")
FULL TEXT OF OBAMA’S SPEECH: [http://www.reuters.com/article/governmentFilingsNews/idUSN3027168420090330](http://www.reuters.com/article/governmentFilingsNews/idUSN3027168420090330) > In recent months, my Auto Task Force has been reviewing > requests by General Motors (GM.N) and Chrysler [CCMLPD.UL] for > additional government assistance as well as plans developed by > each of these companies to restructure, modernize, and make > themselves more competitive. It will come as a surprise to no one that some of the > Americans who have suffered most during this recession have > been those in the auto industry and those working for companies > that support it. Over the past year, our auto industry has shed > over 400,000 jobs, not only at the plants that produce cars but > at the businesses that produce the parts that go into them, and > the dealers that sell and repair them. Year after year, decade after decade, we have seen problems > papered-over and tough choices kicked down the road, even as > foreign competitors outpaced us. Well, we have reached the end > of that road. We cannot, we must not, and we will not let our auto > industry simply vanish. But we also cannot continue to excuse > poor decisions. And we cannot make the survival of our auto > industry dependent on an unending flow of tax dollars. These > companies – and this industry – must ultimately stand on > their own, not as wards of the state. That is why the federal government provided General Motors > and Chrysler with emergency loans to prevent their sudden > collapse at the end of last year – only on the condition that > they would develop plans to restructure. In keeping with that > agreement, each company has submitted a plan to restructure. But after careful analysis, we have determined that neither > goes far enough to warrant the substantial new investments that > these companies are requesting. And so today, I am announcing > that my administration will offer GM and Chrysler a limited > period of time to work with creditors, unions, and other > stakeholders to fundamentally restructure in a way that would > justify an investment of additional tax dollars; a period > during which they must produce plans that would give the > American people confidence in their long-term prospects for > success. What we are asking is difficult. It will require hard > choices by companies. It will require unions and workers who > have already made painful concessions to make even more. It > will require creditors to recognize that they cannot hold out > for the prospect of endless government bailouts. Only then can > we ask American taxpayers who have already put up so much of > their hard-earned money to once more invest in a revitalized > auto industry. I am absolutely committed to working with Congress and the > auto companies to meet one goal: the United States of America > will lead the world in building the next generation of clean > cars. > > GENERAL MOTORS > So let me discuss what measures need to be taken by each of > the auto companies requesting taxpayer assistance, starting > with General Motors. While GM has made a good faith effort to > restructure over the past several months, the plan they have > put forward is, in its current form, not strong enough. However, after broad consultations with a range of industry > experts and financial advisors, I’m confident that GM can rise > again, provided that it undergoes a fundamental restructuring. > As an initial step, GM is announcing today that Rick Wagoner is > stepping aside as Chairman and CEO. This is not meant as a > condemnation of Mr. Wagoner, who has devoted his life to this > company; rather, it’s a recognition that it will take a new > vision and new direction to create the GM of the future. In this context, my administration will offer General > Motors adequate working capital over the next 60 days. During > this time, my team will be working closely with GM to produce a > better business plan. They must ask themselves: have they consolidated enough > unprofitable brands? Have they cleaned up their balance sheets > or are they still saddled with so much debt that they can’t > make future investments? And above all, have they created a > credible model for how to not only survive, but succeed in this > competitive global market? Let me be clear: the United States government has no > interest or intention of running GM. What we are interested in > is giving GM an opportunity to finally make those much-needed > changes that will let them emerge from this crisis a stronger > and more competitive company. > > CHRYSLER > The situation at Chrysler is more challenging. It is with > deep reluctance but also a clear-eyed recognition of the facts > that we have determined, after a careful review, that Chrysler > needs a partner to remain viable. Recently, Chrysler reached > out and found what could be a potential partner – the > international car company Fiat, where the current management > team has executed an impressive turnaround. Fiat is prepared to > transfer its cutting-edge technology to Chrysler and, after > working closely with my team, has committed to building new > fuel-efficient cars and engines here in America. We have also secured an agreement that will ensure that > Chrysler repays taxpayers for any new investments that are made > before Fiat is allowed to take a majority ownership stake in > Chrysler. Still, such a deal would require an additional investment > of tax dollars, and there are a number of hurdles that must be > overcome to make it work. I am committed to doing all I can to > see if a deal can be struck in a way that upholds the interests > of American taxpayers. That is why we will give Chrysler and Fiat 30 days to > overcome these hurdles and reach a final agreement – and we > will provide