http://www.guardian.co.uk/business/2009/may/31/general-motors-bankruptcy-filing

I just had to look it up and they own absolutely nothing of worth apart from Vauxhall and Holden.

Good. **** GM. I just wish this meant that all their cars would instantly be taken off the road so I don't have to work on them anymore.

I'm still a bit confused as to what all the bailout money actually DID other than give control of the company to the government.

Exactly that. Yeah I'm probably being a little :tinfoil:.

What does this mean for my warranty

Vin, I think it means I'm paying for it.

Haha, You Americans and your...
Wait they employ alot of people here too, and we just bailed them out.
Crap.

Grandpa bought me stock in GM every year for my birthday.

haha! isnt everyone! apparently it did not do a whole lot.
i am so glad we wasted tens of billions of dollars on this.

this actually kind of sucks. i believe even with a bankruptcy share holders will get some kind of compensation.

I read that shareholders would not be getting anything.

So, what happens next?

Whatever! All I know and wish and hope is that McDonalds will never file for bankruptcy!

Oh. They gave it to me and I spent it on hookers. The money lasted about a week. Sorry about that.

McDonalds is pretty much recession proof. So is alcohol.

Mostly because you can buy about 15000 burgers for the cost of a crappy car that wouldn't sell outside North America.

So the company was going to go bankrupt, so we gave $19 billion and now they're bankrupt anyway. Great plan

GM filed for bankruptcy? Surprise, surprise. Is Ford next?

Chrysler(sp?) is next. I have heard Ford has done a decent job at reducing debt and expenses. At least enough to stay afloat.

Hear that sound? Like a toilet flushing? Yep... There goes the future.

emmm... probably Chrysler...or did they already?

Maybe this is just market correction at work, seeing how the two car companies that failed (Chrysler and GM) consistently received the lowest marks of any car company. I know the consumer reports magazine recommended 0% of Chrysler vehicles, and 17% of GM, with all the other companies receiving at least more than 50%. Were they just banking on consumer ignorance or something?

That's exactly it. They expected the good name they garnered decades ago to hold them through anything. They were wrong, even though there are still morons like my stepfather who think GM makes the best cars on earth.

Including benefits and all that **** they get from the union, they were paying their employees on average about $125/hr so no surprise here.

Besides, the government has no right to spend money on private business wtf..

Considering how the quality of GM vehicles has dropped exponentially every year after 1989 (IMO) and the workers unions kept pounding the companies payroll with demands, since no one up top had the balls to cut the whole thing loose and hire cheaper labor, then this was inevitable. Honda, Toyota, Nissan, among others, have no problem hiring good, non-union workers and pay them well enough with benefits.

Unions were created back in the day so companies didn't make employees work 20 hours a day in dangerous conditions.

Now with all the government polices that keep businesses from doing this stuff anyway, unions just need to have the plug pulled on them. It's bull**** that some union contracts allow employees to get away with not doing there job and not getting fired for it..

Hooray for General Secretary Obama! Hooray for our "Democrat" Politburo! Hooray for the United Socialist States of America (USSA)!

That make's me cringe...

All I have to say is your state guaranteed him in

I doubt it, they're still selling in other markets.

The real question is, what happens to all of those ****ty cars that they have for sale? I'd be willing to pay about $1000 for a 2009 GM, LOL.

Well some Canadian company are buying Vauxhall and Opel which are about the only 2 decent brands I see there.

Yeah, Ford is actually a decent company, and seems to be continuing to do decent business. I always liked ford anyway, but rest assured any vehicle I buy from now on will be a Ford, or a US-built "foreign" car (on principle). Whichever fits my needs best at the time...

Ford adjusted a long time ago with the union benefits I believe, so while they aren't doing too hot, they weren't in danger like GM or Chrysler

oh good! we are apparently throwing another 30 billion into the GM toilet.... to help get through the "reorganization"!!!! oh thats fun...:downswords:

Yeah, I've been happy with how Ford's handled this whole situation. They restructured a lot, they've been making considerably better cars in the past couple of years, and they didn't need to take any bailout money from the gubment. That's why I didn't have any issue buying a Ford car a few months back, whereas I didn't even give GM or Chrysler any consideration.

So GM gets to forget it's debts, screw over it's shareholders, and... still exist.

**** this ****. **** you, GM. And **** you Obama.

welcome to the new GM (government motors)

The simple answer to these problems is by killing off minor competition, making stronger companies (or you could just make thousands of small companies for each industry), and making sure the employees as well as the consumers have enough money to consume.

So... which part about the GM bailout are you most upset about? The no-strings $15.4 billion Bush gave them under TARP, the automotive restructuring plan which focuses on removing poison CEOs (Rick Wagoner in this instance), the fact that they were forced to file for bankruptcy protection because their Wall Street creditors were too greedy and irresponsible to negotiate for partial ownership, the fact that the US government somehow feels responsible for the recovery of a company they paid $15.4 billion under Bush even though it has a market cap of around $500 million,...?

Or do you actually have one ****ing clue what you're complaining about? Did you get your stupid ideas from financier and executive-fellating Fox News, which is naturally trying to rouse some populist (inbred yokel) rage about the fact that hyper-rich people are being laid off too? Are you just distraught and you for some reason need to blame the current president for what the previous ******* did in his last month? Or do you just think it's campy and trendy to post moronic image macros?

Well at least you didn't call him fascist.

Bankruptcy does not abolish past debt. You have no clue what you're talking about.