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GM Loses Another $16 Billion -- Bankrupt?

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  • #496
    Regarding these unemployment estimates, they're surreal. Each day, Detroit is said to have a half million more employees than the day prior.

    I saw 5 million quoted yesterday as being directly employed by Detroit. Made me chuckle.
    I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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    • #497
      Originally posted by DanS
      Even though most of its $110 billion in assets are phantom, undoubtedly there's several tens of billions of dollars in there as good collateral.
      Sure about that?
      12-17-10 Mohamed Bouazizi NEVER FORGET
      Stadtluft Macht Frei
      Killing it is the new killing it
      Ultima Ratio Regum

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      • #498
        Soon I'll be employed by the US car industry.
        12-17-10 Mohamed Bouazizi NEVER FORGET
        Stadtluft Macht Frei
        Killing it is the new killing it
        Ultima Ratio Regum

        Comment

        • #499
          Definitely maybe. If not, then the company's a black hole anyway. Under that scenario, by bailing out GM without bankruptcy, the US taxpayer would be on the hook for at least $170 billion.
          I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

          Comment

          • #500
            the company's a black hole


            I agree.
            12-17-10 Mohamed Bouazizi NEVER FORGET
            Stadtluft Macht Frei
            Killing it is the new killing it
            Ultima Ratio Regum

            Comment

            • #501
              Let the bastards fry. It will be better in the long run when sensible judges can boot the insane union contracts. While there are many other issues besides just the union contract, if they can't come back from them, they don't deserve taxpayer money to continue to exist. The complain that if the big 3 go under that up to 3 million jobs will be affected but SOMETHING will be formed out of the vacumn left behind. 50% of the US car market will be enough for someone to push some money at it. A lot of non big 3 cars are already assembled in the US using part provided by US companies.
              It's almost as if all his overconfident, absolutist assertions were spoonfed to him by a trusted website or subreddit. Sheeple
              RIP Tony Bogey & Baron O

              Comment

              • #502
                Originally posted by KrazyHorse


                That's because the benefits of a bailout are concentrated (in people who therefore "exaggerate") but the costs are dispersed, so the unconcerned estimates are realistic while the concerned estimates are retarded.
                Fair point. Where do you think the number is?
                "Beware of the man who works hard to learn something, learns it, and finds himself no wiser than before. He is full of murderous resentment of people who are ignorant without having come by their ignorance the hard way. "
                -Bokonon

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                • #503
                  I don't know what the number is, but it's near the low end of the scale.

                  Most of these people will find jobs fairly quickly. The jobs might not pay as well, but tough titties. That's a big part of the problem. We can't afford to pay all high-school graduates as much as the auto workers get paid.
                  12-17-10 Mohamed Bouazizi NEVER FORGET
                  Stadtluft Macht Frei
                  Killing it is the new killing it
                  Ultima Ratio Regum

                  Comment

                  • #504
                    Originally posted by KrazyHorse


                    25 billion isn't going to last very long, Ramo. Not at the rate they're throwing it into a hole.
                    GM alone is cooking through what, $2 billion a month?

                    -Arrian
                    grog want tank...Grog Want Tank... GROG WANT TANK!

                    The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.

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                    • #505
                      About $2.5 billion a month on an operating cash basis. About $3 billion a month on a free cash flow basis.
                      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                      Comment

                      • #506
                        12-17-10 Mohamed Bouazizi NEVER FORGET
                        Stadtluft Macht Frei
                        Killing it is the new killing it
                        Ultima Ratio Regum

                        Comment

                        • #507
                          I wish we had real-time financial statements, like we do stock prices. It would be quite dramatic viewing.
                          I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                          Comment

                          • #508
                            What GOOG & MSFT & AAPL giveth, GM taketh away.

                            Do I hear an Amen?
                            I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                            Comment

                            • #509
                              Amen
                              12-17-10 Mohamed Bouazizi NEVER FORGET
                              Stadtluft Macht Frei
                              Killing it is the new killing it
                              Ultima Ratio Regum

                              Comment

                              • #510
                                Sicut erat in principio, et nunc, et semper, et in secula seculorum.
                                12-17-10 Mohamed Bouazizi NEVER FORGET
                                Stadtluft Macht Frei
                                Killing it is the new killing it
                                Ultima Ratio Regum

                                Comment

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