Perusing news stories this morning, I ran across this little gem-wherein GM now says there is a chance they will have to file bankruptcy. Hmmm, how interesting that now they would seek "relief" under the bankruptcy code.
"If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. Bankruptcy Code,'' GM said."
After we gave them $13.4 billion in federal loans. Fantastic. Make no mistake, if they file bankruptcy now there is an excellent chance the American taxpayer will receive little to none of their investment back. Like I said months ago.
The reason behind the possibility they cannot continue in this manner?
"There is no assurance that the global automobile market will recover or that it will not suffer a significant further downturn," the company wrote."
That would be due to the fact that people are not buying cars. Really? I'm completely shocked. Not.
It is just bailout after bailout. They want a total of $30 billion dollars and I'm pretty sure they're going to get it. Then they will file bankruptcy, we won't get most or any of the money back and the deficit will be just that much higher. Excellent. I couldn't be happier.