Of the government owning GM to throw it into bankruptcy, they also plan on spliting the company up.
This IS the begininng of the end for GM
The Obama administration is seeking to ease General Motors Corp into a "controlled" bankruptcy by persuading some creditors to agree to a plan that would divide the company into two pieces, the New York Times reported on Wednesday.
And of course which parts do they want to "split" off from GM? Why the most profitable of course.
use a sale authorized under Section 363 of the U.S. bankruptcy code to sell off desirable assets to a new company financed by the government.These more valuable assets might include Cadillac and Chevrolet, as well as assets the company needs to run its business, the Times said. (emphasis mine)
And it wasn't the "new" CEO of GM that thought the bankruptcy up, it was our "esteemed" Dear Leader.
"Nothing has changed on this," the official said when asked about a Bloomberg report that the president has determined that a prepackaged bankruptcy is the best way for GM to restructure and become competitive. "This report is not accurate."The White House wants the 60-day period for GM and a 30-day period for Chrysler to play out, as announced by the president on Monday, the official said, speaking on condition of anonymity.
Concerning the auto industry, if someone denies a rumor it always turns out to be true. They probably just need those 60 days to get everything in place for their plans, which is now possible since Wagoner is out of the way.
I wonder how they are going to get rid of Ford since they don't have any control over them ....
UPDATE ...
Good God, when one of the domestic auto industry biggest enemys thinks it's a bad idea for the government to be meddling in GM you know your in huge trouble ...
"They have opened Pandora's box -- the U.S. government has decided they know better than the private company," said Sen. Bob Corker (R-Tenn.) "There is no question that this country is moving down a very different and foreign path. We have crossed this threshold: We own this company and we are telling it what to do."
Oh, that's easy. They'll start pumping out their crappy government designed golf carts, pass legislation that pretty much bans any vehicle that doesn't conform to those standards, and subsidize the companies they stole with taxpayer dollars so that no other car company (like Ford) can compete, and drive them under and/or force them to accept the same kind of "help" they're giving Chrysler and GM.
Obamavich is giving the US Auto industry the same kind of help that a pimp gives young runaway girls when they get off a Greyhound bus.
Posted by: Graumagus at April 1, 2009 11:41 AMOkay, I may not be for the government bailouts, but this is an April Fools joke right? I mean a really, really, elaborate one that involves the media, right?
How could anyone think this may be a good idea?
Posted by: Contagion at April 2, 2009 12:46 PMGucci applies the well-informed shape "key" to present its latest
jewelry series: Gucci keys, opening a distinctive kind of fashion
trend. Gucci jewelry
The super model, Karen Elson who takes the leading place in the
exhibition of Gucci keys, well displays the great designed pith of
Gucci as a world famous jewelry brand. Gucci Bracelets The original idea of Gucci keys is from the "keys" treasured by Gucci. Gucci Necklaces
All these keys collected are handcraft of some skilled goldsmith and
silversmith, being exquisite, special, as well as classic. Gucci jewellery
Mostly they are the key to pendant box, collection box, album, diary,
luggage, and even the door of a private club or a country manor. Gucci Pendant
However, the legendary "churinga" evolves into Gucci key series
nowadays and the old stories also get new explanations from the typical
Gucci pendants or other Gucci ornaments.