I am surprised to read this news on yahoo that General Motors files for bankruptcy protection, check it: General Motors files for bankruptcy protection
Only time will tell.out of the big three only Ford has not asked for help wonder why.Maybe the big wheels at the other two can learn something from Ford
Ford's condition may be better, but it is also making big losses. If the US economy doesn't recover soon, Ford may need a government bailout too. More than 21000 GM workers are going to lose their jobs because of this chapter 11 filing. Many more indirect jobs will be lost too....
I hope some of the crap automiles builders will dissapear i'm sick of crap cars especialy rhose big ones made by ford wich are useless ...
It is indeed really sad to see even such giant companies fall like this, hope such trend ends soon. U.S. govt should try to help in some way to bail it out.
This is what needs to happen. When businesses fail the assets need to be liquidated and bought up by others who can make better use of them. It is sad to see GM in this condition, as well as Chrysler, but they did it to themselves.
There are a lot of companies and banks needing government bailouts in the US of late. I can see the need when they employ so many people but I do feel for the small businesses that have gone bust due to no direct fault of theirs while the bankers were directly contributing to the problem. Thankfully they say that the GM problems should not affect the Australian branch of Holden Motors.
I completely agree...more than the economic crisis, the management of these large corporations are responsible for the present mess. They should be tried in the court of law for such negligence, putting the lives of so many workers on the line. Wise and timely decisions would have definitely helped these companies but the carelessness brought about their huge size did them in...I guess. Regards, RightMan
Some banks that "needed" the bailouts actually didn't need the money but they were apparently forced to take the funds (and partial government ownership of their businesses). Judge Andrew Napolitano talked about this on his show, Freedom Watch, maybe a month ago. I just Googled the following article for you which has all the info he talked about on his show: http://foxforum.blogs.foxnews.com/2009/04/02/napolitano_fdic/ It's really pretty bad when the government does things like that. And a few weeks ago I read something about the federal government refusing to accept repayment of certain TARP loans... why would they do that? Only reason I can think of is that they expect more trouble in the near future or the fed wants whatever control it is that they are given when banks have TARP money on the books. It's a good thought, but how can the government legislate that businesses only make "good" decisions or only decisions that have positive results? There is some risk involved with pretty much any decision and the government can't really prevent that. I would agree with trying management of the large corporations in the court of law ONLY if they violated some sort of law(s). Void of them breaking the law, there's not much we could or even should do. The US is supposed to be the "land of the free," which means having the freedom to mess up as well as the responsibility of handling whatever comes with it when you do mess up.
Bullish for the stock market. A market that hates uncertainty got a huge pop today in part that GM has FINALLY filed for bankruptcy. It has the full protection of the government behind it. People will still be paid and now GM can eliminate the tons of debt on its balance sheet and sell off assets. No shareholder should have been burned here because everyone knew the bankruptcy was inevitable. Gotta like the F stock too.
Definitely, the government bailed GM out of bankruptcy. But the question is, "Is it fair to use the money of the taxpayers just for the benefit of this legendary corporation"?
Only time will tell.out of the big three only Ford has not asked for help wonder why.Maybe the big wheels at the other two can learn something from Ford