Introducing GovMo
(Photoshop credit: Reader Joe N.)
It’s official. General Motors has filed for bankruptcy. Government Motors is now in business, with a perpetual taxpayer lifeline:
General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration’s plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.
GM’s bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.
As it reorganizes, the fallen icon of American industrial will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That’s on top of about $20 billion in taxpayer money GM already has received in the form of low-interest loans.
George W. Bush stuck the key in the bailout ignition.
Barack Obama floored the gas pedal.
The taxpayers got stuck with a lemon for life.
***
Commenter John424: “Tell me again why we had to give billions to GM and Chrysler? Oh yeah, to avoid bankruptcy and all of the attendant problems associated with it. RIP America. We hardly knew ye.”
Crikey. A community organizer is now auto-exec-in-chief. And a 31-year-old (almost) law school grad with no knowledge of the auto industry is in charge of dismantling GM:
It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism.
But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry.
Nor, for that matter, had he given much thought to what ailed an industry that had been in decline ever since he was born. A bit laconic and looking every bit the just-out-of-graduate-school student adjusting to life in the West Wing — “he’s got this beard that appears and disappears,” says Steven Rattner, one of the leaders of President Obama’s automotive task force — Mr. Deese was thrown into the auto industry’s maelstrom as soon the election-night parties ended.
“There was a time between Nov. 4 and mid-February when I was the only full-time member of the auto task force,” Mr. Deese, a special assistant to the president for economic policy, acknowledged recently as he hurried between his desk at the White House and the Treasury building next door. “It was a little scary.”
***
From the White House background fact sheet on GovMo:
General Motors Restructuring – Shared Sacrifice
The President made clear throughout this process that every one of the Company’s stakeholder would be expected to sacrifice, and that none would receive special treatment because of the involvement of the government. The resulting agreement is tough but fair, and has garnered broad support from GM’s major stakeholders:
· Operational restructuring: GM is undertaking a significant operational restructuring that will address past failures, dramatically improve its overall cost structure, and allow the company to move toward profitability even if the auto market recovers slowly. As a result of this restructuring, GM will lower its breakeven point to a 10 million annual car sales environment. Before the restructuring, GM’s breakeven point was about 16 million annual car sales.
· The UAW has made important concessions on compensation and retiree health care that, while difficult, will help save jobs for active employees, pensions and health care for retirees, and make GM more competitive. In virtually every respect, the concessions that the UAW agreed to are more aggressive than what the Bush Administration originally demanded in its loan agreement with GM. Among other things, the UAW’s existing VEBA – to which GM has a $20bn obligation – will be replaced by a new VEBA as described below.
· The Steering Committee to a portion of GM bondholders has confirmed that bondholders representing at least 54% of GM’s unsecured bonds have agreed to exchange their portion of the Company’s $27.1 billion unsecured debt for their pro-rata share of 10% of the equity of new GM, plus warrants for an additional 15% of the new Company. The Steering Committee confirms that the number of individual and institutional bondholders that support this deal is now over 1,000. The bankruptcy court process will be used to confirm this treatment for those bondholders and other unsecured creditors that failed to accept or did not participate in the offer that was accepted by the aforementioned majority.
· Painful but necessary restructuring steps will also be implemented. In order to size GM’s footprint to its current share but also allow for volume growth when the economy and the automotive market rebound, GM has planned to reduce its plant operations. Today GM is announcing its intention to close 11 facilities and idle another 3 facilities.
Details on the Creation of New GM:
The newly organized GM will purchase substantially all of the assets of the old GM needed to implement its business plan out of a chapter 11 in exchange for the U.S. Government relinquishing the majority of its loans to GM.
· This new GM will establish an independent trust (VEBA) that will provide health care benefits for GM’s retirees. The VEBA will be funded by a note of $2.5 billion payable in three installments ending in 2017 and $6.5 billion in 9% perpetual preferred stock. The VEBA will also receive 17.5% of the equity of New GM and warrants to purchase an additional 2.5% of the company. The VEBA will have the right to select one independent director and will have no right to vote its shares or other governance rights.
· The GM qualified pension plans for both hourly and salaried employees will be transferred to the New GM as part of the purchase process.
