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TARP Audit Questions Rush to Close Auto Dealers

Bankruptcy would have allowed re-negotiation of contracts. Obama stopped this because it would have hurt the unions.

Chrysler has been in trouble for years but kept running

Yes, Chrysler which was dumped by MB, dumped by Ceribus(sp), and now is in the hands of Fiat
 
Bankruptcy would have allowed re-negotiation of contracts. Obama stopped this because it would have hurt the unions.

Chrysler has been in trouble for years but kept running

so, are you wanting us to believe that with the bailout there was no bankruptcy and no re-negotiation of the union contracts?
you seem to be going in circles
the contracts were renegotiated
bankruptcy was filed
despite the bailout
so, tell us what Obama did which was wrong and why you find his actions to have been wrong
 
so, are you wanting us to believe that with the bailout there was no bankruptcy and no re-negotiation of the union contracts?
you seem to be going in circles
the contracts were renegotiated
bankruptcy was filed
despite the bailout
so, tell us what Obama did which was wrong and why you find his actions to have been wrong

Correct Obama wrote the bankruptcy plan and the court approved it. It was a prepackaged bankruptcy.

Obama: Government control over GM to be short-term » Homepage » The Daily Item, Sunbury, PA

In a defining moment for American capitalism, President Barack Obama ushered General Motors Corp. into bankruptcy protection Monday and put the government behind the wheel of the company that once symbolized the nation's economic muscle.



The fallen giant, the largest U.S. industrial company ever to enter bankruptcy, is shedding some 21,000 jobs and 2,600 dealers. Sparing few communities, the retrenchment amounts to one-third of its work force and 40 percent of its dealerships.



"We are acting as reluctant shareholders because that is the only way to help GM succeed," Obama said of the temporary nationalization of the 100-year-old company.



Obama lauded what he called a "viable, achievable plan that will give this iconic American company a chance to rise again" as GM followed Chrysler LLC into bankruptcy court. Of Detroit's three automakers, only Ford Motor Corp. has avoided bankruptcy restructuring and has not taken federal bailout money.



The prepackaged GM bankruptcy deal — crafted by the administration, the company, the United Auto Workers union and a group of bondholders — would give the U.S. government a 60 percent controlling stake in what was once the world's largest automaker. An additional 12.5 percent would be under Canadian government ownership.
 
ok, which is it?
here, you insist Obama stopped the bankruptcy/re-negotiation of union contracts:
Bankruptcy would have allowed re-negotiation of contracts. Obama stopped this because it would have hurt the unions.

Chrysler has been in trouble for years but kept running

while here, you insist Obama was the one who crafted the bankruptcy plan:
Correct Obama wrote the bankruptcy plan and the court approved it. It was a prepackaged bankruptcy.

Obama: Government control over GM to be short-term » Homepage » The Daily Item, Sunbury, PA

In a defining moment for American capitalism, President Barack Obama ushered General Motors Corp. into bankruptcy protection Monday and put the government behind the wheel of the company that once symbolized the nation's economic muscle.



The fallen giant, the largest U.S. industrial company ever to enter bankruptcy, is shedding some 21,000 jobs and 2,600 dealers. Sparing few communities, the retrenchment amounts to one-third of its work force and 40 percent of its dealerships.



"We are acting as reluctant shareholders because that is the only way to help GM succeed," Obama said of the temporary nationalization of the 100-year-old company.



Obama lauded what he called a "viable, achievable plan that will give this iconic American company a chance to rise again" as GM followed Chrysler LLC into bankruptcy court. Of Detroit's three automakers, only Ford Motor Corp. has avoided bankruptcy restructuring and has not taken federal bailout money.



The prepackaged GM bankruptcy deal — crafted by the administration, the company, the United Auto Workers union and a group of bondholders — would give the U.S. government a 60 percent controlling stake in what was once the world's largest automaker. An additional 12.5 percent would be under Canadian government ownership
.

so, which of your statements should we now assume is your actual opinion regarding the automakers' bankruptcies?
 
ok, which is it?
here, you insist Obama stopped the bankruptcy/re-negotiation of union contracts:


while here, you insist Obama was the one who crafted the bankruptcy plan:


so, which of your statements should we now assume is your actual opinion regarding the automakers' bankruptcies?

One in the same Obama did not let the courts do a bankruptcy Obama controlled all aspects of it to save the unions and take control of GM
 
GM would have went bankruptcy and restructured and still be doing well. Chrysler has been struggling for many years and are still in business. Obama only saved the unions which what his goal was

And where would the debtor-in-possession financing have come from? Early 2008 was not exactly a great time to have secured $50B to finance the restructuring of a troubled company. Sorry, its complete fantasy to think the only difference was the state of the unions post bankruptcy.
 
One in the same Obama did not let the courts do a bankruptcy Obama controlled all aspects of it to save the unions and take control of GM

read this and notice the GM bankruptcy filing in federal bankruptcy court
General Motors' Bankruptcy Petition
it has become abundantly clear that you have no idea about what you post
 
And where would the debtor-in-possession financing have come from? Early 2008 was not exactly a great time to have secured $50B to finance the restructuring of a troubled company. Sorry, its complete fantasy to think the only difference was the state of the unions post bankruptcy.

