SOLD!
The Federal Judge approved the sale of GM's assets to a Government backed company as of last night. The other alternative was complete liquidation of the entire company. That was not in their best interest. GM and the Government will be working on completing the sale this week. Our Government is in the car business. This is the largest bankruptcy in American history according to reports. The Government will hold a 61% ownership in GM by the end of this week. The Government is hoping to restructure GM and sell their stake in the company within the year.
The Obama administration, which has repeatedly said it does not want to run companies, hopes to sell its stake in the new GM sometime next year. cited http://www.washingtonpost.com/wp-dyn/content/article/2009/07/06/AR2009070600450.html
PRESIDENT OBAMA AND GM CHIEF
I JUST WANT TO WELCOME EVERYONE TO GM SINCE I HAVE TAKEN OVER.
STAND IN LINE FOR THE NEXT TAX CREDIT BEHIND HOME TAX CREDIT.
WHAT ARE YOUR THOUGHTS ON THIS SUBJECT? WE ARE BECOMING MORE SOCIALISTIC AS A COUNTRY.
Make the Call, Set the Plan, Do the Deal$!
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