· The U.S. Treasury is prepared to provide approximately $30.1 billion of debtor in possession financing to support GM through an expedited chapter 11 proceeding and transition the new GM through its restructuring plan. The U.S. Treasury does not anticipate providing any additional assistance to GM beyond this commitment. In exchange for funds already committed by the U.S. Treasury and the new injection of $30.1 billion, the U.S. government will receive approximately $8.8 billion in debt and preferred stock in the new GM and approximately 60% of the equity of the new GM. The U.S. Treasury will also have the right to appoint the initial directors other than those that will be selected by the VEBA and the Canadian government.
· The Governments of Canada and Ontario will participate alongside the U.S. Treasury by lending $9.5 billion to GM and New GM. The Canadian and Ontario governments will receive approximately $1.7 billion in debt and preferred stock, and approximately 12% of the equity of the new GM. Based on its substantial financial contribution, the Canadian government will also have the right to select one initial director.
· The new GM will pursue a commitment to build a new small car in an idled UAW factory, which when in place will increase the share of U.S. production for U.S. sale from its current level of about 66% to over 70%.
Principles for Managing Ownership Stake
Consistent with the goal of clearly limiting the government’s role as a reluctant equity owner but careful steward of taxpayer resources, the Obama Administration has established four core principles that will guide the government’s management of ownership interests in private firms. These principles will apply to the U.S. government’s equity stake in GM:
· The government has no desire to own equity stakes in companies any longer than necessary, and will seek to dispose of its ownership interests as soon as practicable. Our goal is to promote strong and viable companies that can quickly be profitable and contribute to economic growth and jobs without government involvement.
· In exceptional cases where the U.S. government feels it is necessary to respond to a company’s request for substantial assistance, the government will reserve the right to set upfront conditions to protect taxpayers, promote financial stability and encourage growth. When necessary, these conditions may include restructurings similar to that now underway at GM as well as changes to ensure a strong board of directors that selects management with a sound long-term vision to restore their companies to profitability and to end the need for government support as quickly as is practically feasible.
· After any up-front conditions are in place, the government will protect the taxpayers’ investment by managing its ownership stake in a hands-off, commercial manner. The government will not interfere with or exert control over day-to-day company operations. No government employees will serve on the boards or be employed by these companies.
· As a common shareholder, the government will only vote on core governance issues, including the selection of a company’s board of directors and major corporate events or transactions. While protecting taxpayer resources, the government intends to be extremely disciplined as to how it intends to use even these limited rights.
Warrantees:
· GM will continue to honor consumer warranties. This past week, the U.S. Treasury made available the Warranty Support Program to GM and $361 million was funded to a special vehicle available to provide a backstop on the orderly payment of warranties for cars sold during this restructuring period.
The Bankruptcy Process
During this process, GM will continue operating in the ordinary course. From an operating perspective, the day after the filing will not be materially different from the day before the filing. The following parties will be treated as described below:
· Employees: Employees will get paid in the ordinary course, including salary, wages and ordinary benefits. Assuming the sale moves forward as expected, Pension Plan and VEBA funding will be transferred to New GM.
· Suppliers: GM will seek authority at its “first day” hearing to continue to pay suppliers in the ordinary course. In addition, the U.S. Treasury’s Supplier Support Program will continue to operate, and GM suppliers benefiting from the program will continue to receive that support.
· Dealers: GM will seek authority at its “first day” hearing to honor its customer warranties in the ordinary course. Moreover, GM will seek to continue to honor its dealer incentives for those dealers who are expected to continue to be part of GM’s distribution network going forward. There are some dealers that GM has identified that will not continue with GM. It is expected that the terminated dealers will be offered an agreement to orderly wind down their operations over the next 18 months
· UAW: The modified labor agreement reached between the UAW and GM will be operative and will be assumed by the New GM.
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Trackbacks
- Finding Ponies...
- It’s Official: Government Motors files for Bankruptcy | Generic Rant - NOT usually Politcally Correct!
- GM Bankruptcy: The End, and Beginning, of an Era… « NEOAVATARA
- A new Governmental Start-Up Business « Vets On The Watch
- Today’s GM Doublespeak « Scott’s Slant on Politics
- It’s The End Of GM As We Know It « Around The Sphere
- Who Needs Investors When You Have Taxpayer Dollars? - Cultural Gadfly
- DDay for GM - GM files chapter 11 bankruptcy | Welcome to Government Motors | Fire Andrea Mitchell!
