GM on it's knees in front of Congress

TGregg · Nov 21, 2008

And they are not begging because their mouth is full:

GM to return two leased jets amid criticism
DETROIT (Reuters) â General Motors Corp(GM.N) will return two of its leased corporate jets amid intense criticism in Washington this week on the luxury travel arrangements of its chief executive even as the company pleads for federal aid.

http://news.yahoo.com/s/nm/20081121/bs_nm/us_gm

GermanTrader · Nov 21, 2008

Quote from TGregg:

And they are not begging because their mouth is full:

---GM to return two leased jets amid criticism
DETROIT (Reuters) â General Motors Corp(GM.N) will return two of its leased corporate jets amid intense criticism in Washington this week on the luxury travel arrangements of its chief executive even as the company pleads for federal aid.---

http://news.yahoo.com/s/nm/20081121/bs_nm/us_gm

Yeah, but the other eight are still in the air...

Lucrum · Nov 21, 2008

It's surprising to me that they still have any corporate jets left. Normally by the time a company gets in this bad a shape the flight department is long gone.

GermanTrader · Nov 21, 2008

Quote from Lucrum:

It's surprising to me that they still have any corporate jets left. Normally by the time a company gets in this bad a shape the flight department is long gone.

Not when there are still dozens of company executives to transport.

fhl · Nov 21, 2008

Quote from TGregg:

And they are not begging because their mouth is full:

http://news.yahoo.com/s/nm/20081121/bs_nm/us_gm

They probably found a way to charter corp jets instead. Hide it on the income statement.

nutmeg · Nov 21, 2008

Leased Corporate Jet company asks Congress for bail out, Executives arrive in D.C in 20 year old Ford Pinto.

anouka · Nov 21, 2008

They donât hesitate on expenses while needing that much money. Donât they know every penny counts? Taxpayers should be able to do something.
Take a look at the article: http://hubblepeterson.wordpress.com

DHOHHI · Nov 21, 2008

Good report on McNeil - Lehrer tonight on GM. Maybe Chapter 11 is the best way. But one GM employee made a good point. They're asking for a loan -- $20+ billion. Sounds like a lot. But that's about 2 months expense in Iraq. Many people, here on ET and throughout the US have no clue as to the domino effect that'll unfold if GM & F go bankrupt. California is now at 8.2% unemployment and here in SC we're now at 8%. If the Big 3 go under , even Chapter 11, we'll see 11-12% across the US.

forextrades · Nov 22, 2008

Quote from DHOHHI:

Good report on McNeil - Lehrer tonight on GM. Maybe Chapter 11 is the best way. But one GM employee made a good point. They're asking for a loan -- $20+ billion. Sounds like a lot. But that's about 2 months expense in Iraq. Many people, here on ET and throughout the US have no clue as to the domino effect that'll unfold if GM & F go bankrupt. California is now at 8.2% unemployment and here in SC we're now at 8%. If the Big 3 go under , even Chapter 11, we'll see 11-12% across the US.

I don't see it.

If the Big 3 go bankrupt, Honda, Toyota, and Nissan gain their market share. They're already building new plants and extending their workforce on US soil.

These laid off plant workers can always relocate and work for the Japanese manufacturers. In fact, they'd probably be better off. I'd rather make $30/hr in Southern Indiana than $45/hr in Detroit. Even if that means non-union.

dsq · Nov 22, 2008

Quote from forextrades:

I don't see it.

If the Big 3 go bankrupt, Honda, Toyota, and Nissan gain their market share. They're already building new plants and extending their workforce on US soil.

These laid off plant workers can always relocate and work for the Japanese manufacturers. In fact, they'd probably be better off. I'd rather make $30/hr in Southern Indiana than $45/hr in Detroit. Even if that means non-union.

Why would you rather make 33% less?

Arent the american cars and parts mostly made in america where as asian cars are all imported parts and only assembled here?
I think gm,f make shit cars and have shit ceo's but 20 bil aint much when you are talking about 800bil and 150bil alone to aig.
This whole fiasco is shameful.