GM goes into bankruptcy

50 government take overs of private industry.

Nice

http://www.sportingnews.com/yourturn...c.php?t=555566

GM says bankruptcy won't hurt Olympic sponsorship



VANCOUVER, British Columbia (AP) -- General Motors says filing for bankruptcy protection will have "no impact" on its sponsorship of the 2010 Winter Olympics.

GM has committed more than $60 million to the Games, mostly in the form of cars and trucks, though roughly $12 million is in cash.

"There will be no impact on our sponsorship of the Winter Games," company spokesman Stew Low said via e-mail Monday. "We are fully committed to our support."

Low wouldn't say how much has already been handed over to Olympic organizers and how much is yet to come, but he did confirm that parts of the sponsorship, including some vehicles, are not yet delivered.

Olympic organizers said they're confident GM will deliver on its sponsorship commitments.

"Over the past several days, our senior executives have been in regular communication with our partners at GM Canada Ltd. who have reaffirmed their support for the 2010 Winter Games," Renee Smith-Valade of the Olympic organizing committee e-mailed.

"GM has been an exceptional partner and has met all of their commitments to date, both financial and value in kind."

I agree fully with the idea that the government is not qualified to run the company and that they don't know what it takes to run a company like this. If they decided to help the company out I can fully understand that they would want some changes and some assurance that every possible step would be taken to make the company viable again. I also think if they were not happy with the current management they should have gotten other qualified people to run the company, not just some politician who thinks he knows what is best.

I have to admit that I don't know the details of the deal. I assume there was information in there about what they would do and what steps the government would take once they infused all the money into the company, but I don't know for sure what they were or were not told.

Flashing back to about 29 years ago, let my good friends Arlo Guthrie, Pete Seeger and Tom Paxton bring you up to date...

---------------------------
Oh the price of gold is rising out of sight
And the dollar is in sorry shape tonight
What the dollar used to get us
Now won't buy a head of lettuce
No the economic forecast isn't right

But amidst the clouds I spot a shining ray
I can even glimpse a new and better way
And I've devised a plan of action
Worked it down to the last fraction
And I'm going into action here today

CHORUS:
I am changing my name to Chrysler
I am going down to Washington D.C.
I will tell some power broker
What they did for Iacocca
Will be perfectly acceptable to me
I am changing my name to Chrysler
I am headed for that great receiving line
So when they hand a million grand out
I'll be standing with my hand out
Yes, sir, I'll get mine

When my creditors are screaming for their dough (for their dough)
I'll be proud to tell them all where they can all go
They won't have to scream and holler
They'll be paid to the last dollar
Where the endless streams of money seem to flow (seem to flow)

I'll be glad to tell them what they can do (they can do!)
It's a matter of a simple form or two
It's not just renumeration it's a liberal education
Ain't you kind of glad that I'm in debt to you

CHORUS:
I am changing my name to Chrysler
I am going down to Washington D.C.
I will tell some power broker
What they did for Iacocca
Will be perfectly acceptable to me
I am changing my name to Chrysler
I am headed for that great receiving line
So when they hand a million grand out
I'll be standing with my hand out
Yes, sir, I'll get mine

Since the first amphibians crawled out of the slime (of the slime)
We've been struggling in an unrelenting climb
We were hardly up and walking before money started talking
And it's sad that failure is an awful crime
Well it's been that way for a millenium or two (um or two)
But now it seems that there's a different point of view
If you're a corporate titanic and your failure is gigantic
Down to congress there's a safety net for you

I'm changing my name to Chrysler...

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And anyone who thinks the current bail-out is going to save these unrelenting failures is a fool.

QFT....

I love my Denali