- Say No To Socialist Cars « Nice Deb
- The Triumph of Capitalism and The Power of Consumer Sovereignty Over Massive Government Failure–Bankruptcy of General Motors–Now Government Motors! « Pronk Palisades
- Obama to losers in GM/Chrysler deals: Hey, you’re sacrificing for the next generation, including my children « Danishova
- GM declares bankruptcy as government takes over « Wellsy’s World
- GM declares bankruptcy as government takes over - wellsy’s Diary - RedState
- Boycott GM & Chrysler « A Political Dookie
- Obama Banana Republic-No Longer “A Matter of Law” | Obama Exposure
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The Japanese Media is lamenting this, all the while, subtily rejoicing. GM going down in flames destroys yet another competitor to Japan’s Flagship Car Company, Toyota….
Plus these little nuggets:
And:
Tell me again why we had to give billions to GM and Chrysler? Oh yeah, to avoid bankruptcy and all of the attendant problems associated with it.
RIP America. We hardly knew ye.
My thoughts EXACTLY, John 424: well-said….
Wow! Thanks for the hat-tip Michelle. I’m truly honored.
I am stunned that no one has yet posted a picture of the Dear Leader with this question?
“Would you buy a new car from this man?”
Until the government has zero involvement with them, Hades will freeze over before I buy a GM or Chrysler product.
Sorry, but I’ll stick to my German cars.
Flyoverman beat me to it, but the sentiment is identical. GM and Chrysler are dead to me.
While there is likely some truth to that, we should remember that the economic the aftermath will hurt sales for all of us carmakers.
(zoom zoom)
Obama doesn’t like competition. He eliminates them!
So… I have this awful feeling that in a few years, pending another “crisis” here and there, we will be forced into these pathetic death mobiles.
Oh, is that all? Whew, I guess they won’t be exercising total control.
There’s the money quote. Read Liberal Fascism and you will see that the term sacrifice appears again and again as what all people must do to ensure that liberalism, marxism, fascism, socialsim, become the predominant type of government.
Pretty soon, The B.O. will tell us that we all must sacrifice for the good of socialism.
Gird your loins.
I used to be a big GM supporter. I bought Chevrolet vehicles. But, no more. I just sent them an e-mail stating that.
More focus should be put on Obama’s chants of “shared sacrifice”.
Looks to me like he and his socialist pals SHARE in the money and we, the tax payers, do the SACRIFICING.
Obama is systematically destroying this country.
Since Obama nor the Democrats campaigned on bank and auto takeovers, I wonder why people feel he has the authority to do these take-overs.
Sheeple.
There’s a link on Drudge to a Pravda article “American descent into Marxism happening with breathtaking speed“.
Ya think?
I’m sure sacrifice… was front and center when Bambi took his wife on a 24,000 dinner date…
True that.
Ford took the high road by not taking taxpayer money. Unfortunately for them, it may spell their deathknell.
Li’l bHo already tipped his hand on his plan. He’s going to force higher gasoline prices one way or the other. GovMo will be cranking out “cars” that run on electricity, solar, gerbil power – whatever – all on the taxpayer dime. Ford won’t be able to re-tool in time to remain commercially viable in this country.
Beyond the atrocity that IS this whole bankruptcy farce, Li’l bHo is positioning “his” company to hold a monopoly in auto manufacturing and sales in this country. Anti-trust laws don’t apply to the all-powerful Imperial Federal Government, it would seem.
Look for $5.00/gal gas prices at the pump soon. Timing to be determined by how soon the first gerbil powered GovMo vehicles become available.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!
Phew, I’m sorry. I couldn’t help it when I read that statement.
John424 is correct. Gas prices WILL go up to force people to by the little death-traps Gm and Chrysler will have to make. (Prices will be up despite huge new discoveries of oil and natural gas in Alaska.) I don’t think Ford can look forward to many fleet sales to the feds.
So esentualy all of the union perks that caused the problem are to be kept but the new GM. WOW all this “bankruptcy” does is screw the debtors, workers and shareholders.
The only thing that will save GM is to move out of Michigan and get away from the UAW. Unfortunately, you know that staying in Detroit will be a condition of the bankruptcy. So, it’s not a permanent fix, it’s a band-aid on a bleeding artery.
