GM Bankrupt, Obamaized
GM declared bankruptcy today with $82 billion in assets and $172 billion in debts.
The company will be nationalized, with the US government taking 60%, and Canada taking 12%. The rest will probably go to the UAW and bondholders.
It is expected that the US govt. will invest/lend another $30 billion over the $20 billion already invested/lent.
Opel will be bought by Magna, Saturn will be sold off (probably to Penske), Saab will be sold off, Hummer will be sold off, Pontiac will be killed, 40% of dealers will be cut loose, 12 to 20 factories will be closed, and 21,000 workers will be laid off.
Obama will be giving a speech to the nation as to how GM will be run, and returned to good health.
To a great extent I do not wish to believe the era that we are living in.
The company will be nationalized, with the US government taking 60%, and Canada taking 12%. The rest will probably go to the UAW and bondholders.
It is expected that the US govt. will invest/lend another $30 billion over the $20 billion already invested/lent.
Opel will be bought by Magna, Saturn will be sold off (probably to Penske), Saab will be sold off, Hummer will be sold off, Pontiac will be killed, 40% of dealers will be cut loose, 12 to 20 factories will be closed, and 21,000 workers will be laid off.
Obama will be giving a speech to the nation as to how GM will be run, and returned to good health.
To a great extent I do not wish to believe the era that we are living in.
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