Wow. That whole "Bankruptcy one option of many" thing lasted about, what, three whole hours?
Updates to come. The situation is fluid.
WSJ Breaking: GM / Chrysler To Be BK'd Into Good Bank / Bad Bank
Posted by Equity Private, Mar 30, 2009, 3:02pm
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Posted by guest , Mar 30, 2009 3:08PM
pump the brakes
Posted by chernevik , Mar 30, 2009 3:16PM
Good idea, the Delphi thing was a major success
Posted by guest , Mar 30, 2009 3:20PM
This all seems a lot like Germany in 1938
Posted by guest , Mar 30, 2009 3:21PM
I'm considering splitting myself into an employed/unemployed structure, whereby my employed self will be able to move into the workforce and become productive again, while my legacy self will continue to languish and be wound down.
Seriously, since when did the car companies have a good component?
Posted by guest , Mar 30, 2009 3:23PM
@4 lmao
Posted by guest , Mar 30, 2009 3:27PM
"Hey, we have this plan and we want to use it, now we didn't get to use it for the banks so, how about using it with these car companies?
Posted by guest , Mar 30, 2009 3:37PM
It wouldn't be a half bad idea, if (as 4 noted) there was a good component.
I'm not really sure what will happen to the bad part though. That has to have all of the legacy union contracts and manufacturing facilities... the taxpayer is just going to get stuck with the unions? yay!
Posted by guest , Mar 30, 2009 3:38PM
"My man-step is definitely going into the good bank."
/Howie Long
Posted by guest , Mar 30, 2009 3:38PM
@7 so they'd fit in as government employees. and maybe they could take over dmv operations.
Posted by EvilSailor9 , Mar 30, 2009 3:39PM
GM...a pension liability posing as an automaker.
Posted by EvilSailor9 , Mar 30, 2009 3:40PM
GM is a pension liability posing as an automaker.
Posted by guest , Mar 30, 2009 3:41PM
>>>>The situation is fluid.
Was that a euphemism for under water?
Posted by EvilSailor9 , Mar 30, 2009 3:41PM
And I am a double poster, posing as a single poster. Sorry.
Posted by guest , Mar 30, 2009 3:52PM
@9,10, 13 AND using a one-liner whose clever fresh date has expired.
Posted by guest , Mar 30, 2009 3:54PM
@4: Post of the day!
The "good" part, they'll say, is the U.S. manufacturing. They'll hive off Europe and the pension liabilities. The problem is - who is going to fund those liabilities? (*cough* PBGC *cough*) Last I saw, their OPEB alone was $95 billion.
Posted by guest , Mar 30, 2009 3:55PM
@12- No.
If the situation isn't fluid then I don't give a fuck. Thanks EP. Any word on a possible silver bullet; we really need one.
Posted by guest , Mar 30, 2009 3:57PM
@3- Das is good.
Posted by guest , Mar 30, 2009 3:58PM
linky?
Posted by guest , Mar 30, 2009 4:00PM
@18- Everyone link in Soviet Russia.
Posted by guest , Mar 30, 2009 4:07PM
@9- Take over DMV operation you say. Your a racist! Everyone knows the SPF 500r's are untouchable against ultra wight.
Posted by guest , Mar 30, 2009 4:09PM
@17: Das ist gut, dummkopf.
Posted by guest , Mar 30, 2009 4:55PM
Rick Wagoner should file for unemployment asap!
Posted by Anal_yst , Mar 30, 2009 5:05PM
I'm starting to get a bit upset when I see so many people making blanket statements like "there's no good part of [domestic automaker]." While there certainly is plenty of crap, there is some good stuff as well. I'd go into the details, but I'm fairly certain this is a) not the forum, and b) they'd be lost on most of the aforementioned crowd regardless.
Sigh...
Posted by Bulging Bracket , Mar 30, 2009 6:12PM
@Anal_yst There's a bunch of good people there, who've been hampered by legacy deals and culture. Most of the bright parts in the lineup are politically verboten as gas guzzlers/fun to drive/useful for a family.
Far better to start over with a whole new company than try to resurrect that zombie. Use Jet Blue/Porter/South West/WestJet as models instead of the AA/United perpetual bailout model. A new firm can fix ALL of the problems and only hire the best and most motivated people without the personnel issues of a rescue. They'd also be able to get out of Detroit for better climate, schools, right-to-work, low taxes...
Cars 2.0 should be based in Texas/Arizona/Nevada/New Mexico... Austin would probably be a good bet for an HQ. Tesla is interesting, but California is a hellishly unfriendly climate for business and circling the drain like Michigan 20 years ago.
Posted by guest , Mar 30, 2009 9:41PM
@3 This is more like Italy 1922.
Respectfully Yours,
His Excellency Benito Mussolini, Head of Government, Duce of Fascism, and Founder of the Empire