chevy gonna be nationalized

[JTrainDavis]

hey, since the government own GM, does that mean it will be illegal to put anti-obama stickers on?

not illegal, but you'll be on the domestic terrorist watch list.

 

[rjd970]

because obama is forcing them to. the bondholders would unquestionably prefer bankruptcy. the reason obama doesn't want this is because a bankruptcy judge could significantly cut benefits and salaries.

I guess I don't fully understand what is going on then. I was under the impression Chrysler hadn't received any kind of bailout yet. Although, with all the money being handed out, it is certainly possible I missed this one. They are hard to keep track of these days.

 

[OrangeEmpire]

 

[MG1968]

screw the unions, my next car will be a

 

[gsvol]

GM is planning to shut down 1,600 dealerships.

 

[Vol Mania 21]

i've only owned GMs. 95 jimmy, 97 sierra, and an 08 sierra. Love GM, but for now on as long as the govt owns it i won't buy another one. as bad as i hate to say it, it looks like i'll be going to ford if the govt still owns gm the nxt time i get ready to buy a truck. rather go to dodge, but chrysler is owned by the UAW and that's even worse.

 

[Rasputin_Vol]

So what happens if the companies go bankrupt again (entirely plausable) because they still have the union contracts. wouldn't the uaw pension and healthcare fund now be worth almost nothing since it would be half funded by stock? are they going to eat the loss or is the american taxpayer going to have to make up the difference?

Obviously, this is a rhetorical question because you already know the answer to that...

 

[droski]

so obama now comes out and says the bondholders are the sole reason why chrysler is going to have to go into chapter 11. obama gives them the middle finger, they say no thanks, and now they are the bad guys. amazing. and once again no one is talking about this. if bush did the same thing with say the oil industry wouldn't the media have been up in arms about it?

 

[dantheman617]

at least Chrysler is actualy going to add workers, not fire them.

 

[droski]

"Their failure to act in either their own economic interest or the national interest does not diminish the accomplishments" by Chrysler, its planned alliance partner Fiat SpA and other stakeholders in the company, the official said, "nor will it impede the new opportunity Chrysler now has to restructure and emerge stronger going forward."

Administration Official Says Chrysler to Enter Chapter 11; Obama to Speak at Noon - WSJ.com

God obama is a douchebag. How is it in the interest of this country to have the unions own the company rather than the boldholders who by law should be owning the company?

 

[vols4sure]

"According to restructuring plans proposed this week, the union will have more than half the stock in Chrysler and a third of General Motors, meaning it will have tremendous influence, with the government, in determining the future of the companies."

As Detroit Is Remade, the U.A.W. Stands to Gain - Companies * US * News * Story - CNBC.com

I am going to be so pissed when they inevitably ask for more bailout funds at some point after their bankruptcy.

 

[MG1968]

at least Chrysler is actualy going to add workers, not fire them.

that's like saying the Titanic needed to add a couple thousand more passengers.

 

[dantheman617]

that's like saying the Titanic needed to add a couple thousand more passengers.

oh yeah I know...just saying.