From GM... .
-GM commits to paying back US and Canadian government loans by June
Edward E. Whitacre, Jr., has agreed to continue as chairman and CEO of General Motors, it was announced today.
Speaking at a press conference at GM’s headquarters, Whitacre also expressed the GM board’s commitment that the company will pay back in full the U.S. Treasury and the Canadian and Ontario government loans by June.
Whitacre’s appointment reflects GM’s progress since the new company was formed last summer. “The board of directors asked if I would be willing to stay on at GM and help continue the company’s road back to success,” Whitacre said. “Having spent the past few months learning the business, meeting with our employees, customers, suppliers and dealers, and working with the GM leadership team, I was both honored and pleased to accept this role. This is a great company with an even greater future, and I want to be part of it."
“We’ve made significant progress in the past couple of months, so much so that I can confirm with certainty that we will pay back in full the U.S. Treasury and Canadian and Ontario government loans by June,” Whitacre said. “This represents a significant milestone in our journey back to being a profitable and viable company.”
Like or dislike?
Form the looks of it, he has some good ideas, and wants to work with Lutz for product portfolio.
THE POLITICALLY INCORRECT ONE.
I applaud his plan, and his ability to pull it off. The decision to keep Lutz around is a bonus!
VIVA GM!
Bankruptcy allows you to shed debts. That's rather the gist of it, to restore a company's health by ridding it of fiscal obligations that would otherwise bury it. Kind of hard on all the companies and creditors who are left holding that bag, but, that's the way this cookie has crumbled for eons.
Additionally, bankruptcy forces a company to restructure itself in less wasteful ways.
I can say from the parts end anyway, getting some things has been hard over the last year, but 4th quarter 09 it has gotten a lot better....
except calling par-tec.... now its out sourced to the Philippians.... really hard to understand...
Chris
"An appeal to arms and the God of hosts is all that is left us. But we shall not fight our battle alone. There is a just God that presides over the destinies of nations. The battle sir, is not of the strong alone. Is life so dear or peace so sweet as to be purchased at the price of chains and slavery? Forbid it almighty God. I know not what course others may take, but as for me, give me liberty, or give me death."
Speech at the Second Virginia Convention at St. John's Church in Richmond, Virginia (23 March 1775) Patrick Henry
That's good to know. I know my local Chevy dealer was having a lot of trouble getting parts there for a while.
yeah i wasn't thinking about that. if you think about it thats pretty crappy. gm racks up all this debt. gets a huge check from the american people and it tells all the people it owes money, sorry about your luck. hope you dont go under. i think it would have been better for the goverment to just pay off the money owed to the parts suppliers etc etc etc and skipped gm. that would have gotten the debt off of gms plate and helped out all the people gm owed money too.
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MMM, careful what you wish for...the scenario you describe would have put far more people out of work, and left far more shareholders without a stake.
No, it was the best path. At times like these, we have to accept that the right path is the one that causes the least damage overall.
Truth,,,from consequences wrote:Additionally, bankruptcy forces a company to restructure itself in less wasteful ways.
Too bad they didn't take full advantage of that. They will continue struggling when competing with non-unionized manufacturers...
fortune cookie say: better a delay than a disaster
Truth,,,from consequences wrote:MMM, careful what you wish for...the scenario you describe would have put far more people out of work, and left far more shareholders without a stake.
No, it was the best path. At times like these, we have to accept that the right path is the one that causes the least damage overall.
yeah but i just hate the fact that the company that screws up and makes the mistake get taken care of scott free while the companies who weren't the problem gettign screwed. makes you want to run out get 20 credit cards, max them all out then ask the goverment to absolve your debts cause you made an oopsy.
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sndsgood wrote:Truth,,,from consequences wrote:MMM, careful what you wish for...the scenario you describe would have put far more people out of work, and left far more shareholders without a stake.
No, it was the best path. At times like these, we have to accept that the right path is the one that causes the least damage overall.
yeah but i just hate the fact that the company that screws up and makes the mistake get taken care of scott free while the companies who weren't the problem gettign screwed. makes you want to run out get 20 credit cards, max them all out then ask the goverment to absolve your debts cause you made an oopsy.
Such are the laws regarding bankruptcy. Much like your objection to eminent domain, this is another case where you don't seem to accept that the greater good means that some folks must pay a price. The needs of the many do indeed outweigh the needs of the few...a more natural law cannot be found.
These are laws that are employed to minimize damage and maximize benefit, so they are just and logical. Of course, this excludes abuses of either, but that's another subject altogether.
OHV notec wrote:Truth,,,from consequences wrote:Additionally, bankruptcy forces a company to restructure itself in less wasteful ways.
