GM Needs Another $17 Billion

C

capmac

GM needs up to $30 billion in aid to avoid failure

Tuesday February 17, 2009, 6:11 pm EST

DETROIT (Reuters) - General Motors Corp (NYSE:GM - News) said on Tuesday it could need a total of up to $30 billion in U.S. government aid -- more than doubling its original aid -- and would run out of cash as soon as March without new federal funding.

The request for additional aid from the top U.S. automaker came in a restructuring plan GM submitted to U.S. officials on Tuesday.

The GM restructuring plan of more than 100 pages was posted on the U.S. Treasury Web site.

http://finance.yahoo.com/news/GM-needs-up-to-30-billion-in-rb-14392493.html
 
This story gets increasingly sad and funny at the same time.

And what's more, Yahoo Finance is telling me that based on a closing price of $2.18, the company still has a market cap of 1.33 billion.
 
No Way in Hell should the Obama give these people any more of our money.
GM has to file bankruptcy
The Union has to make major concessions or they file.
So for Chrysler and Ford....these guys are hemorrhaging money. Now taxpayer money.
The autoworkers have extracted every last dollar and managment is inept ....now they are Bankrupt.

This market is toast.
 
Quote from 1flyfisher:

No Way in Hell should the Obama give these people any more of our money.
GM has to file bankruptcy
The Union has to make major concessions or they file.
So for Chrysler and Ford....these guys are hemorrhaging money. Now taxpayer money.
The autoworkers have extracted every last dollar and managment is inept ....now they are Bankrupt.

This market is toast.
More...

I agree, but you do realize, the democrats and Obama are 100x more union friendly than Bush was...
 
Stock market is toast?

Wrong!

zimstock1.jpg
 
we are trying to stop a sinking ship. They have to fail. Start a new program to get the people jobs but the auto industry can take everything down if we keep just burning money by giving it to them
 
Of course I realize that.

I am saying it shouldn't happen no matter who is in office.
Quote from trader_arb:

I agree, but you do realize, the democrats and Obama are 100x more union friendly than Bush was...
More...
 
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