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perda04

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Glad we only burned up $50 BN before figuring out things need to change.

GM, Chrysler rocked by Obama autos team hard line

The Obama administration seized the wheel of the failing U.S. auto industry on Monday, forcing out General Motors Corp's CEO, pushing Chrysler LLC toward a merger and threatening bankruptcy for both.

GM shares plunged around 20 percent in Frankfurt after steps outlined by the White House autos panel marked a stunning reversal for management at both GM and private equity-owned Chrysler.

The moves came after Europe's second-biggest carmaker by sales PSA Peugeot Citroen ousted CEO Christian Streiff, replacing him with former Corus head Philippe Varin from June 1.

The Obama administration pledged only to fund GM's operations for the next 60 days while it develops a sweeping restructuring plan, instead of granting GM's request for up to a further $16 billion in loans.
 

Lammie

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I heard that Crysler is only getting thirty days to get their act together.
 

john250

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I watched the prez just before lunch.
What struck me was his use of the term "bankruptcy". Couldn't we have done that a whole lot cheaper a few months ago?
 

HOSS

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Hopefully this will scare off any more would be TARP takers. If they learn that the guberment is going to call all the shots, tax bonuses, force mergers and dictate salaries they will figure out a way to do it on their own or go bankrupt. Just like it should be.
 

grannysoo

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Government should have never meddled in this the first place. That is why we have bankruptcy laws.

** There is no such thing as "too big" to fail. And that includes the US Government. **
 

TexasBred

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Apparently the automakers "honey moon" is much shorter than the Prez's. This was all decided way back... the cash infusion was just the first "act" to cover up what many of knew was going to happen all along. Thsese things don't just happen.

Almost as sick as all those pricks acting with such surprise and outrage about the AIG bonus' when they had known in for months and actually wrote them into the pkg.
 

alacattleman

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Lammie":2zvlv3wj said:
I heard that Crysler is only getting thirty days to get their act together.
they where trying for 10 years before the the bail out can't see em doing it in thirty days
 

john250

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alacattleman":1g5lm776 said:
Lammie":1g5lm776 said:
I heard that Crysler is only getting thirty days to get their act together.
they where trying for 10 years before the the bail out can't see em doing it in thirty days

Chrysler has 30 days to marry Fiat. I'm really waiting for the offspring of that marriage. Raise your hand if you crave any Fiat product. The marriage will then be gifted with, I think, $6 billion of our money. Dukes of Hazzard marries "La Dolce Vita". And gets a big dowry.
Mr President, the idea is always to get a policy which postpones disaster until your term ends. This stands less chance than two kids with a trailer house.
 

Ryder

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grannysoo":2nqd2wwg said:
Government should have never meddled in this the first place. That is why we have bankruptcy laws.

** There is no such thing as "too big" to fail. And that includes the US Government. **
Both comments are true. But I don't think it is politically correct to recognize these things.
You might get accused of not being positive. :roll:
 

Aaron

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Did anyone notice that Obama broke the rules he set out already?

If I remember correctly, GM and Chrysler were to hand in their restructuring plans on March 31st.

Obama interrupts it all on the 30th and stirs the sh!t.

Wagoner should have been canned long ago, but he shouldn't be canned the day before he has his final word on his big plans...

After this, I don't believe too much that comes from the man now. :cowboy:
 

1982vett

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Aaron":3ob1qrsd said:
Did anyone notice that Obama broke the rules he set out already?

If I remember correctly, GM and Chrysler were to hand in their restructuring plans on March 31st.

Obama interrupts it all on the 30th and stirs the be nice.

Wagoner should have been canned long ago, but he shouldn't be canned the day before he has his final word on his big plans...

After this, I don't believe too much that comes from the man now. :cowboy:

And just why did you believe him last week, last month or last year?
 

Jogeephus

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Ryder":2g57oyix said:
grannysoo":2g57oyix said:
Government should have never meddled in this the first place. That is why we have bankruptcy laws.

** There is no such thing as "too big" to fail. And that includes the US Government. **
Both comments are true. But I don't think it is politically correct to recognize these things.
You might get accused of not being positive. :roll:

Surely you can't possibly believe this is true regarding an okra megamonopoly. I have some real positive thoughts about what I can spend my bailout money on once the White House realizes they may not be able to serve fried okra if I go under.
 

grannysoo

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Ryder":1z6c2a1y said:
grannysoo":1z6c2a1y said:
Government should have never meddled in this the first place. That is why we have bankruptcy laws.

** There is no such thing as "too big" to fail. And that includes the US Government. **
Both comments are true. But I don't think it is politically correct to recognize these things.
You might get accused of not being positive. :roll:

Can't accuse me of not being positive. I'm absolutely positive that our government is helping us out. All the way out to the poor house.......
 

perda04

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Wall Street Bets Obama Will Fire Bank CEOs Next

After General Motors (NYSE:GM) Chairman and CEO Rick Wagoner was forced out by President Barack Obama, Wall Street is betting bank CEO firings will be the next shoe to drop.

CNBC’s New York Stock Exchange floor reporter Bob Pisani told viewers of CNBC’s March 30 “Street Signs” the market’s actions, with the Dow Jones Industrial Average (DJIA) dropping as much as 300 points, are reflect, in part,that the government is going to force bank CEOs out as they did with Wagoner.

“Look, the main concern here today is Geithner’s comments that some banks are going to need a lot more capital,” Pisani said. “And for everybody who says why haven’t they fired anymore bank CEOs yet – why hasn’t the government done it, wait – they’re going to.”

“The Street basically believes there are going to be several of them fired at this point,” Pisani said. “We don’t know who. It may not necessarily be the biggest ones. You may see smaller ones. But the government has set up everything just like they did with the auto companies to basically start dismissing some CEOs of banks now and I think you’re going to see that happening and that whole issue is weighing on it.”
 

ga. prime

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john250":25a49ofn said:
Raise your hand if you crave any Fiat product.
I've got a Fiat-Allis bulldozier and the only place to get parts for it is at a salvage yard.
 
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