Too bad they didn't take full advantage of that. They will continue struggling when competing with non-unionized manufacturers...
Perhaps. It's a reasonable prediction, but likely more a reflection of your views regarding unionized labor. I'd say we give them a chance to prove you wrong first
"Better Off Deadbeat"
LOL!
Oh, you find the best stuff! Kudos
To bad that's why interest rates are where they are...
Chris
"An appeal to arms and the God of hosts is all that is left us. But we shall not fight our battle alone. There is a just God that presides over the destinies of nations. The battle sir, is not of the strong alone. Is life so dear or peace so sweet as to be purchased at the price of chains and slavery? Forbid it almighty God. I know not what course others may take, but as for me, give me liberty, or give me death."
Speech at the Second Virginia Convention at St. John's Church in Richmond, Virginia (23 March 1775) Patrick Henry
Truth,,,from consequences wrote:sndsgood wrote:Truth,,,from consequences wrote:MMM, careful what you wish for...the scenario you describe would have put far more people out of work, and left far more shareholders without a stake.
No, it was the best path. At times like these, we have to accept that the right path is the one that causes the least damage overall.
yeah but i just hate the fact that the company that screws up and makes the mistake get taken care of scott free while the companies who weren't the problem gettign screwed. makes you want to run out get 20 credit cards, max them all out then ask the goverment to absolve your debts cause you made an oopsy.
Such are the laws regarding bankruptcy. Much like your objection to eminent domain, this is another case where you don't seem to accept that the greater good means that some folks must pay a price. The needs of the many do indeed outweigh the needs of the few...a more natural law cannot be found.
These are laws that are employed to minimize damage and maximize benefit, so they are just and logical. Of course, this excludes abuses of either, but that's another subject altogether.
actually i didnt object to iminent domain. i was on the same side as you.
but as you says the greater good. it wasn't really greater for the companies that got screwed. just for gm. but that doesnt mean you couldnt make the law so that as long as gm stayed in business overtime they would end up having to pay off their debts so that A. gm learns a lesson and B the smaller companies who got screwed get compensated. i completly understand that the many outweight the few. but when you set a standard that punishes the innocent and let the one who is guilty goes free also lets the world know that crime does pay.
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sndsgood wrote:Truth,,,from consequences wrote:sndsgood wrote:Truth,,,from consequences wrote:MMM, careful what you wish for...the scenario you describe would have put far more people out of work, and left far more shareholders without a stake.
No, it was the best path. At times like these, we have to accept that the right path is the one that causes the least damage overall.
yeah but i just hate the fact that the company that screws up and makes the mistake get taken care of scott free while the companies who weren't the problem gettign screwed. makes you want to run out get 20 credit cards, max them all out then ask the goverment to absolve your debts cause you made an oopsy.
Such are the laws regarding bankruptcy. Much like your objection to eminent domain, this is another case where you don't seem to accept that the greater good means that some folks must pay a price. The needs of the many do indeed outweigh the needs of the few...a more natural law cannot be found.
These are laws that are employed to minimize damage and maximize benefit, so they are just and logical. Of course, this excludes abuses of either, but that's another subject altogether.
actually i didnt object to iminent domain. i was on the same side as you.
but as you says the greater good. it wasn't really greater for the companies that got screwed. just for gm. but that doesnt mean you couldnt make the law so that as long as gm stayed in business overtime they would end up having to pay off their debts so that A. gm learns a lesson and B the smaller companies who got screwed get compensated. i completly understand that the many outweight the few. but when you set a standard that punishes the innocent and let the one who is guilty goes free also lets the world know that crime does pay.
I can also say first hand, that any company that got shorted in '08-'09 is in the proses of getting paid off now. Right or wrong, there doing to now.
How long and how many IDN. but that's the word on Gm global connect.
Chris
"An appeal to arms and the God of hosts is all that is left us. But we shall not fight our battle alone. There is a just God that presides over the destinies of nations. The battle sir, is not of the strong alone. Is life so dear or peace so sweet as to be purchased at the price of chains and slavery? Forbid it almighty God. I know not what course others may take, but as for me, give me liberty, or give me death."
Speech at the Second Virginia Convention at St. John's Church in Richmond, Virginia (23 March 1775) Patrick Henry
Gotta keep those union voting sheep happy..... Bailout!
Eminent domain.... How its interpreted and is applied is a slap in the face to property owners. Greater good my liver....it's about kickbacks from contractors and more lucrative property taxes....to be used for "the greater good".
“Poor Al Gore. Global warming completely debunked via the very Internet you invented. Oh, oh, the irony!” -Jon Stewart
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