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View Full Version : Economics GM Likely to File Bankruptcy


Amnorix
05-27-2009, 01:51 PM
A stock-for-debt deal has fallen through, almost certainly resulting in GM filing for bankruptcy either this Friday or early next week, unless there is a dramatic change.

It's also not clear whether this would be the same type of clean in and out operation that Chrysler is planning on. If not, this will create a real economic mess that only the bankruptcy attorneys could love.

http://money.cnn.com/2009/05/27/news/companies/gm_bond_offer/index.htm?postversion=2009052707

Donger
05-27-2009, 01:55 PM
Gee, I'm so glad the bail out prevented the "catastrophe" of bankruptcy. How much did they get?

banyon
05-27-2009, 03:06 PM
I personally put a little money on this a few weeks back (that I could afford to lose).

wild1
05-27-2009, 03:47 PM
how much money did Dear Leader waste on GM?

banyon
05-27-2009, 04:37 PM
how much money did Dear Leader waste on GM?

I didn't realize you referred to Bush as "dear leader".

BucEyedPea
05-27-2009, 05:23 PM
The Obama administration pushed Bush to bailout out Big Auto....so blame both of them.

But this is typical of govt...and what I usually am referring to....govt winds up financing loserish enterprises. ( and it's not limited to enterprises either). I can't wait to see the kind of watermelons we're gonna have to drive too.

petegz28
05-27-2009, 05:58 PM
I think we are clost to $20bil dumped on GM so far

wild1
05-27-2009, 07:22 PM
I didn't realize you referred to Bush as "dear leader".

are you thinking that President Dear Leader would have done something different? Was he opposed to letting GM write checks out of the treasury for as long as they liked?

banyon
05-27-2009, 07:28 PM
are you thinking that President Dear Leader would have done something different? Was he opposed to letting GM write checks out of the treasury for as long as they liked?

It appears so, that's why they are likely to file bankruptcy, I would think.

KC native
05-27-2009, 11:30 PM
It's way to early to even speculate what a bankruptcy for GM is going to look like. It looks like they are going to have to file for bk but until they do and set the terms it's impossible to say how much will be lost and who will lose it.

banyon
06-01-2009, 07:31 PM
Kind of a neat interactive map showing the impact of the filing:

http://www.detnews.com/apps/pbcs.dll/article?AID=/20090531/SPECIAL01/90529004

Cannibal
06-01-2009, 07:57 PM
Kind of a neat interactive map showing the impact of the filing:

http://www.detnews.com/apps/pbcs.dll/article?AID=/20090531/SPECIAL01/90529004

Look at the "losses of manufacturing jobs since 2000" on each state. We have have lost millions of manufacturing jobs since that time and we are still hemoraging them.

Cannibal
06-01-2009, 08:04 PM
I tried to find multiple articles. Some said 3,000,000 manufacturing jobs lost since 2000 and another link said 4,000,000 lost since 2000.

http://www.manufacturethis.org/2008/12/17/4-million-manufacturing-jobs-lost-since-2000/

It is an indication of an empire in decline.

banyon
06-01-2009, 08:05 PM
I tried to find multiple articles. Some said 3,000,000 manufacturing jobs lost since 2000 and another link said 4,000,000 lost since 2000.

http://www.manufacturethis.org/2008/12/17/4-million-manufacturing-jobs-lost-since-2000/

And replaced with "new jobs" like 1 burger flipping job and 1 wal mart job to make 1/2 as much as they used to. And the economists count that as a gain in jobs of +1. :shake:

Cannibal
06-01-2009, 08:09 PM
And replaced with "new jobs" like 1 burger flipping job and 1 wal mart job to make 1/2 as much as they used to. And the economists count that as a gain in jobs of +1. :shake:

I haven't really felt this hit yet (knock on wood) in this economy. But numbers like that have opened my eyes somewhat. The middle class is shrinking even faster than I thought.

stevieray
06-01-2009, 08:31 PM
you are too big too fail..wait here's some money..wait, here's some more..fire the CEO, get a yes man...oh look, you're gonna have to file bankruptcy anyway, never mind the money is going to come from jobs not created by people not even born yet.

i don't want to run a car company, unless it's the fundamentals...

supposedly this has been brewing for awhile, yet a guy who has never ran a business has the answer in a few short weeks...you betcha.

how do you bring an economy to it's knees? gov't intervention on banks, insurance, autos and up next health care..let's spend another trillion..it's gonna collapse, cementing the govermentts role in controlling our lives.

..maybe Obama can give Hawaii and California to China to pay off the debt...;)

chinese americans ..like white girls..named debbie

banyon
06-01-2009, 09:15 PM
The "New" GM video (they're spending money, maybe taxpayer money) on this

<embed src="http://c.brightcove.com/services/viewer/federated_f8/1543292789" bgcolor="#FFFFFF" flashVars="videoId=24931063001&playerId=1543292789&viewerSecureGatewayURL=https://console.brightcove.com/services/amfgateway&servicesURL=http://services.brightcove.com/services&cdnURL=http://admin.brightcove.com&domain=embed&autoStart=false&" base="http://admin.brightcove.com" name="flashObj" width="486" height="412" seamlesstabbing="false" type="application/x-shockwave-flash" swLiveConnect="true" pluginspage="http://www.macromedia.com/shockwave/download/index.cgi?P1_Prod_Version=ShockwaveFlash"></embed>

Amnorix
06-02-2009, 07:24 AM
The WSJ write up on the bankruptcy filing yesterday was generally neutral or even supportive of the administration's handling, I thought. If it all works out, then it may end up having been worth it.

Only time will tell really.

But I'm VERY leery of public ownership of large corporations. It's fraught with all kinds of risk.

banyon
06-02-2009, 08:55 AM
Just delisted from the NYSE. Now found at GMGMQ:OTC

Amnorix
06-02-2009, 09:30 AM
Just delisted from the NYSE. Now found at GMGMQ:OTC

WSJ says New GM could be back as a public corp. within a reasonably short timeframe -- a year or two.

Citigroup and GM out of the Dow Jones. Holy freaking lord the world has changed...