A company needs one thing to succeed: A customer.
That being said, the only way Government Motors can succeed is if they make cars that people want to buy. That means you need car-savvy people who are also good businessmen and women running the company, not some community organizer or recent law school grad.
We may be saying “Bye-bye” to the domestic auto industry very soon.
You are exactly right.
I’m already seeing gas slowly climb after there being a lull for the last 6 months.
He will force all gas powered cars off the road by fuel proxy.
States like Texas, Louisianna, Alaska should start to consider plans to go postal on the US Gov in terms of oil and gas production and refining. I don’t know how that can be done but it may be able to be done via the 10th Amendment….
So in otherwords 92% of GM will be owned by a combo government and union set up. Yeah that is going to work out real good for the taxpayers…./sarc
So where is all the liberal outrage about someone who is not qualified to do the job being proped up like they did when Palin was running? At least Palin has executive experience. This guy is either a future scapegoat or the job for him is payback to someones parents for their support.
They would have to seceed from the union. Otherwise, Li’l bHo will just pull a Chavez and nationalize all oil and gas production.
This is a good example of why bureaucratic efficiency is an oxymoron. This is the same gubmint who bankrupted The Mustang Ranch.
The greatest industrial nation on earth doesn’t seem to have very much industry left. All this has come about by the diligent efforts of our politicans. I think we need more industry and less politicans and less unions.
What a scam. The taxpayer bailout dollars will be wiped from the books as a debt that is owed to a creditor.
Ford better watch it’s back, Obama and his socialist friends will want to eliminate private competition.
One way to blunt the socialists attempts it to purchase a Ford – the only American privately owned auto manufacturer left – at least while it’s still viable.
I can see Ford’s advertisements now:
Be Patriotic! Purchase a truly American owned automobile from Ford rather than from a government owned company run by socialists and their partners the Chrysler and GM UAW.
Ford – Free Enterprise Still at work! (for awhile at least).
Fixed it.
I have been replacing by Chevrolet Silverado every 2 to 3 years but that has ended. I will never again buy anything from a manufacturer that has abandoned our capitalistic, free enterprise system. Obama needs to call Hugo Chavez . . . maybe he can sell a few of his government cars and trucks. As for me the “peoples car” can cram it.
SO, a 100 year old company files bankruptcy… A company that was too big to fail just six months ago… A company that has been mismanaged for years… A company that has had a QUALITY PROBLEM for decades… A company the UNIONS have had by the BALLS for decades… Now they are going to be run by GUV’MINT… Building vehicles that nobody will buy… Well, as the saying goes, THEY MADE THEIR BED, NOW THEY HAVE TO SLEEP IN IT… Too big to FAIL, indeed!!!
I can see that board of directors now – Karl Marx, Lenin, Stalin, Obama……
And the government wants to run healthcare too. So help me…
In Obama’s words…”you ain’t seen nothin’ yet”
What a scary thought. Is it 2010 yet?
This has been the objective all along. Too big too fail was just words.
Truly sad part is that if you bother to do a little MATH, the whole electric car meme can be shown as not possible.
If you convert the amount of energy in a barrel of oil, to KiloWatt hours, and then figure out how much oil we use a day for transportation…
The math shows that we would have to increase electricity production by 140% to all use electric vehicles.
People don’t understand that electricity is used to transmit energy… it is not an energy source in and of itself…
With no money being spent on new power plants? It would be impossible for the grid to handle the load… heck, we see brownouts in big cities NOW…
New for next year, the Chevy Proletariat!
The UAW wins, the taxpayers lose, the consumers lose, the bondholders lose.
Of course not. The intent is to get as many as possible into mass transit, so that they can be controlled better.
I’m not usually a tin-hat wearer, but I’m beginning to think this whole finacial ‘crisis’ was engineered to get Obummer elected and push through Socialism.
Anyone ever find out who is responsible for the $500B removed from the bond market within 90 mins the middle of September? Cough-cough (Soros) cough…
I guess I’m a tinhat type too, because I think that’s a foregone conclusion.
EVERYTHING this a$$clown does he MUCKS it up!!!!!!!!
THANKS FOR ALL THE VOTES KUNKLEHEADS!!!!!!!!!
Yale, Harvard, Colombia.
I am tired of these elitist snobs who think they know best about how we run our lives. No wonder they disdain Palin.
