By Leftlane Staff
Monday, Feb 6th, 2006 @ 8:18 am

Automotive columnist Jerry Flint says the possibility of GM filing for bankruptcy is very slim. “I am tired of the B-word. GM isn’t going bankrupt this year; GM isn’t going bankrupt next year; 2008 is so far off that even Bill Gates could be bankrupt by then. It’s dangerous to go three years out, but no, I wouldn’t expect GM to go bankrupt in 2008, either.” Why not? Flint says the company has $19 billion in cash and $100 billion in the pension fund. “When I was a boy, there was one reason companies went bankrupt: They couldn’t pay their bills. GM can pay its bills, so that’s not a problem.” He also says a strike by UAW workers is unlikely. “The workers own paid-up houses, cars and boats and have working wives (or husbands). GM would have to negotiate any change in the contract, so the bankruptcy ploy just doesn’t work here.”

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