That is a scary though That 89% of GM is controlled by two parties that are known for bungling things. The Federal Government with 50% and UAW with 39%. can you imagine GM being runned by Barney Frank lol. I can’t imagine it, but who knows what will happen in that kind of scenario. I think for the most part that is not a good thing. The ones that shoulld own the company or any company for that matter. Is the employees. I feel for them. GM should be owned by its employees. IF the government turns over their share to the employees then maybe GM would be a company that could do things right for a change.

Wow, its too damn bad Wagoner and his board of bystanders were allowed to stay asleep at the switch, stuff their poscket full of loot, and ride GM straight into the ground.

Biggest fiasco in corporate history—government owned/taxpayer bilked corporation. Surprise taxpayers! You get stuck with the bills! Now that’s a plan to look forward to paying each and every day of my life and my children’s lives. Way to go GM! And to think not one GM exec is really being held accountable for a damn thing. Wagoner is basically asked to retire, whoopee, he has a lucrative retirement package. The only accountability is to the taxpayers.

Well, it’s official. GM now stands for GOVERNMENT MOTORS.

The Feds already own large stakes in all the major banks… now they are taking the auto manufacturers too.

Let me go find my commie flag and red jumpsuit… we are all gonna be working for uncle sam soon.

How could ANYONE think this is a good idea? I’m going back to being a VW guy. This is a bloody joke.

Looks like British Leyland circa 1975 to me, and you know what happened to them.

Two words.

British Leyland.

Ah, TomF posted whilst I was reading replies.

The bondholders are not going to accept this offer. They would rather take their chances in bankruptcy court, which is ultimately where this will end up – watch.

this is simply not fair to american tax payers. dismantle the company and their sh!t cars and sell them for scrap to pay off their debts. how stupid was it to keep supplying them with BILLIONS of dollars??? and for what?

i see general motors being kept on life support for another decade, running up a huge tab that again, will be paid for by the tax payers before someone finally decides to pull the plug. their game is over. poor management decisions spurred by union obligations have made them grossly uncompetitive and a liability to us all. just let them die already.

This means all GM vehicles are now officially off the table for me in the future.
I will now buy anything but GM.

Unions + Government = S-o-c-i-a-l-i-s-m

The next car out of this corporation will be called Lada

GM has now become just another government dept. Perhaps they will establish a cabinet post, “Secratary of Mediocrity” or “Secratary of Ineffiency and Waste”

Now now kids, I have no idea why you’re all getting your panties in a bunch. I have no doubt that your government will watch the proceedings at arm’s length, stay out of the day to day operations and offer advice only when asked to do so.

Now if you’ll excuse me mother’s letting me out of the basement so that I can help her herd the cats.

So that also means most of you wont buy a new house, or use a bank either, they’re owned by the government too.

new houses are owned by the government?

no but banks are. If you are against government involement you need to pass up interstate highways, medicare, social security, public schools, airports, Amtrak, FHA loans and many other things. You also need to close your bank accounts, change your mortgage lender and stop using the post office.

The banks were not owned by government, but along with GM they will be. I have a feeling that we will be told what kind and where to buy houses and who can and can’t buy houses. Those who voted along Red states, but reside on water front real estate, will be encourage to get bigger digs, those who voted blue and reside on water front will be advised to relocate into Love Canal area or Lake Erie (same great water source and environment friendly).

Some banks are partially owned by banks and there is talk of taking more equity in these banks to bolster liquidity since congress wont approve more TARP money. Some existing debt could be converted to equity as with GM so the government will end up with more ownership in these banks.

Well, I guess this is the real end on GM. RIP

I honestly cant see gm surviving that long.

Probably true for 1% of original shareholders and 10% of debt owners. This is called bloodless revolution. Government simply stripped citizenry of their property without any declaration of war.

That’s too bad. GM was turning their products around before this. Now Obama gets to finish off the American auto industry along with America…

SJ79 and 400horseSS, a couple things:

My house loan is thru a non-TARPed organization that the a-holes in DC haven’t yet compelled to be nationalized, but if they do well since I will have the house completely paid off within 7 years of the loan inception (2006) then my money may somehow still go there. I didnt do business at the time with the gov and I never intend to.

My banking is also thru a private bank, but unlike a car I consider banking to be generic meaning the services are monkey work at best and I maintain minimal balances and continually transfer the rest to investments. Anyone who banks mostly at a bank is an idiot.

I’ll be more than happy to forego social security, medicare, and anything else you listed once the government refunds to me now all funds contributed to such things on my behalf, and correspondingly reduces my taxes to only those required maintain my 1/300millionth of our national defense budget and police protection. Then I’ll pay tolls on the private roads, buy my goods cheaper, and not support the whole slew of losers in the process.

Like I said – no GM vehicles for me ever again. The government (Obama, Mccain, Pelosi, Reid, and the rest of those crapstains in DC) can all lick my butt. Screw them.

Long Dong Auto: Unions + Government = S-o-c-i-a-l-i-s-m
So true! If you think GM is poorly run now….

Like mayer_ray_nagin, the gov’t can go #*(< themselves. I can’t even imagine what they’ll do to the healthcare system once they get their hands on that.

Looks like my next American car will be a Ford.

There’s a lot of ignorance on this board
I mean more than usual
The man who watches my loot, Jamie Dimon (JPMorganChase) hasn’t been bought by the government
He can’t wait to give back the the TARP money he didn’t need, and doesn’t want

SOME banks have government backing
Some just put up with the government

Handling the banking crisis is no easier than handling the automaker crisis
It will take many more months before this is all sorted out.

The government will have their hands in more cookie jars, but some businesses are still well run

Strangely, Ford might fall under that category

Whudda thunk it?
DrFill

that means the stock of GM worth nothing??

^^^^^^^^I think it the beginning of USD being worth nothing.

DrFill are you in the Banking Industry. If so they are the biggest crooks going. If it were’nt for them loaning Mortgage to those who are’nt qualified alot of this mess wouid’nt be as bad.
Also, you make it sound as though CEO Jamie Dimon is some patron Saint. He is the biggest Theif going.

The Guy went and Sold off the largest Bank in Chicago Bank One to JP Morgan Chase. I have NO USE for that Crook he should be thrown in Jail for doing so. He SUCKS IN MOST CHICAGOANS Who know or care about what has been going on.

GM owned by the US gov and the same unions that contributed to this mess? Great… I guess the only domestics worth buying are Fords.

Your Comment

How much is 39% of a market cap $0?

BK
You’re just mad that he made a bigger, better bank, in the bigger, better city
Don’t playa-hate
Appreciate!

Your President, and mine, said don’t compare Jamie Dimon’s Chase to the other banks
Some businesses are very well-run
If you don’t know
Ask someone who does

DrFill

Thank God I’m really liking what ford is doing the past 5 years and into the future 2011 Mustang GT with 5.0 it is then!