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Archive for June 2009
General Motors
June 1, 2009 by Jeremy.
I guess now GM will be known as GM but it will stand for something entirely different…
Government Motors
* Treasury will provide $30.1 billion of debtor-in-possession financing to support GM through an accelerated Chapter 11 process. Officials anticipate no additional funding for GM. “There is no plan of any kind for future support beyond this point,” an official said.
More money will be needed and we the taxpayers will be forced to oblige.
* The new GM will, as part of the government-supervised restructuring, build a new small car in an idled UAW factory. The goal is to increase the share of U.S. production for U.S. sale from 66 percent currently to 70 percent.
This is what the government wants all of us driving. I’ll stick with my nice big SUV!
* The government will only vote on core governance issues, including the selection of a company’s board of directors and major corporate events or transactions.
I doubt it will remain this way. The government never takes a hands-off approach where they see money involved.
It makes me glad I own all Fords and will continue to do so!
Posted in Jeremy, Coherent Thoughts, Current Events | Print | 8 Comments »