Why did it have to be 50 billion.?
 
read this and notice the GM bankruptcy filing in federal bankruptcy court
General Motors' Bankruptcy Petition
it has become abundantly clear that you have no idea about what you post

It was Obama's prepackaged bankruptcy plan.

Obama: GM Has "Chance To Rise Again" - CBS News

In a defining moment for American capitalism, President Barack Obama ushered General Motors Corp. into bankruptcy protection Monday and put the government behind the wheel of the company that once symbolized the nation's economic muscle.

The fallen giant, the largest U.S. industrial company ever to enter bankruptcy, is shedding some 21,000 jobs and 2,600 dealers. Sparing few communities, the retrenchment amounts to one-third of its work force and 40 percent of its dealerships.

"We are acting as reluctant shareholders because that is the only way to help GM succeed," Mr. Obama said of the temporary nationalization of the 100-year-old company.

Obama lauded what he called a "viable, achievable plan that will give this iconic American company a chance to rise again" as GM followed Chrysler LLC into bankruptcy court. Of Detroit's "Big Three" automakers, only Ford Motor Corp. has avoided bankruptcy restructuring and has not taken federal bailout money.

The prepackaged GM bankruptcy deal - crafted by the administration, the company, the United Auto Workers union and a group of bondholders - would give the U.S. government a 60 percent controlling stake in what was once the world's largest automaker. An additional 12.5 percent would be under Canadian government ownership.
 
It was Obama's prepackaged bankruptcy plan.

Obama: GM Has "Chance To Rise Again" - CBS News

In a defining moment for American capitalism, President Barack Obama ushered General Motors Corp. into bankruptcy protection Monday and put the government behind the wheel of the company that once symbolized the nation's economic muscle.

The fallen giant, the largest U.S. industrial company ever to enter bankruptcy, is shedding some 21,000 jobs and 2,600 dealers. Sparing few communities, the retrenchment amounts to one-third of its work force and 40 percent of its dealerships.

"We are acting as reluctant shareholders because that is the only way to help GM succeed," Mr. Obama said of the temporary nationalization of the 100-year-old company.

Obama lauded what he called a "viable, achievable plan that will give this iconic American company a chance to rise again" as GM followed Chrysler LLC into bankruptcy court. Of Detroit's "Big Three" automakers, only Ford Motor Corp. has avoided bankruptcy restructuring and has not taken federal bailout money.

The prepackaged GM bankruptcy deal - crafted by the administration, the company, the United Auto Workers union and a group of bondholders - would give the U.S. government a 60 percent controlling stake in what was once the world's largest automaker. An additional 12.5 percent would be under Canadian government ownership.

let's see what you stated before:
One in the same Obama did not let the courts do a bankruptcy Obama controlled all aspects of it to save the unions and take control of GM

notice that bankruptcy WAS filed in the federal bankruptcy court
i even provided you the cite with a copy of the petition
again, you have no idea about that which you post
 
let's see what you stated before:


notice that bankruptcy WAS filed in the federal bankruptcy court
i even provided you the cite with a copy of the petition
again, you have no idea about that which you post

It was prepackaged so the courts had no say
 
It was prepackaged so the courts had no say

another very foolish response
of course the court had a say. the bankruptcy was within its jurisdiction to approve or decline
you do recognize that the judiciary is a separate branch of government than the executive don't you?
from your statements, it would appear you do not
 
another very foolish response
of course the court had a say. the bankruptcy was within its jurisdiction to approve or decline
you do recognize that the judiciary is a separate branch of government than the executive don't you?
from your statements, it would appear you do not

The court is going to go against the president?
JC-hysterical.gif
 
The court is going to go against the president?
JC-hysterical.gif

If people didnt like the decision they could have appealed up to the supreme court, which would go against the president
 
Check the breaking news section

GM and Chyrsler were closing dealerships before the crisis and would have liked to close more before, but could afford it. The bankruptcy allowed them to break contracts and close the ones they wanted without financial penalty.

Unless you like having government money support unproductive workers at car dealerships, this was a good move

Can you prove that these employees were unproductive?
 
Can you prove that these employees were unproductive?

allow me to butt in and address your question

it's a cost benefit analysis that makes the call (assuming this was a reasoned assessment)
if the employees/dealerships at some location are unprofitable for the organization to maintain, then it is likely time to eliminate those positions/dealers
 
Can you prove that these employees were unproductive?

As many of the dealerships in question sold less then 50 GM cars a year, that is alot of days of watching the grass grow
 
Apples to oranges

really?
you laughed at the thought that the court would go against the president
only i am laughing now
 
Oil and bailouts have nothing in common

but the inaccurate point you attempted to make was that the courts would not over rule the president (regarding the automaker's bankruptcy)
and i provided links showing where the courts have recently ruled against the Obama administration's actions (regarding a moratorium on off shore drilling)

you were busted. get over it
 
but the inaccurate point you attempted to make was that the courts would not over rule the president (regarding the automaker's bankruptcy)
and i provided links showing where the courts have recently ruled against the Obama administration's actions (regarding a moratorium on off shore drilling)

you were busted. get over it

Circumstances are completely different Nice try but still apples to oranges
 
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