I will not be buying a GM car any time soon. I started buying Japanese cars 35 years ago, because they were better. Toyota and Honda owners expect to get 15 years out of their cars. So I am good for about 12 more years. By then I am hoping the facist experiment is over.
I think the world has turned upside down. My January remark may be correct. We have our first Communist president.
txvet2, about that board of directors-although it may list a bunch of dead communists, it will actually be staffed by ACORN. I wonder who among the readers believe that the primary goal of government motors will be to make cars? Their primary goal will be to stay in government. If you start with this premise, you might be able to predict the future headlines with a fair degree of accuracy.
Here’s a drive by comment, I’ve been a General Motors fan for 47, years 1st car was ‘54 Chev bel aire custom…I’ve purchased my last General Motors cars, nor will I buy another Chrysler which I have in the past, also no more Fords as long as UAM has the control they do.
I have also had Toyota’s, and had good luck with those, I’ll be buying Japanese more than likely, until Der Fuhrer stops the imports of these imports.
We are witnessing the demise of the greatest country in history.
Sayonara Big 3
I’m guessing that’s already in the works. As soon as the price of gas is high enough that the Gov’t can allege gouging on the part of the oil companies. Maxine Waters suggested nationalizing last summer when oil hit $140.
How many cars are they needing to sell before they have to close for good? I doubt they’ll make it.
When you have to go to Pravda to get the truth, you KNOW we’re in a he** of a mess.
I’ve already decided I’m gonna drive my little Hyundai into the ground, unless himself forces me to buy a “greener”.
I am also tired of all these commissars being given the title czar. How many czars can one country have? Please people, refer to these political appointees as commissars. Someone asked a question a while ago about how doctors feel about government takeover of medicine. Watch Dr. Zhivago and you will undestand how much we want a commissar in our lives. The military commander wanted to let Zhivago return to his family, but the commissar said no. His debt to the party has not yet been paid. Which industry will be taken over next?
rambler, who will count the number of cars they actually sell? The government’s goal is not to sell cars. It is to stay in power.
In THE GREAT STATE OF TEXAS we drive big trucks…….My 1 ton chevy 4dr gets 10mpg & my 3/4 ton military diesel blazer gets 18mpg & looks real good (camo) doing it!!!!!!!!!!!!
Little metric cars are scary, If you hit one they fold like a cheap suit…….
No thanks GOV. motors I love my wife & kids……….
GOD BLESS TEXAS!!!!!!!
chavez p.o.ed the general public, and today i rarely see a citgo station. my wife asked me as we drove past a vacant station yesterday “wasn’t that a citgo station?” yes the little marxist blowhard of venezuela was merely a preview of our own little marxist blowhard. government motors and chrysler today, citigroup tomorrow, the health care industry by fall. now all these masters of the universe have to do is convince us (the common unwashed morons) that a car devised by a government committee and built by the uaw is where we want to sink our hard earned money. hmmmmmm. i see imports in my future.
My first car was a ‘91 Plymouth Acclaim (I loved that car – hence my handle), but no more Chrysler for me.
My current vehicle is an ‘06 Chevy HHR. It will be the last GM car I buy unless things change. I hope it lasts a loooooong time.
I never really liked Fords, but that may change if they keep their independence from the gov’t.
Why in hell would anyone buy a car designed and backed by politicians? The same politicians that “run” the government so well and waste our money like it’s water. No one in their right mind would buy a car from a company run by the same people that run the post office or DMV.
The Prez has a plan:
Yeah, anybody who believes that,I’ve got a bridge for sale.
zero’s administration and the uaw, what a pair. who can possibly believe two failures will produce anything of value?
My current car is a Toyota Camry. Bought in 1991.
Hopefully, the entire notion of “government bailout” is now toxic among business executives.
This is pure fascist economics.
Hot Air had this excellent analysis…
Why should we worry? Between the Hope-a-Dope regime and the UAW, “Gummint Motors” is in the very best of hands.
It’s kind of like the discussion between the government agent and Indiana Jones toward the end of Raiders of the Lost Ark:
Somehow, just like in the film, reassurances from the government that the “New” GM is going to make a successful go of it come across as anything but reassuring.
A suggestion: GM should stick to producing government-fleet vehicles from now on. And military vehicle production. At least that way they’ll have a captive audience for their junk, which is all they’ll produce with UAW line workers and federal government managers.
