Sunday, February 15, 2009

Game Over for GM?

Just out on Bloomberg

*ADMINISTRATION WON'T NAME AN `AUTO CZAR, PEOPLE FAMILIAR SAY
*GEITHNER, SUMMERS TO HEAD PANEL ON U.S. AUTO RESTRUCTURING

Link to full NYT article.

pretty much means Chapter 11 most likely done deal. At least Rattner's wife's DWI news will be burried for ever. Sphere: Related Content
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3 comments:

TomOfTheNorth said...

"Geithner, Summers To Head Panel On U.S. Auto Restructuring"

Makes sense, they've done such a bang-up job on the banks. Time to share the wealth & spread some of that intellectual capital around!

C. Fischer said...

It's about time. This was an inevitability. The Big-3 have been mismanaged and haven't been viable for a long time.

Wall St. certainly wins for amount of damage inflicted in the shortest period of time, but the greed and gluttony emanating from Detroit is impressive as well.

It's really a shame, too. I think most Americans, all other things being equal, would rather drive an American car made by American workers. But for me at least, it's hard to support an industry that has lobbied against fuel standards and has built inferior products for so long. Every time I get into a rental car it's an anti-commercial for American automobiles.

The best thing here that could happen for America is for these companies to go through bankruptcy, where their status-quo boards and management are tossed, and install someone who can get these companies to produce a car someone actually wants to buy.

anon-2 said...

His shiksa wife was found drunk and catatonic at a tollbooth LOL Happens all the time. Rattner's was a great delicatessen in lower Manhattan for years. The Rattner family includes a Rattner liberal talking head. Ellen I think. Plus Rattners are knee deep in Forrest City which put up the new grandiose NY Times building. The NY Times would be lot sounder without that albatross