Why is GM waiting until the 11th hour?

  • Thread starter Thread starter mr_cj_jr
  • Start date Start date
M

mr_cj_jr

Guest
http://news.yahoo.com/s/ap/20090217/ap_on_bi_ge/autos_bailout

GM knew MONTHS ago that they had to have a business plan in place.
Why did they wait so long to get this going and why wasn't it done sooner?

Thoughts?
Newsflash: The money GM & Chrysler received today is the continuation of the money BUSH & PAULSON gave to them...NOT Obama.
Remember, the funds were to be given in 2 installments. Then, they were to come up with a business plan before receiving any future funds.
 
they hope that they won't have to face the FACT that they are going BK even with taxpayer money.
 
They've been in last minute negotiations with their bond holders and the union. GM wants the bond holders to accept 30$ on the dollar and they want the union to take GM stock instead of paying into their employee health care funding. Neither the union or the bond holders are going for that deal. Last minute negotiations are a kin to playing chicken to see who will blink first. Other than these two points, everything else is ready to present to the government.

They actually have two plans ready, one is for a structured bankruptcy. Bankruptcy actually costs the tax payers a LOT of money since pensions are federally insured and tax payers would have to pick up the tab for GM retirees pensions.
 
i guess they wanted to take as much time as possible to think everything through
i can't blame em.
 
The UAW will not give in with the health and retirement benefits they now receive
 
They were waiting to see if they were REALLY going to be required to do ANYTHING that would hold them accountable at all.

I think that in the long run, Ford will be happy it did NOT accept any of the federal money. It certainly makes me more likely to buy a Ford than a GM or Chrysler.
 
Back
Top