Guess we the collective taxpayers may have the most expensive seat in the bankruptcy RE: GM

[RB TexLa]

At least the second article reminds us there are smart people representing us in that seat, let's hope they can come up with something.





GM auditors raise doubt on viability

General Motors on Thursday said its auditors had raised "substantial doubt" about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash. Skip related content

The "going concern" warning from the struggling U.S. automaker had been expected, but underscored the stakes for GM as it seeks up to $30 billion (21.2 billion pounds) in U.S. government aid to restructure outside a court-supervised bankruptcy process.

GM's shares dropped 15 percent to $1.87 in early trading on the New York Stock Exchange as investors reacted to the news.

GM said its creditors had agreed to waive a requirement that could have allowed them to force the automaker to repay more than $6 billion in loans because of the warning in order to allow GM to press its case for government aid.

The automaker had warned late last month that it expected auditors Deloitte & Touche would question its viability after it reported a loss of nearly $31 billion for 2008.


http://uk.news.yahoo.com/22/20090305/tts-uk-gm-d1d4700.html

Obama team working hard on GM, auto woes: W.House

WASHINGTON (Reuters) – President Barack Obama's administration is working "around the clock" to form an approach for the challenges facing General Motors Corp and the auto industry, a White House spokeswoman said on Thursday.

"The administration is very mindful of the challenges in the auto sector," the spokeswoman said.

"Our team is working around the clock to develop the most thoughtful approach possible to the situation."

(Reporting by Jeff Mason; editing by Mohammad Zargham

http://news.yahoo.com/s/nm/20090305/pl_nm/us_autos_gm_obama_1

[damntexdem]

1. Well, if need be, I suppose the country could always hold a going-out-of-business sale.

;-)

[gratuitous]

2. Whaddya know about that?

GM, a going concern for decades, with a former chairman who famously intoned that what was good for General Motors was good for America, had eight years of an MBA president. They enjoyed the laxest government oversight, the lowest taxes, and the most big business-friendly environment imaginable. And after such a short time up to its corporate hips in the trough, they (along with a whole bunch of other big businesses) have overgorged themselves into a terminal condition.

Now, I know the executives will pass out of the corpse little the worse for wear, and that the line workers and people who helped create all that fabulous GM wealth will be more or less destroyed, but I have to wonder if this nation is going to figure out that handing the keys of the country to the greediest motherfuckers is a recipe for disaster. That's why they're greedy motherfuckers. They won't even accidentally make things better unless they're walking off with a butt-load of money. They will not operate in the common interest. They would sooner see a venerable business collapse than compromise their "me first and to hell with you" principles.

[tritsofme]

3. The only way GM could go through bankruptcy without being liquidated

is if the feds provide debtor in possession financing.

Its the least bad option.

[NNN0LHI]

4. I would still rather keep bailing out GM and its 300,000 good jobs than give tax cuts to the wealthy

All the wealthy do is put it in the bank where it sits. At least this money comes back to us in withholding taxes and the workers have to spend most of their earnings putting it back into the economy to pay their bills.

And that is exactly where any excess money left over will go. Right back to the wealthy. I have learned that.

Don