hypocritexposer
Well-known member
Some of you Alarmists had warned of this Administration being socialist, is this what you meant?
Always seems to be an separate "attention getter", the same day news like this comes out. (say like a fly by over NY)
http://news.yahoo.com/s/ap/20090427/ap_on_bi_ge/us_gm_plan
Always seems to be an separate "attention getter", the same day news like this comes out. (say like a fly by over NY)
DETROIT – General Motors Corp. could be majority owned by the federal government under a massive restructuring plan laid out Monday that will cut 21,000 U.S. factory jobs by next year and phase out the storied Pontiac brand.
The plan, which includes an offer to swap roughly $27 billion in bond debt for GM stock, would leave current shareholders holding just 1 percent of the century-old company, which is fighting for its life in the worst auto sales climate in 27 years.
GM is living on $15.4 billion in government loans and said Monday in a filing with the U.S. Securities and Exchange Commission that it envisions receiving an additional $11.6 billion.…
GM said that it will ask the government to take more than 50 percent of its common stock in exchange for canceling half the government loans to the company as of June 1. The swap would cancel about $10 billion in government debt.
In addition, GM is offering stock to the United Auto Workers for at least 50 percent of the $20 billion the company must pay into a union run trust that will take over retiree health care expenses starting next year.
If both are successful, the government and UAW health care trust would own 89 percent of GM stock, with the government holding more than a 50 percent stake, CEO Fritz Henderson said in a news conference at GM’s Detroit headquarters.
Henderson said that although the government would own a majority of GM’s outstanding common shares, the Treasury “hasn’t demonstrated interest in running the company,” but would have someone on the board looking out for the taxpayers’ interest. The task force has directed current board chairman Kent Kresa to replace several board members.
http://news.yahoo.com/s/ap/20090427/ap_on_bi_ge/us_gm_plan
Caracas - Venezuelan President Hugo Chavez on Friday called upon US President Barack Obama to follow the path to socialism, which he termed as the “only” way out of the global recession. “Come with us, align yourself, come with us on the road to socialism. This is the only path. Imagine a socialist revolution in the United States,” Chavez told a group of workers in the southern Venezuelan state of Bolivar.