Friday, July 10, 2009

GM Out Of Bankruptcy in 40 Days

It took only 40 days, 2 days less than it took for Chrysler. Now the government-owned (61%) General Motors can "compete" with the likes of Toyota and Honda on alternative energy cars - Toyota's Prius sells for just above $20,000, new GM's Volt will probably sell above $40,000. (Who in the rational mind would pick the latter, unless at a gun point - Oh I see, that's why the U.S. keeps military bases all around the world.)

GM Out Of Bankruptcy (7/10/09 Business Insider)

By the way, the rumor that GM will change the color of its logo from blue to green is probably false. For now at least. (Remember it was impossible for GM or Chrysler to go into bankruptcy, until they did. Fannie Mae and Freddie Mac were sound, until suddenly they weren't.)

I still want to know what happened to the GM's secured bond holders, and what happened to the holders of CDS on GM's debt (here's a notable one).

Now that both Chrysler and GM are "successfully" out of bankruptcy, will the Presidential Auto Task Force disband? Or will it transformed into a politburo-like governmental committee to manage the companies? Will Mr. Steve Rattner the Car Czar descend on GM as CEO, as the reward for his "hard" work?


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