General Motors Is Headed For Bankruptcy -- Again
President Obama is proud of his bailout of General Motors. That's good, because, if he wins a second term, he is probably going to have to bail GM out again.
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#1 Aug 19, 2012
Hey you guys left out the most important part of the story. Why is GM going down the tubes? Obama allowed the union obligations to survive bankruptcy where secured bond holders were given 10 cent on the dollar. This effectively wiped out 200 years of bankruptcy law and doomed GM to a longer death spiral. GM was left with what got it into trouble financially in the first place. Lack of business experience is what I suspect on Obamas part and he lacked an understanding of the law.
GM should have reorganized, got out from under Unions grip and GM would have been a strong company going forward.
#2 Aug 19, 2012
Obama paid in full for those union votes. they just done know it yet but Obama just delayed offshoring their jobs
#3 Sep 5, 2012
GM is once again flirting with bankruptcy despite massive government purchases propping up its sales figures. GM stock is rock-bottom.
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