Anyone ever notice when the government bailouts like GM cost so much the
markets dip? Government still thinks it can spend it's way out of debt.
Add up this corruption and it cost US and Canadian taxpayers over $100
billion for one company and suppliers are still in trouble. What a waste of
wealth on corruption. And it is fast because government broke it's own laws
in bond/debt. It is why USA credit score is sub-zero, debtors rule.
And no one is even charged with fraud, conspiracy to fraud. Yet it was
known in the investment markets years ago GM was selling off it's assets to
be packaged for the government.
GM will be back in bankruptcy inside of 5 years. When people get the
upcoming tax bill they will have even less to spend on Government Motors
crap. Their credit rating is certainly sub-zero.
GM emerges from bankruptcy after signing paperwork to transfer assets
DETROIT - The new General Motors arose on Friday as lawyers finished an
all-night paperwork session transferring the automaker's good assets to a
brand-new company controlled by the U.S. government.
The massive transfer of factories, money and intellectual property was
completed about 6:30 a.m., according to a person briefed on the situation,
clearing the way for a smaller and faster company better equipped to compete
in the brutally tough global automotive market.
The person, who asked to remain anonymous because the deal wasn't announced
officially, said the signing meant the new GM had emerged from bankruptcy
One bankruptcy expert called GM's 40-day case the fastest ever for a company
of its size.
GM's warp-speed emergence from bankruptcy protection is expected to be
announced by CEO Fritz Henderson and new Chairman Edward Whitacre Jr. at a 9
a.m. news conference at the company's Detroit headquarters.
Henderson is expected to announce details of the plan to make the new GM
profitable again. The troubled automaker has lost more than US$80 billion in
the past four years.
Once the world's largest and most powerful automaker, the new GM is now
cleansed of massive debt and burdensome contracts that would have sunk it
without federal loans. Spurred on by the Obama administration's support, the
bankruptcy process was two days faster than crosstown rival Chrysler Group
LLC's 42-day timeframe.