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| Economy |
| GM planning for bankruptcy |
| 2009-04-06 |
| [Iran Press TV Latest] A week into his new job as CEO of GM, Fritz Henderson says he is confident in the future of the company but a bankruptcy remains a possibility. |
| Posted by:Fred |
| #4 “There’s no need for confusion. Part 935 of Regulation 823, Section 323, Part L, Subpart iii clearly states automobiles shall be designed in the following manner…” |
| Posted by: JohnQC 2009-04-06 19:22 |
| #3 The problem is bankruptcy as envisioned by the Obama administration is to spit GM into two parts. One w/o debt that has a chance at viability. The other saddled with debt, poor products, union pensions and retiree health care. Every few months taxpayers will pump billions into the second entity until all members die of old age. The second entity will also go by the more familiar name "Detroit". |
| Posted by: ed 2009-04-06 15:56 |
| #2 I support sending GM into bankruptcy, because it would force re-organization. UAW contracts allow full-time workers to be on the job less than 180 days per year. Granted that management over-produced gas guzzlers, but those incompetents are already being turfed out; the union contract needs similar treatment. Can't be done? There is a legal concept of "Frustrated contract," which is applicable where performance is impossible. Clearly UAW' imposed non-viability frustrates their sweetheart deals. And the public - most of whom work 240 days per year - has no desire to subsidize sloth. |
| Posted by: Dotto Dedot 2009-04-06 14:34 |
| #1 I wonder who the clients were? New York's attorney general has filed civil fraud charges against a hedge fund manager who funneled billions of dollars in client money to Wall Street swindler Bernard Madoff. The complaint charges J. Ezra Merkin with lying to his investors about how he was handling their money. Attorney General Andrew Cuomo says Merkin invested $2.4 billion in client cash with Madoff without their permission. The complaint said Merkin collected $470 million in management fees from the accounts. Merkin claimed he was victimized by Madoff like everyone else. He is the former chairman of the financing arm of General Motors Corp. |
| Posted by: Danielle 2009-04-06 13:53 |