How General Motors was really saved

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    Oct 31, 2013 3:02 PM GMT
    This one should be interesting.

    Once again, I'm posting something before I have a chance to read it. If I don't post it now, I'll surely forget in a few short minutes what I was about to do. (One of the wonderful attributes of old age).

    http://www.forbes.com/sites/danbigman/2013/10/30/how-general-motors-was-really-saved-the-untold-true-story-of-the-most-important-bankruptcy-in-u-s-history/
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    Oct 31, 2013 3:40 PM GMT
    Very interesting.

    "There would be many other twists and turns to GM’s narrative, but the company got its fresh start using the NewCo plan, and the industry was saved with government funding from both Presidents Bush and Obama. In March 2009 President Obama cited a “failure of leadership” as his reason for forcing out Wagoner. In fact, it was Wagoner’s exercise of leadership through years of wrenching change and then simultaneously seeking government funding while developing three restructuring plans that put GM in position to survive the worst economic collapse since the Great Depression and complete its turnaround, which, ironically, became a key campaign issue in the reelection of Barack Obama in 2012."

    Agree that Rick had much to do with the successful turnaround. And even toady, I'd much prefer to have Rick there versus clueless Lt Dan. Sorry Dan, but you have no business in this business.
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    Oct 31, 2013 4:07 PM GMT
    i read yesterday that the US gov still 'ate' 9.0 billion in the re-structuring.
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    Oct 31, 2013 4:20 PM GMT
    And I wonder how Ford Motor Company feels, after doing the right things and avoiding bankruptcy, not relying upon taxpayer dollars, maybe up to $9 billion that'll never be repaid. GM is now outpacing Ford as a competitor, when it should have folded. Will Ford get several billion government dollars to play with, to help it catch up with GM's largely unfair advantage?
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    Oct 31, 2013 10:43 PM GMT
    GM had Alpha, Omega, new Y body all under early stages of development or EP-II in late stages before the BK so they were ('are' in the case of Omega) delayed for a year plus the demise of Pontiac , which finally had some interesting products in their pipeline including a new proper GTO.

    GM lost a bunch of momentum in the BK and I'm surprised they are doing as well as they are. It's all a credit to the 'true believers' up to and including Mark, but not Lt. Dan.

    They have so many nameplates that they could use Pontiac back again (it'll never happen).

    I don't know if they're off to some real market dominance as they were in the 60s, but I wouldn't be surprised to see them continue to gain strength. They're doing exceptional products in many segments and executing flawless launches.

    To Ford's credit, they're showing the next Mustang at the NAIAS and likely to go on sale on April 17, 2014, 50 years to teh day of the original on sale date. They also FINALLY have a full size, rear wheel drive Lincoln coming, but not unitl 2016 or maybe a year later.

    However, GM has three Omega based full size Cadillacs coming (4 door, coupe and vert) plus a Riv and a rear wheel drive Alpha based Grand National. And not to be forgotten, the Alpha based gen 6 Camaro as a 2016.