GM expected to file for Chapter 11 today - Discuss

Discussion in 'OT Driven' started by JM Popaleetus, Jun 1, 2009.

  1. JM Popaleetus

    JM Popaleetus OT Supporter

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    Once the largest automobile company in the world and the largest industrial company in the United States, GM is hours away from declaring the largest bankruptcy in US history (4th largest worldwide).

    Even you OTers that hate the company can still admit, it's a sad sad day to see a company go from the top to a bureaucracy worse than our government.

    [​IMG]

    [​IMG]

    I apologize for the poor grammer in the title, I forgot to check it before posting. Oh and moderators, please sticky this. I guaruntee this is going to be a big topic today.
     
    Last edited: Jun 1, 2009
  2. King Dick

    King Dick Active Member

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  3. JM Popaleetus

    JM Popaleetus OT Supporter

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    Hopefully our government does good for once and actually let GM emerge from this a stronger company.

    Let the engineers run the company, not the politicians.
     
  4. whatever

    whatever OT Supporter

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    I'm impressed. a decent post from c4wdex
     
  5. Rorschach

    Rorschach New Member

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    What does this mean for the Corvette?
     
  6. ChosenGSR

    ChosenGSR Mama always said you'd be the chosen one

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    domestics, fuck yeah.
     
  7. Creed Bratton

    Creed Bratton OT Supporter

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    Ahh fuck, day crew.
     
  8. Mitchj

    Mitchj OT Supporter

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    this is a good thing, there was no other option

    here is what this will allow GM to do

    - get rid of the union contracts (the biggest point) that are choking them
    - get rid of useless bullshit brands and dealers
    - saturn, gmc, hummer, pontiac, all gone, this will allow them to actually spend advertising money on the core brands.

    all of a sudden, GM re-emerges basically as Chevrolet for the cars, Caddillac for luxury, and i suspect Buick will still be around too for the old people. But even it isnt necessary. They can now pay their workers competitive wages, arnt a health care and pension company, and have significanttly lower overheads

    but in an economy were toyota is losing 6 billion per quarter, i fail to see how even GM can survive
     
  9. JM Popaleetus

    JM Popaleetus OT Supporter

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    General Motors?

    More like Government Motors! amirite?
    I thought GMC was sticking around.

    And actually, Obama is keeping the UAW and giving them 20% ownership of the company. Hopefully that doesn't happen, but that's the plan so far.
     
  10. Mitchj

    Mitchj OT Supporter

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    yes, and i suspect Obama will be pushing for hybrids.

    These 37mpg cafe regulations are bullshit, even the current Honda Fit's use more then that.
     
  11. ChosenGSR

    ChosenGSR Mama always said you'd be the chosen one

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    UAW will make so much money off of the new company it's not even funny :rofl: Socialism, FUCK YEAH!
     
  12. Mitchj

    Mitchj OT Supporter

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    your right, so its still too many brands

    but thats ok, atleast those brands are competitive.

    I still dont think they'll make it tbh. Ownership aside, the UAW have never allowed whats sensible in the past, they are just squeezing every bit of blood out of the company.
     
  13. Mitchj

    Mitchj OT Supporter

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    What amazes me is that Ford is still operating with all the UAW burden on their shoulders.

    They really need to remove that shit or its only a matter of time until they go bankrupt too.
     
  14. JM Popaleetus

    JM Popaleetus OT Supporter

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    I'm seriously hoping that the UAW just dumps the new stock.

    Speaking of which, is anyone going to buy?
     
  15. col_panic

    col_panic calm like a bomb Moderator

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    should have happened 6 months ago
     
  16. Mitchj

    Mitchj OT Supporter

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    they're losing the renasaince building in detroit right? Will they be allowed to trade under general motors?
     
  17. Epicman

    Epicman Active Member

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    Perfect time to buy stock!
     
  18. Mugatu

    Mugatu Ask me about market research. OT Supporter

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    No, they;ve already given a big chunk of it to the unions.
     
  19. Vatoloco

    Vatoloco In a pinch, though, you could jam it into someone'

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    Because the engineers have done such a great job for the last decade plus.

    Of course, politicians would have run it into the ground much faster.
     
  20. Mitchj

    Mitchj OT Supporter

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    the engineers can only do so much when they costs twice as much to build as the competition
     
  21. Eskimo Yo-Yo

    Eskimo Yo-Yo absent OT Supporter

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    8 AM: BUST
     
  22. Grape_Ape

    Grape_Ape OT Supporter

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    lulz The American Dream, going to be interesting watching all the job losses that stem from this.
     
  23. Ghost of Swayze

    Ghost of Swayze Ofcourse you mad

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    shitty cars ruined them

    the 1980s and early to mid 90s was just a disaster
     
  24. Rorschach

    Rorschach New Member

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    .
     
  25. Mugatu

    Mugatu Ask me about market research. OT Supporter

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    LOL @ all the armchair CEOs in here
     

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