

The Volt is withstanding the rigors of road testing admirably











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RE: looks
By Reclaimer77 on 10/16/2009 5:39:08 PM , Rating: 2
Wrong. ALL BANKRUPTCIES for a company that large are federally assisted. All of those things would have happened anyway. The goal wasn't to "save GM", the goal was to keep the unions ( and their campaign contributions ) and take over the company.

Do all you people watch MSNBC or something ? Have you actually noticed who's running GM now and what their board of directors is made up of ? There are more union guys and politicians running the company than actual car people now.

And weather or not GM's CEO " had to go " isn't even the issue here. The President fired him, which is beyond unconstitutional. This kind of stuff is the EXACT reason businesses and government don't mix and why we were against the bailouts.

What happened to GM is just wrong. Period. It's wrong for the taxpayer, and in the longrun it will be bad for them as well as the country.

RE: looks
By mcnabney on 10/17/2009 1:51:41 PM , Rating: 2
They are all managed by Federal bankruptcy courts, but financing is typically arranged from large banking/investment institutions. For example, Enron and MCI/Worldcom didn't cost the Feds anything. I even believe that the court costs were paid from the remaining assets. The Chrysler bankruptcy involved Fiat and some cash there, but for the most part the court just assisted in negotiating new terms for some debts and discharging others. Before that can be done the entire financial structure of the business has to be studied to make sure there aren't tangential assests that can be liquidated. For example, in the GM bankruptcy the Saab and Hummer brands were sold. Saturn would have been, but Penske flaked-out. In GM's case the Feds played the role of a large bank by buying a major percentage of the business ownership after the previous shares were cancelled. This actually worked out as it should. The equity investors were punished first by getting nothing. Second, the bond holders only received a fraction of their matured value (that is where a lot of US funds went to). Third, management was fired w/o parachutes. Fourth, employee stakes were converted to shares which made them dependant on future prospects to have any value. If the whole thing fails, the Feds won't be able to sell their equity stake in the future to get there money back. Long story short - if you want the US taxpayers to get their investment back, buy GM products.

RE: looks
By Reclaimer77 on 10/17/2009 2:42:55 PM , Rating: 2
Ok I see we have fundamental differences of opinion that aren't going to be resolved by picking at the edges of arguments.

I'm apposed to the concept that any business is "too large to fail" and that it's up to the taxpayers, in a big recession I might add, to pick up the tab and bail them out. Especially without even a vote ! Taxation without representation ring a bell to you ? We weren't even given a CHANCE to have an honest and democratic debate on this issue. This is NOT the way things should be done. I, and a great many other Americans, are honestly sick and tired of crap being rammed down our throats before anyone even knows what's going on or has a say in it. The TARP, the Auto Bailouts, the "Stimulus", Tax and Trade, and now Universal Healthcare.

Period. No iff's, and's or buts. And I find your assertion that it's our patriotic duty to buy into the farce that is Government Motors, frankly, offensive.

