GM Bankrupcy Petition Will Result In Many US job Loses

GM petitioned the bankruptcy court to terminate outright the Stillwater Palladium & Rhodium Supply Agreement. A very troubling aspect to this move is that Stillwater has learned GM plans to continue its agreements to buy palladium from producers in Russia and South Africa. Frank McAllister states, “We certainly recognize that the current economic downturn has decimated the automotive industry, forcing GM and others to make some difficult choices. At the same time it seems disingenuous to me, during a period when preserving American jobs is such a high domestic priority, that GM, while receiving immense financial support from the U.S. government, would elect, as I understand it, to continue its supply agreements with foreign palladium suppliers while seeking to terminate an agreement with the sole U.S. miner of palladium.” In a letter to the Obama Administration, Governor Schweitzer (MT) noted that GM accepted $billions in taxpayer's money and intends to honor its agreement with Russia and South Africa to buy these stategic metals, but terminate its agreement with Stillwater resulting in the loss of many US jobs!