GM Loses Another $16 Billion -- Bankrupt?

[Kidlicious]

Originally posted by DanS
What GOOG & MSFT & AAPL giveth, GM taketh away.

Do I hear an Amen?

Not jobs.

[Naked Gents Rut]

God, I really hate Barney Frank.

http://www.redstate.com/diaries/redstate/2008/nov/19/barney-frank-big-3-will-need-lots-more-money/

[Kuciwalker]

Well, [insurance company] AIG, which I don't think anyone would think was as important to the American economy as the auto industry ... got $40 billion just now to make it up over $100 billion. To some extent, let's not have a white-collar/blue-collar bias in our public policy.

:vomit:

[MrFun]

What's more pathetic than seeing one wealthy person beg for money?

Seeing three wealthy people beg for money.

[Lefty Scaevola]

I have been expecting this, and am surprised it did not happen sooner.

http://www.baltimoresun.com/business/nationworld/ats-ap-gmac-tarp-aidnov20,0,5783659.story

GMAC files application to become bank holding company to get TARP aid

[Darius871]

GMAC's long wait really confused me too

[Lefty Scaevola]

Yep, they actually got hit pretty hard by mortgage derivative, which they stupidly bought to to get income to bolster the bottom line in the conglomerate hit by sagging auto sales. BRIALLIANT!!

[One_more_turn]

I think Paulson's reluctance to help automakers at this juncture has to do with another, much bigger threat: the impending collapse of Citibank.

[Lefty Scaevola]

I think it might have more to do with money down a rathole theory. On their current trajectory the Automakers could suck up on tens of billions of aid and still head toward zero. They have to fix the operation plan first.

[Darius871]

Originally posted by One_more_turn
impending collapse of Citibank.

[Vanguard]

1. GM cannot do a Chapter 11 or Pre-packaged bankruptcy. Pre-packs require financing. And there isn't any.


2. Yes, GM's labor costs are high. For a full century GM has been guilty of providing high paying jobs to American workers. What a national disgrace. HOW DARE THEY!



3.

Originally posted by Lefty Scaevola
Yep, they actually got hit pretty hard by mortgage derivative, which they stupidly bought to to get income to bolster the bottom line in the conglomerate hit by sagging auto sales. BRIALLIANT!!

Yes, they did exactly the same thing every other financial company did, from Citibank to Toyota. So they were just as stupid as all the other Sloan and Harvard graduates on Wall St.

[Asher]

Originally posted by Vanguard
2. Yes, GM's labor costs are high. For a full century GM has been guilty of providing high paying jobs to American workers. What a national disgrace. HOW DARE THEY!

If you pay salaries higher than the market supports, this is what happens.

Paying absurdly high wages then demanding taxpayers subsidize these absurdly high wages does fall into the "how dare they" category.

[MrFun]

While you guys b**** and moan about how much union workers make, what about the ridiculous amount of money that CEOs make??

[Asher]

Originally posted by MrFun
While you guys b**** and moan about how much union workers make, what about the ridiculous amount of money that CEOs make??

The ones who make too much money should be let go if they are not earning it.

I ask you, how much of GM's revenue goes to paying the union wages and benefits compared to that of the CEO?

Perspective: it's what's for dinner.

[MrFun]

Yep - the principle of not earning your pay applies to both groups.

Who'd thought?