So-called "old GM," now known as Motors Liquidation Company, is dumping the costs of numerous abandoned plants on the hands of local governments. And, using a Treasury loan, not likely to be repaid for years, to finance the cost of trying to dispose of these plants, while still waiting for a bankruptcy reorganization to be approved.
So, got that, bailout boosters? GM isn't out of bankruptcy; just a small part of it.
And, judging by the confusion involved with some shuttered plants, the lackadaisical attitude of new GM, and the sucky economy in Michigan, old GM will be in limbo or worse for some time.
A skeptical leftist's, or post-capitalist's, or eco-socialist's blog, including skepticism about leftism (and related things under other labels), but even more about other issues of politics. Free of duopoly and minor party ties. Also, a skeptical look at Gnu Atheism, religion, social sciences, more.
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As seen at Washington Babylon and other fine establishments
September 16, 2010
Why GM isn't really out of bankruptcy
Labels:
General Motors,
GM
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