Chrysler with adequate capital to continue > operating during that time. If they are able to come to a sound > agreement that protects American taxpayers, we will consider > lending up to $6 billion to help their plan succeed. But if > they and their stakeholders are unable to reach such an > agreement, and in the absence of any other viable partnership, > we will not be able to justify investing additional tax dollar > to keep Chrysler in business. > > BANKRUPTCY > While Chrysler and GM are very different companies with > very different paths forward, both need a fresh start to > implement the restructuring plans they develop. That may mean > using our bankruptcy code as a mechanism to help them > restructure quickly and emerge stronger. Now, I know that when people even hear the word > “bankruptcy” it can be a bit unsettling, so let me explain what > I mean. What I am talking about is using our existing legal > structure as a tool that, with the backing of the U.S. > government, can make it easier for General Motors and Chrysler > to quickly clear away old debts that are weighing them down so > they can get back on their feet and onto a path to success; a > tool that we can use, even as workers are staying on the job > building cars that are being sold. What I am not talking about is a process where a company is > broken up, sold off, and no longer exists. And what I am not > talking about is having a company stuck in court for years, > unable to get out. > > **GOVERNMENT WARRANTY It is my hope that the steps I am announcing today will go > a long way toward answering many of the questions people may > have about the future of GM and Chrysler. But just in case > there are still nagging doubts, let me say it as plainly as I > can – if you buy a car from Chrysler or General Motors, you > will be able to get your car serviced and repaired, just like > always. Your warrantee will be safe. In fact, it will be safer than it’s ever been. Because starting today, the United States government will stand behind > your warrantee.** > > AUTO SALES SUPPORT Therefore, to support demand for auto sales during this period, I’m directing my team to take several steps. First, we > will ensure that Recovery Act funds to purchase government cars > go out as quickly as possible and work through the budget > process to accelerate other federal fleet purchases as well. Second, we will accelerate our efforts through the Treasury > Department’s Consumer and Business Lending Initiative. And we > are working intensively with the auto finance companies to > increase the flow of credit to both consumers and dealers. Third, the IRS is today launching a campaign to alert > consumers of a new tax benefit for auto purchases made between > Feb 16 and the end of this year – if you buy a car anytime > this year, you may be able to deduct the cost of any sales and > excise taxes. This provision could save families hundreds of > dollars and lead to as many as 100,000 new car sales. Finally, several members of Congress have proposed an even > more ambitious incentive program to increase car sales while > modernizing our auto fleet. Such fleet modernization programs, > which provide a generous credit to consumers who turn in old, > less fuel efficient cars and purchase cleaner cars have been > successful in boosting auto sales in a number of European > countries. I want to work with Congress to identify parts of the > Recovery Act that could be trimmed to fund such a program, and > make it retroactive starting today. > > DIRECTOR OF RECOVERY I am designating a new Director of Recovery for Auto > Communities and Workers to cut through red tape and ensure that > the full resources of our federal government are leveraged to > assist the workers, communities, and regions that rely on our > auto industry. Edward Montgomery, a former Deputy Labor Secretary, has > agreed to serve in this role. Together with Labor Secretary > Solis and my Auto Task Force, Ed will help provide support to > auto workers and their families, and open up opportunity in > manufacturing communities. Michigan, Ohio, Indiana, and every > other state that relies on the auto industry will have a strong > advocate in Ed. ---
**Author:** ![nappy1380](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nappy1380/32/7502_2.png) [@nappy1380](https://forums.speedlife.net/u/nappy1380)\ **Post date:** [March 30, 2009, 8:58am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/397 "2009-03-30T08:58:06Z")
So this is thie FDIC version of warranties? Backed by the full faith and credit of the government? ---
**Author:** ![Moruitelda](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/moruitelda/32/5348_2.png) [@Moruitelda](https://forums.speedlife.net/u/Moruitelda)\ **Post date:** [March 30, 2009, 9:43am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/398 "2009-03-30T09:43:19Z")
> [@nappy1380](#): > > full faith and credit of the government? For what it’s worth, these days. :lol: Drudge misspelled “warranty” on his front-page in reporting this. ---
**Author:** ![deebo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/deebo/32/5218_2.png) [@deebo](https://forums.speedlife.net/u/deebo)\ **Post date:** [March 30, 2009, 9:51am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/399 "2009-03-30T09:51:58Z")
so who’s ready for communism! oh wait… ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [March 30, 2009, 10:00am UTC](https://forums.speedlife.net/t/gm-bankrupt/56161/400 "2009-03-30T10:00:25Z")
I gave quick read to the full text of Obama’s and I didn’t see Ford mentioned at all. Hmmmm. I wonder what they are thinking right about now. Meh, who cares right? [Previous page](https://forums.speedlife.net/t/gm-bankrupt/56161.md?page=19) [Next page](https://forums.speedlife.net/t/gm-bankrupt/56161.md?page=21)