$30 Billion More For GM?
General Motors could be on the verge of receiving another $30 billion in federal loans – or twice the amount it received when it was bailed out by the administration of President George W. Bush last year.
The massive new taxpayer infusion would be part of a planned bankruptcy that GM would enter into with the government and its creditors, possibly as soon as next week.
GM has already received several deadlines from the government to present a “path to profitability,” which it has proven unable to do.
Of course, that hasn’t stopped the administration of Barack Obama from demonstrating a willingness to pump billions more tax dollars into the failed automaker, appeasing organized labor and screwing over car dealers and investors – many of whom put their retirement savings into GM.
In fact, GM’s investors were offered a ridiculously low 10% stake in the company as part of the proposal to effectively nationalize the company.
Comments
By BIN Retard Editorial Staff on May 22nd, 2009 at 3:46 pm
We are so glad to hear this comrade.The peoples car will help to forward the progressive agenda.We will be able to drive out selfishness, self-esteem, personal responsibility, and any thoughtcrimes that may have been haunting us.Long live the Commissar and our proletarian school system that promotes our agenda.
By zolon on May 22nd, 2009 at 4:01 pm
GM will be building cars in China and selling them to America. How do you like that, Detroit?
Obama doesn’t care about the little guy.
By ck on May 22nd, 2009 at 6:33 pm
GM must survive!!!!!!!!!!!!buy stocks!!!!!!!!!!
By Pooey on May 22nd, 2009 at 11:21 pm
GM must fail!!!!!!!buy books!!!!!!
By Leaven Bred on May 23rd, 2009 at 1:08 am
Fuck GM – They deserve to die.
Appalling mileage (like virtually anything made in America) and outdated technology.
And you people are happy for the government to be pumping billions more into them?
What is wrong with you?
By liz on May 23rd, 2009 at 8:05 am
GM and Chrysler are owned by the same big huge parent company that owns the credit cards.
YOUR government is allowing FMR LLC to raid the people, rip off the people and basically FMR LLC has become your government people.
WAKE UP
FMR owned Tyco, WorldCom and Enron. They owned Circuit City. They have beneficial statements of ownership on Fannie Mae and Freddie Mac. They owned CountryWide Mortgages.
FMR LLC FMR LLC FMR LLC
FMR is closing America.
WAKE UP
By Livnir on May 23rd, 2009 at 12:20 pm
GM cars are bad cars made badly.
Long live the new king (Ford)
By John V on May 23rd, 2009 at 1:22 pm
GM and American automaker gota learn to make cars like the Japanese , – low cost , fuel efficient and really great quality. The standard of living in America is also far to high.
By baloba on May 23rd, 2009 at 5:42 pm
GM must survive. There should not be a BANKCURRPCY FOR GM. GM REPRESENTS AMERICA. GM HAS A LOT IN DEPTH HELP IN US DEFENSE. All it takes this F…ing UAW to cut on their greed and let bondholders increase their stake in the company. There is no need for cutting down on GM dealers, as it will hurt it in future. UAW killed GM over time….and should be allowed for too much stake in the company…..
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