Treasury to Buy $5 Billion GMAC Stake, Expand GM Loan
politicalnow.com — (Bloomberg) -- The U.S. Treasury said it will purchase a $5 billion stake in GMAC LLC, the financing arm of General Motors Corp. Treasury will also lend an additional $1 billion to GM so the automaker can participate in a rights offering at GMAC to support the lender’s reorganization as a bank holding company, the Treasury announced today. (Submitted by mulligankm) More...
Treasury Tells GM to prep for bankruptcy
reuters.com — WASHINGTON, April 12 (Reuters ) - The U.S. Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by June 1, even though the automaker has publicly stated it could reorganize outside of court, The New York Times... (Submitted by ashcrest) More...
GM (GM) Explores Various Options for Bankruptcy | stocks
freep.com — Days after General Motors Corp. outlined three possible bankruptcy scenarios, the U.S. Treasury Department acknowledged Monday that it is exploring how it might fund a court-protected bankruptcy by GM and Chrysler LLC. (Submitted by inactive) More...
GM CEO Resigns At Obama's Behest!!!???
abovetopsecret.com — General Morors has lost about $82 billion since 2005, and has been kept afloat beginning in 2009 with $13.4 billion in emergency loans from the U.S. Treasury. GM is now seeking another 16.6 million in aid. This is just insane...now we have the Government involved in the private sector to many levels, even extending aid to the suppliers of GM... (Submitted by cmasense) More...
Treasury not negotiating new GM aid
reuters.com — The U.S. Treasury Department is not negotiating with General Motors Corp and the owners of Chrysler LLC on a request to provide direct government aid to their proposed merger, a Bush administration official said on Thursday. (Submitted by jeffgentry) More...
GM makes new bondholder offer ahead of bankruptcy
biz.yahoo.com — "The U.S. Treasury would own 72.5 percent of the new GM." What better reason does anyone need to never buy or do business with GM again. Everything the government runs they destroy. Look at social security and medicare as an example. I would urge every patriotic American to boycott GM. I for one will never deal with GM again. (Submitted by 7papa7) More...
UAW and GM reach agreement, bankruptcy still probable
egmcartech.com — GM and the U.S. Treasury Department have reached a deal with the United Auto Workers, one of the key hurdles that GM needs to clear before its June 1 deadline to avoid bankruptcy. The UAW has not disclosed any information on the agreement, which still needs to be ratified before it can take effect. (Submitted by satchev) More...
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