Quote:
Originally Posted by BigAls87Z28
Give me 5 reasons why I shouldnt ban you right now Monaro?
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Well I can give 1 reason. I have been contacting Obama's transition team, and various US senators and congressman and the US Treasury and various political economic advisors with both encouragement to save GM as well as suggestions of how to potentially get around some legislative difficulties, and I'm an Aussie.
How many GMI members have been doing the same thing I wonder? Even called your local senator?
The question of what happens to Corvette and how it may be at the mercy of Toyota is an analogy of the current position of the entire GM Corporation and it's entire 100-year history. In case some of you have not yet woken up to the fact, what the Senate votes in the next few days could seal GM's fate forever. Why?
There are laws about bankruptcy that Wagoner MUST follow or go to prison. When GM can no longer reasonably expect to be able to pay it's creditors then it MUST declare at least Chapter 11 bankruptcy. No if's, no buts, no delays. It happens in a matter of moments, and it's irreversible. GM will never come out of Chapter 11, car sales will plummet. It will go directly in short order to Chapter 7 and be broken up and sold off to the highest bidders piece by piece to pay creditors. Nobody, not even the government, can save it then.
GM does not have enough cash to get to inauguration date. It does not have cash to get to Christmas. It is already now into the grey area of where it perhaps should declare bankruptcy today, and Wagoners lawyers have probably advised him that only his being able to claim a genuine belief that the Congress will vote for a financial relief package this week gives him legal cover from the criminal culpability of forming the intent to breach the law by allowing GM to keep trading while irreversibly insolvent. The moment the Congress votes down the relief package he will no longer have legal cover and I expect a filing within hours.
Will Congress vote down the package? I believe that the Democrats do not have the numbers to stop a filibuster in the Senate and its opponents will defeat it. All those who have said they will support it have put caveats on their support that are at odds with each other and not reconcilable. Until they try to come up with a compromise you will not truly see how many people had little intention of supporting the package.
This is not politics as usual and they somehow magically come together and pass it at the last moment. The Republican Party seriously wants the unions destroyed and this they have realised is the first chance they have had in 30 years to do it. And having lost both houses and the Presidency, it's simply too inviting for them not to savour this rare victory for their cause....
How many of you are trying to save GM?
