[QUOTE=JaysonAych;371795]Don't see what the big deal is. If I get a car loan, the finance company dictates to me the minimum amount of insurance coverage I have to get, the maximums of any deductibles, and who the loss payee is (them). Because it's their money and they want to be sure they get it all back if something goes wrong with the loan. [QUOTE]
True but they can't tell you where to work or who to associate with. The plan for viability of GM should not have had any personalalities attached to it. I think Rick leaving GM will be good for GM in the long run but don't like the idea of the gov't being able to bring pressure on board choices.
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It's not like the US Government put a gun to the heads of GM executives and said, "HERE TAKE THIS MONEY OR ELSE SO WE CAN OWN YOUR COMPANY HAHAHAHA." GM went to Washington begging for the money and they knew there would be stipulations to be sure that the taxpayers would get their money back and that the money would be used to make real changes at GM. If that's not getting done and they still want more government money (again, taxpayer money GM's asking for of their own accord), then I have no problem with the government telling them what they need to do differently to get that money so we don't end up shoveling it into a big hole.
That being said, Wagoner stepping down isn't going to fix anything. Henderson isn't going to turn the company around any better or faster than Wagoner. It's just a big PR spin on both sides of the table. A new round of loans is just delaying the inevitable.
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GM and Chrysler asked for the loans that they would have been able to receive through the normal system if the financial markets had NOT had the meltdown they had. That, along with the bailouts GIVEN to the banks (and the banks not using the money to shore up the loan market), made the gov't the lender of last resort.
I would personally rather see GM go through a major restructuring than have any gov't involvement within the company. Our government is not what you would consider efficient by any means, no matter who is in charge.
Look, I am going to be watching this very carefully, along with the events unfolding at the Treasury Dept (Geithner seems to be asking for more powers). I would not suggest that anyone be fearful or to panic but to pay attention and watch what is being done in your name (citizens) with a critical eye. GM may turn in an updated plan that the administration can go for, or it is even possible that no matter what they turn in, it won't be enough.
They have a long and tough battle ahead of them. Hopefully, our government won't be their toughest adversary.
Oh, and all of those calls about GM just building crap, cut it out. They may not have been producing the Camaro but that doesn't mean everything else is garbage. Check out the reviews if their newer cars. And watch what's in the pipeline, the Cruse is supposed to blow away the Cobalt according to independent sources and the Cobalt was a massive improvement over the Cavalier.
Everyone, GM no longer builds the Chevette, OK?