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BANKRUPTCY FOR GM
The Page by Mark Halperin —
Getty The automaker will file for bankruptcy Monday morning after facing a June 1 deadline by the Obama administration to restructure. Obama will speak about the move at 11:55 am ET. White House fact sheet here.
GM filing for bankruptcy at 8AM today
AMERICAblog News| A great nation deserves the truth —
Growing up I never thought that I would see this day. Even in their faltering "heartbeat of America" phase when fighting back against Japanese competition it did not even sound like a remote possibility. NY Times: ...
What's Good For General Motors, Is Good For...?
DownWithTyranny! —
... A lot of bad business decisions have led to this seemingly inevitable next step in the General Motors story. General Motors declared bankruptcy this morning-- kind of. It's a modified version of bankruptcy. In effect, the government will take over-- though not operationally-- GM for a few years while it gets back on its feet-- and gobbles down another $30 billion in taxpayer bailouts (bringing the grand total to $50 billion), while closing between 12 and 20 factories and firing over 20,000 union workers. The U.S. government will own 60% of the stock in the restructured company ...
Newspaper Roundup for June 1, 2009
CNSNews.com Headlines —
Home News Politics CNSNews.com Newspaper Roundup for June 1, 2009 Monday, June 01, 2009 By Susan Jones, Senior Editor Washington Post: 46 States, D.C. Plan to Draft Common Education Standards Fox News: Attorney General Directs U.S. Marshals to Protect Abortion Providers After Murder Boston Globe: Newport mansion for sale; $7.2 million asking price 50 rooms, 60,000 square feet, no updates Boston Globe: Bankers' hours expand to Sundays Branches cater to time-pinched customers Chicago Sun-Times: Illinois House rejects 50% state income tax hike New York Times: Risky bet to save GM, icon of ...
The Early Word: Bankruptcy
The Caucus —
In what may seem like an end to an era to some, General Motors makes it official and files for bankruptcy on Monday morning — a move that had been anticipated but still a startling sign of these troubled times. President Obama planned to talk about restructuring the company later this morning; General Motors officials also were expected to discuss the matter after the president’s remarks. The Times’s Micheline Maynard chronicles the ...
GM
The Reaction —
... While I'm not too gung ho about the money being spent to keep GM, and Chrysler before it, afloat, I do credit the Obama administration for doing the best with an awful situation. If GM and Chrysler had gone down without a structure being provided the shock to our economy would have been far worse. We would be talking liquidation, not reorganization. We would be talking massive job losses and bankruptcies all along the supply chain. Whatever the end result is with GM and Chrysler the cushion provided was necessary. As Obama's detractors scream socialism, and make fun of ...
Uncle Sam in the Rumble Seat
The Moderate Voice —
The American Century ends today with the death of General Motors as we knew it, the free-market engine that powered an economy and a culture to global preeminence, selling physical and social mobility to millions who had previously lived in small insular worlds.
The news about bankruptcy and hope for renewal with taxpayer money is disorienting to generations who came of age in an America where success was defined by whether you drove a Chevrolet or a Cadillac and how often you could afford to trade it in for the newest model.
That superficial stability, that innocence is as long gone as the first car I ever ...
Now That The Government Owns General Motors...
The Atlantic Politics Channel —
As you've probably heard by now, Obama is sending General Motors to file for Chapter 11 bankruptcy. And, as you've also probably heard, the United States will become the majority shareholder of the restructured company, with 60% of the stock. Nationalizing a large car manufacturer is interesting and controversial for all kinds of reasons (is Ford, the "last American car company," now competing with America?), and I think Jon Cohn is making some good points here. But this, from Politico, is kind of odd: Even as it gets set to announce the bankruptcy of General Motors Monday, the Obama administration is struggling to set ...
