GM says debt-for-equity offer to bondholders falls short; bankr...

Whew, for a minute, I thought the government was going to own GM. But President Obama says he has no desire to run the auto business. What a relief. I just hope people don't misunderstand Obama's intent to purchase 70% of GM as anything but a desire to help the little guy.

LOU wrote:

WELL THERE GOES THE REST OF THE TAXPAYERS BAILOUT MONEY THAT WE WERE SUPPOSED TO BE PAID BACK.ANOTHER GOOD FISCAL DECISION BY THE OBAMA ADMINISTRATION..I WONDER IF IT WAS HIS OWN PERSONAL MONEY WOULD HE HAVE INVESTED IT IN GM...PROBABLY NOT...SO WHY IS HE THROWING TAXPAYER MONEY DOWN THE TUBES.NOW INSTEAD OF GM
REPAYING ...WE THE TAXPAYER GET BENT OVER ONCE AGAIN ALONG WITH CHRYSLER..GOOD JOB WASHINGTON THATS REAL FISCAL RESPONSIBILITY..NOT MENTIONING WE PROBABLY WONT SEE A DIME FROM AIG EITHER....ONCE AGAIN WHO IS ACCOUNTABLE

No one and obama's a pfhukking idiotic turdz.

27 billion = 10% equity stake for bondholders but the 6.5 billion the US gov't has stuck in is worth 65%? Just wait until the gov't takes over the airlines then Boeing, then McDonalds (gotta eat healthy as part of the health care plan). Stay out of my life uncle sam and auntie Obama.

Government Motors wrote:

27 billion = 10% equity stake for bondholders but the 6.5 billion the US gov't has stuck in is worth 65%? Just wait until the gov't takes over the airlines then Boeing, then McDonalds (gotta eat healthy as part of the health care plan). Stay out of my life uncle sam and auntie Obama.

When as anything the government had greedy little hands on NOT been fcked up? I'm all for the bond holders. Screw the government, screw the unions.

This wouldnt be a problem if the disloyal traitors didnt buy those cheap jap cars.

Shut them down for good they make nothing but junk

Max wrote:

This wouldnt be a problem if the disloyal traitors didnt buy those cheap jap cars.

you sir are a FOOL

If General Motors can go bankrupt,this country is doomed. By the time obama is finished, we'll be buying all our cars from china. And working in Mcdonalds and Walmarts, for minimum wage.

Kick the stinkin japs out of our country. Problem solved

Craps wrote:

If General Motors can go bankrupt,this country is doomed. By the time obama is finished, we'll be buying all our cars from china. And working in Mcdonalds and Walmarts, for minimum wage.

Yes, but under Obama, minimum wage will be $47.50 an hour. It's only fair. Why should someone not have the American dream of homeownership and a new 64" TV (w/surround sound) just because they dropped out of high school and are flipping burgers ?

I am a bondholder as are many in my family,FYI
Notice "gov't allowed it to offer only 10%"

The government, which has already extended nearly $20 billion in loans to GM, ordered the company to come up with a plan that 90 percent of its bondholders would agree to. But the government allowed it to offer only 10 percent of the company's stock. GM was forced to withdraw the offer Wednesday after it fell far short.

Government Motors wrote:

27 billion = 10% equity stake for bondholders but the 6.5 billion the US gov't has stuck in is worth 65%? Just wait until the gov't takes over the airlines then Boeing, then McDonalds (gotta eat healthy as part of the health care plan). Stay out of my life uncle sam and auntie Obama.

Max wrote:

This wouldnt be a problem if the disloyal traitors didnt buy those cheap jap cars.

You don't seem to understand the real problem here. GM still sells more cars than any one manufacturer on the planet. The problem is they can't under any circumstance sell enough cars to be profitable regardless of price, options, country and manufacture, horsepower, looks anything. If you sell that many cars and are still going bankrupt nobody else is to blame. Its also not the unions fault as they build more cars worldwide in non-UAW plants then then do here in UAW plants.

The only answer to the economic future of our country is for the banks to refuse to make loans to companies that are highly unionized. Look what happened to the steel industry--the airlines--the auto cos.

Max wrote:

This wouldnt be a problem if the disloyal traitors didnt buy those cheap jap cars.

Logically, your use of a double negative produces a positive, so a disloyal traitor would be a Patriot.

Now, what's a cheap jap car?

My Toyota Sienna cost over $20k and runs beautifully. Doesn't shake or rattle at 85mph and handles like a car. It will last for more than 100,000 miles.

The traitors are the Unions and Executives who produced garbage and priced it as gold.

Let them all go out of business and start over.

Produce high quality at a fair price and Americans will buy American.

It is that simple.

When GM emerges from bankruptcy they will most likely have 10% market share. Chevy and Cadillac currently make up 12% market share, expect a drop. Hummer, Saab, Saturn, possibly Buick, GMC sold or killed out right. While President Obama claims to have saved 150,000 jobs through his stimulus package today, this number and more will be lost.

Have you ever considered what it takes to make a automobile? GM , Chrysler, Ford just assemble parts from various suppliers. Nuts, bolts, engineering, CAD design, tool & dye, stamping presses, tires, steel, machinist, on and on. These peripheral jobs will be lost as well the tradesmen know how. The Great Lakes states employment will be devastated.

The potential manufacturing power of the USA once made the world quake in fear. World, fear no more, we're broke and destitute of any serious leadership.

Yes, another Vodka please. Make it a double.

I made them an offer they couldn't refuse.

Bob wrote:

Kick the stinkin japs out of our country. Problem solved

Sir, please extract your head from your sphincter. Realize that this country would not be able (mal)function but for the debt purchased by foreign investors.

Be nice.

Start small: dispose a pesky CEO, who is not compliant and objects to your grand design for the U.S. auto industry. Who could object to the summary dismissal of the unpopular Mr Wagoner, after all he was just getting in the way of the grand plan. Never mind Obama had no such legal authority. By simple Fiat, he fired a sitting CEO, and overrode those with the legal authority th make such decisions, the GM board of directors. Looks like Tyranny begins with a small benign ACT OF LAWLESSNESS.

notice the institutional owners agreed but the individuals didn't. I wonder who's getting what?
I highly doubt the int. owners will ever invest in this company or any gov't owned company(bailed out) again. Rightfully they shouldn't and anyone with retirement benefits tied to the market should be examining their portfolio. This doesn't pass the smell test.