Now out of bankruptcy, a leaner GM -- free of many of
assets (Hummer, Saab, Saturn) -- is cheered by news of improving
auto sales. States Chairman Whitacre, "It's conceivable we
could pay back some of the loans before the end of the year. We
have some momentum now; there's a lot of enthusiasm. We're all
cautiously optimistic. The board is fully behind Fritz; he's working
GM could seek to repay the government with a new
public stock offering. Those previously holding GM stock saw
their remaining holdings vanish with the bankruptcy.
of a GM stock offering would likely be high in the financial
community, despite emerging optimism on the markets. However,
GM's new look leadership is used to dealing with such doubts.
At an August 3 meeting of GM's board and the U.S. Treasury
Department, the Treasury officials reportedly estimated new CEO Fritz
Henderson's chances of turning around GM to be 40 to 60 percent.
government suggested that GM's over-reliance on insider executive
management led to a lack of accountability and a lack of urgency.
They suggested bringing in more outsiders. While Whitacre says
that GM isn't rushing to bring new blood onboard, he indicates that
the company is slowly bringing on outside talent. And though he
does not say it, he, himself is proof of this effort.
outlook for the near term is looking slightly more optimistic, with
sales in October rising for the first time since January 2008.
The company's marketshare also showed signs of life, capturing 20
percent of the market. Describes Whitacre, "One month does
not a trend make, but were hopeful about November. We're
pleased, but it's still pretty slow going out there."
remain for the automaker, though. It hasn't set specific
marketshare goals and doesn't want to add extra incentives, leading
to an uncertain picture of the company's direction. Still,
Whitacre says that the company is looking at various ways to improve
sales, "We are just looking at ways to sell more vehicles, and
it's a very competitive market. We need to strike a balance."
would be pleased to see GM be taken off the hands of taxpayers and
return to being a publicly held company. At this point, though,
it's unclear whether Whitacre's remarks are indeed a roadmap of what
lies ahead for GM or merely unrealistic optimism. It won't be
long, though, before we find out which they are.
quote: Meanwhile, quality at honda and toyota has been slipping over the past decade.
quote: I just bought the last GM vehcile i will ever buy last january a used saturn Vue never again will i get burned by GM. Ford or toyota will be my next purchse.
quote: Maybe they should learn to compete for work like the rest of us. If my company goes under I'm out of a job.
quote: God help us.
quote: Oh, I see you have the "it's the other parties fault" blidners on. You sir, are part of the problem.
quote: Says the man who declared anybody who voted for obama his mortal enemy.
quote: "will of the people" who gives a crap about the will of the people? People are STUPID.
quote: The Supreme court still can decide anything the president decides unconstitutional, that's a check/balance. Yet they haven't, Hmm....
quote: Oh, and GM DID GO THROUGH A MANAGED CH 11 BANKRUPTCY. And that got us where we are now, with the government owning 60% of GM.
quote: GM did NOT go through Chapter 11. And I'll give you a hint, standard Chapter 11 bankruptcy does NOT lead to the government owning a major share in your company.
quote: Reclaimer do us all a favor and shoot yourself in the mouth, so we can be rid of your right-wing-nut conspiracy theories.
quote: like where he claims GM didn't file Ch. 11
quote: How exactly does someone debunk a subjective opinion? The parts where R77 is flat wrong is pretty simple
quote: "And to ensure they retain power, you'll notice they appointed "Czars" over everything which, by the way, do not have to answer to congress, only the president. The 'Pay Czar' already flat out refused to speak to Congress and nobody could do a thing about it."
quote: I have a problem with this. If Congress, the body that makes laws, wants to do something about this then they can make a law that either regulates czars or eliminates them completely. They have MORE than enough votes to override any presidential veto if they were so inclined. Congress chooses not to question the czars meaning they benefit from having czars.
quote: France (the epitome of evilism socialism) and Germany (awfully socialistic themselves) are already out of recession.
quote: I doubt you would hold your views if you lived in the conservative right-wing paradise (Iran). About as conservative as you can get.
quote: Since you wanted to bring up examples of failings in France, how many would you like from the USA?
quote: Regardless of your ignorance, France has been out of recession for some time. Even though they aren't living up to the perfection that of your capitalist-bought-and-paid-for US government.
quote: And the great Muslim scare, as if you're onto something. You're a typical know-nothing, ideologically bankrupt right winger. Ever been overseas? Arguing till your blue in the face, trying to convince someone you have an idea about what you're talking about.
quote: It is true though that the most conservative people [Muslims] on earth are populating the greatest western nations. You should be happy. And being a right wing anti-American, anti-enlightenment idealist, you are.
quote: Your mindless mouth breathing and drooling about those evil right wingers (anti-American, eh? WE aren’t the ones trying to turn this nation into a fascist, government-run nanny state!)
quote: If you really believe the GOP is the way forward to that goal after the past 8 years, you're an idiot.
quote: Well, the other "other half" feels that way when "[his] guys" are in power, you are saying you feel the same way and had your head equally as far up your ass too?
quote: Unless a "GM Tax" came out of your paycheck last month, this is not the case. They owe the government, not you
quote: I didn't support the war. Do I get a refund? Hell no.
quote: Can you point out exactly where in the constitution it says that the government cannot assist struggling, private companies who are vital to the economic health of the country?
quote: I bet you would make rich people have to pay no taxes
quote: security abolished, Medicare
quote: No oversight of anything
quote: no Fuel Economy/emission Standards at AL
quote: nothing to prevent price gouging
quote: no repaving of roads or other public works projects
quote: Taxes were not raised to pay for the war.
quote: My point exactly. Using your logic, not a penny came directly out of your pocket for the sole purpose of propping up GM, yet you make it sound like the government is the big bad thief trying to take all your money and they owe you something for it.
quote: GM could seek to repay the government with a new public stock offering. Those previously holding GM stock saw their remaining holdings vanish with the bankruptcy
quote: At an August 3 meeting of GM's board and the U.S. Treasury Department, the Treasury officials reportedly estimated new CEO Fritz Henderson's chances of turning around GM to be 40 to 60 percent.
quote: States Chairman Whitacre, "It's conceivable we could pay back some of the loans before the end of the year.