Obama GM Bankruptcy

109Why did President Barack Obama announce the bankruptcy of General Motors Corp. This was something that GM president and CEO Fritz Henderson should have done.  Unless Obama has taken over, and I think he as, this is his restructuring plan. As part of the bankruptcy, GM will close 14 plants, expected to affect 21,000 jobs, and additional cuts among salaried workers. Who’s plan…Obama. The government will spend $30 billion dollars for bankruptcy court and $20 billion in taxpayers’ money that the Treasury already lent to the automaker. Remember the $700 billion rescue fund for the financial sector. Who’s plan… Obama.

General Motors has been part of American for more than 100 years. Time Obama gets in office that fixture of American life is gone…Who’s plan…Obama.  It was the Obama administration that instructed GM to trim itself to a point that it could break even by selling 10 million cars a year. Now GM is filling bankruptcy. This is the largest industrial bankruptcy in U.S. history, and the fourth-largest overall. In addition, GM bankruptcy would be unprecedented as the federal government would pump billions more into the company, and take a 72.5 percent interest in the automaker. Remember all this happened when Obama started his ‘Change’. Look At This:

* May 31, 2009: UAW Members Approve GM Concessions
* May 30, 2009: Detroit Offers GM Breaks To Keep HQ
* May 29, 2009: GM Plans To Build Compact
* May 29, 2009: Obama Sees Progress For GM
* May 29, 2009: GM Shares Fall Hard
* May 29, 2009: UAW Set To Approve GM Concessions
* May 28, 2009: Warren Mayor Delivers Plans To GM CEO
* May 28, 2009: GM: Bondholders Agree On New Offer
* May 28, 2009: Source: GM To Close 14 Plants Monday
* May 27, 2009: Car Czar To Ask For Suppliers Help
* May 26, 2009: UAW Trust To Get 17.5% Of GM Shares
* May 26, 2009: CAW Votes To Accept Deal With GM
* May 25, 2009: GM Deadline Looms
* May 24, 2009: Future Of GM’s Opel Is In Takeover
* May 22, 2009: GM Borrows Another $4 Billion
* May 22, 2009: GMAC Receives $7.5B
* May 21, 2009: Treasury Set To Lend GMAC More Money
* May 21, 2009: 3 GM Executives Sell More Than 200,000 Shares
* May 20, 2009: Warren Mayor Expands `Buy American’
* May 11, 2009: GM: Tasks To Avoid Bankruptcy Are Great

This Chapter 11 reorganization is spearheaded by Obama, no wonder he pushed the bailout bill. GM used to employ more than 500,000 workers; today fewer than 100,000 get their paychecks from the company affectionately known as “the General.” All this happened in May, now compare this with the spending Obama plans for the U.S. And Obama is still saying the bankruptcy filing as the beginning of a new era for GM, a sacrifice for the next generation. How in the hell will the next generation benefit from this? What benefit will my grandchildren receive from GM 15 years from now? GM flopped because of poorly designed cars, that nobody wants to buy. Ten years from now GM will still make cars no one will buy.  What about all the jobs lose, and money spent? Does Obama need to stay out of Corporate America? Does Obama need to let Corporations run their business the way they see fit? Is this the ‘Change’ we expected?

    • Anonymous
    • June 2nd, 2009

    This is plan stupid, how can Obama plan a company’s future when he has never ran a business. This is a waste of money

    • emptysuit
    • June 4th, 2009

    Anonymous Says 5:56, this is what big egos do. Thanks.

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