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GM Spirals the Drain (Part 2)

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  • #76
    Originally posted by KrazyHorse
    Hopefully our government shutdown will prevent this.

    It will.

    Sorry DanS. Tell them Wezil can't send a cheque until the end of January at the earliest.
    "I have never killed a man, but I have read many obituaries with great pleasure." - Clarence Darrow
    "I didn't attend the funeral, but I sent a nice letter saying I approved of it." - Mark Twain

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    • #77
      Oh, but they're very insistent!
      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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      • #78
        Then tell them you couldn't reach us and that our answering machine said we were on vacation.
        12-17-10 Mohamed Bouazizi NEVER FORGET
        Stadtluft Macht Frei
        Killing it is the new killing it
        Ultima Ratio Regum

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        • #79
          Reports just a week ago said Chrysler was sitting on $11 billion in cash.
          Try http://wordforge.net/index.php for discussion and debate.

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          • #80
            Given the rate at which they're throwing money into a hole what makes you think they have any left?
            12-17-10 Mohamed Bouazizi NEVER FORGET
            Stadtluft Macht Frei
            Killing it is the new killing it
            Ultima Ratio Regum

            Comment


            • #81
              If the article above is any guide, I wonder whether they even know how much cash they have on hand.
              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


              • #82
                The Ontario government is still able to conduct business however I highly doubt McGuinty will make any significant moves without the feds. He's been burned by throwing money at the car companies before.
                "I have never killed a man, but I have read many obituaries with great pleasure." - Clarence Darrow
                "I didn't attend the funeral, but I sent a nice letter saying I approved of it." - Mark Twain

                Comment


                • #83
                  Apparently, the Dem leadership in congress is giving in and using the DOE loan program for a bailout, as suggested by the White House.

                  Hopefully, there will be some snag on this proposal. Once Detroit gets a dime, they'll be on the path to taking $100 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


                  • #84
                    Why not nationalise them? The worst that can happen is a British Leyland, the best that can happen is a Renault.

                    Comment


                    • #85
                      The fed Conservatives here say they can provide meaningful support without recalling parliament. I don't believe them. I don't think there were $B's kicking around in a 2008 budget slush fund and the 2009 budget is months away.
                      "I have never killed a man, but I have read many obituaries with great pleasure." - Clarence Darrow
                      "I didn't attend the funeral, but I sent a nice letter saying I approved of it." - Mark Twain

                      Comment


                      • #86
                        Originally posted by Sandman
                        Why not nationalise them? The worst that can happen is a British Leyland, the best that can happen is a Renault.
                        That's been my position all along.
                        Try http://wordforge.net/index.php for discussion and debate.

                        Comment


                        • #87
                          Originally posted by Sandman
                          Why not nationalise them? The worst that can happen is a British Leyland, the best that can happen is a Renault.
                          Because all of the stakeholders need to make very large concessions. Inserting politics into this process is unhelpful.

                          We already have a nonpolitical process that is set up to handle just these types of situations -- Chapter 11 bankruptcy.
                          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


                          • #88
                            This can easily be done via a governing board like Chrysler got in the early 80's and avoid bankruptcy. That's especially important because there is a risk a judge could rule for chapter 7 (liquidation) instead of chapter 11 (restructuring) plus it avoids the risks of consumers fearing about buying a car from a company in bankruptcy. If the results are the same then what's you beef?
                            Try http://wordforge.net/index.php for discussion and debate.

                            Comment


                            • #89
                              To recap all of the concessions that will need to be made...

                              (1) 50%+ of dealerships will be closed with no buyouts
                              (2) Bondholders will get an 80%+ reduction in their bonds
                              (3) Common stockholders will get nothing
                              (4) Jobs will decline by 40% with no buyouts
                              (5) Union employee and retiree compensation will decline by 40% per worker
                              (6) Work rules will come into line with Japanese transplant factories
                              (7) Pensions currently being accessed will decline by 20%
                              (8) Pensions for current workers will instead be 401(k)s
                              (9) Company support for suppliers will cease

                              Tell me how this is accomplished through nationalization. You're on crack if you think this is easy.
                              Last edited by DanS; December 6, 2008, 12:16.
                              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


                              • #90
                                Chapter 11 is the solution. but the RINO pussies will give in. Like with the Goldman bailout.

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