IF…IF…the Federal government was going to BUY an interest in GM, it should have done so at a MARKET RATE.
Not that that would be LEGAL, in any event…
They are going to be producing WHITE econo-boxes for the governments to buy. Nobody else will want them.
We CAN, however, expect to see them in private hands. Welfare cars.
http://www.michaelmoore.com/words/message/index.php?id=248
I hate to link to a micheal moore letter but this is what the far left thinks and believe. This maybe what is coming. NO privately owned vehicles except where buses and trains don’t run. 2 dollar a gallon tax on gas right now. No more gas powered cars period.
http://www.michaelmoore.com/words/message/index.php?id=248
I hate to link to a micheal moore letter but this is what the far left thinks and believe. This maybe what is coming. NO privately owned vehicles except where buses and trains don’t run. 2 dollar a gallon tax on gas right now. No more gas powered cars period.
Well, then this isn’t far from the truth.
Since when did running the math on these things matter?
It takes a gallon and a half of gasoline to produce one gallon of ethanol. That didn’t stop that madness.
How about an experiment in putting 2 and 2 together – ethanol is deadly to an internal combustion engine designed to run on gasoline, yet we now have government mandating that all regular unleaded gas contain 10% ethanol – and that standard is only going to see an increase in that percentage. 10% ethanol fuel is already killing gasoline engines . . . and GovMo is poised to begin production of “cars” that won’t run on gasoline.
I wonder what a world without a free America will look like?
Brace yourselves. Russia is now a big player in GM. The CEO of Magma, the company buying Opel and other GM assets in Europe, is in Russia as I write this negotiating a deal for the GM dealerships there.
Red Star Motors International. Get ready for it.
The government will own GM forever.
Hopefully by November of 2010 America will realize that the “Check Engine” light is on and trade their “new GM” in on a more reliable model.
Wouldn’t you really rather have a
BuickBarack?Obama: “So Rahm… how we gonna get these car companies and banks to do what we tell them to do? I want them lending to who say to lend to, at my rates… I want them building the cars that I say to build. “
Emanuel: “Easy Mr. President. We become the owners. Then we can do whatever we want. “
Obama: “Yeah, but where are we gonna get the money to do that?”
Emanuel: “You’re kidding, right Mr. President [laughs]?”
Oh good, the interns are in charge. At the White House and CadiBarac.
When will GM.GOV be online?
http://english.pravda.ru/opinion/columnists/107459-0/
An opinion from Pravda that, for once, I may agree with.
BOYCOTT GovMo and get the unions at the same time.
There are still many other manufacturers to purchase from.
His speech could have been summed up as;”Grand Theft Auto” by union thug.
Jet-setting, Limousine Liberals do not drive Golf Carts no matter how GREEN they are.
Irresponsible GM/Chrysler Bond holders (401K savers, pensioners,and other investors) are already burnt in this bailout. If they buy a GM car OR their BONDs, they would be the biggest fool around.
So who is going to be breathlessly awaiting for a YUGO made by new GM?
No they won’t. It will implode long before that and cease to exist.
Add me to the list that will never buy anything OWNED or BAILED out by the government until that loan is paid back with interest.
ANYONE ELSE NOTICE? They are calling it the New Automobile Acquisition Corp (N.A.A.C.) so if the head is the PRESIDENT… it is N.A.A.C.P., anyone else hear reporations?
I wonder now, with the federal government’s large ownership stake and with the billions poured into it, how Ford will fare in the eyes of the government-auto complex. Are we going to see the unprecedented sight of a market share war between a government-controlled company and a private one? I hope not, but the clash seems nearly inevitable.
Barack Hussein Obama Motors….bHOMO?
Re”:#64 “sonofdy” Michael Moore letter~~
When Obama lays off autoworkers, and closes the 12-17 plants; will Michael Moore begin filming “Barry and Me” about a heartless auto executive and the put upon little people?
#82 Wellsy, I think these clods are going to do everything they can to cripple Ford for having the audacity to avoid assimilation.
Ford’s execs must have been under a lot of pressure to take bailout money.
At least the new GM Tsar is too young to remember the Adobe ad from SNL, or we’ed be seeing $179 clay cars rolling out of the factories with $20,000 stickers.