An Internet hub for moderates, centrists, and independents, with domestic and international news, analysis, original reporting, and popular features from the left, center, and right

« Freedom of Religion in China

Michael Jackson Still Dominating The News »

GM Out of Bankruptcy

Posted by JOE WINDISH, Technology Editor in Economy.
Jul 10th, 2009 | Comments

Even I’m surprised that they actually did it:

General Motors completed a major step in its turnaround on Friday and closed the sale of its good assets to a new, government-backed carmaker, at a speed unimagined by auto and bankruptcy experts even six months ago.

The government and G.M. signed the documents at 6:30 a.m. at the offices of Weil, Gotshal & Manges, the company’s chief bankruptcy counsel, according to a person briefed on the matter, after a bankruptcy court order staying the sale for four days expired on Thursday. G.M. will hold a news conference in Detroit, hosted by its chief executive, Fritz Henderson, and its new chairman, Edward E. Whitacre Jr., later Friday morning.

The administration initially said the reorganization might take as long as 90 days. They did it in 40. A win for Obama. They say now that they hope to take the new G.M. public again next year. Are we betting they will make that?

Photo: The 2010 Camaro SS, “The Camaro’s arrival completes a baby boomer trinity of so-called pony cars, following the return of the retro-styled Ford Mustang and Dodge Challenger.”

Ads by Project Wonderful! Your ad here, right now: $0

JSpencer

That 2010 Camaro looks too much like it's "competition" to me. A real Camaro would look more like my 71 Camaro . . . or earlier. ;-)

Silhouette

I hope it gets bad gas mileage! I think the real question on everyone's mind [who bailed them out] is "when do we get to see the new line of Hummers?]

..lol...

DLS

GM has a long way to go -- product recovery, reputation recovery, and now Government Motors recovery.

Silhouette, the Camaro is one relatively bright light coming out of dinosaur Detroit. The _last_ thing we need is to have the giggly little green fascists designing little boxes, made out of ticky-tacky(!), with much more expensive "earth-friendly" components than we wish to pay for, as consumers or otherwise (in taxes).

We can even have more fun with this ...

Some may want us all shoehorned into such vehicles, or better, into the following, but I decline:

http://www.segway.com/puma/

DLS

"They say now that they hope to take the new G.M. public again next year. Are we betting they will make that?"

Ya wanna bet they don't make it on time, or that it's not really "private" any more than Amtrak is?

http://www.flickr.com/photos/30226428@N05/32332...

JWindish

Nice Flickr allusion there D! I'm not betting on the return to public. But I'll be watching.

DLS

All we can do is watch. And we may as well, since we're paying for it.

As you're tech-informed and otherwise informed, let me run something by you. I don't watch much TV (have avoided it for 30+ years) but while on odd hours I now can watch it. Aside from non-stop Jackson coverage up until late this week, CNN I notice features, in addition to flippant, stupidly too-personal behavior among its staff, a lot of slick graphics (too much gimmickry, and stupid sound effects) on all its shows. It features a large touch screen that is simply too "busy" and gimmicky for me.

BUT --

If you're familiar with CNN and its many features, contrast it with CBS, featuring Katie Couric. I felt actually gloomy and depressed watching that. She is not inspiring or even meriting annoyance at any of the extraneous details (graphics and sound effects). It seemed "geriatric" on CBS with poor style of a few features like on other networks (CNN and Fox are slick and overboard on the gimmickry and loud, chirpy behavior), and simply looked dull and unappealing.

CBS is just like General Motors. Stuck in the past, dull, unspiring, not going anywhere.

If by the very slim chance the federal government's takeover of GM leads to improvement, maybe CBS should be next.

blog comments powered by Disqus