Obama is using tax payer's dollar to build another TemaSEX GIC

Related Blog Post on Obama

What am I talking about?

It is the US Automobile Industry starting from General Motors. It will Enlarge into other areas such as AIG Visa & other US business that are in DEEP TROUBLES. Obama is crashing and squandering billions after billions into these failing and dying businesses just like Ho Jinx, I am afraid. And Obama will eventually build up another TemaSEX & GIC in the USA.

The major difference is Obama is State-Owning the originally Private businesses, famiLEE LEEgime is privatizing or famiLEE proprieting the State Businesses the rather. :-Z

The similarity is they are all going to make the tax payers bankrupt.

1. Yahoo Chinese News URL
2. Yahoo Chinese News URL
3. Yahoo Chinese News URL
   
4. Yahoo English News URL

General Motors files for bankruptcy protection

NEW YORK – General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.

GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.

"The General Motors board of directors authorized the filing of a Chapter 11 case with regret that this path proved necessary despite the best efforts of so many," a company statement said. "Today marks a new beginning for General Motors. ... The board is confident that this New GM can operate successfully in the intensely competitive U.S. market and around the world."

As it reorganizes, the fallen icon of American industry will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That's on top of about $20 billion in taxpayer money GM already has received in the form of low-interest loans.

GM will follow a similar course taken by smaller rival Chrysler LLC, which filed for Chapter 11 protection in April. A judge gave Chrysler approval to sell most of its assets to Italy's Fiat, moving the U.S. automaker closer to a quick exit from court protection, possibly this week.

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通用小檔案－美第３大破產案 旗下８品牌縮為４個

更新日期:2009/06/01 02:39 黃文正／綜合報導

通用汽車（ＧＭ）本周若聲請破產保護，不僅將成為美國史上三宗最大的企業破產案之一，同時也是歷來規模最大、最複雜的製造業破產案。

通用成立於一九○八年，而今年迄已接受美政府一九四億美元的紓困，接下來還可望獲三百億美元新金援，成為實質的國有化企業。以下為通用相關資料。

在財務方面，用去年虧損三一○億美元，過去四年累計虧損達八二○億美元。去年通用在全球賣出八三○萬輛汽車，遠低於前年的九三七萬輛。通用在三月底時，資產約八二○億美元，若聲請破產，將為美國史上第三大破產案，僅次於雷曼兄弟的六九一○億美元、以及世界通訊（WorldCom）的一○四○億美元。

此 外，在品牌部份，通用旗下擁有雪佛蘭（Chevrolet）、別克（Buick）、紳寶（Saab）、凱迪拉克（Cadillac）、釷星 （Saturn）、悍馬（Hummer）龐帝克（ Pontiac）和ＧＭＣ八個主要品牌。通用今年計畫賣掉紳寶、釷星和悍馬，明年底之前再處理掉龐帝克，希望專心經營佔總銷售量八三％的剩餘四個品牌。

通用在去年底時，共雇用廿四萬三千名員工，其中正式員工七萬三千人、時薪工人十七萬人。在通用美國廠的勞工中，有五萬四千人加入「聯合汽車工會」（ＵＡＷ）。若走向破產，通用將僅次於零售連鎖集團Kmart，成為聘雇員工總人數第二高的破產企業。

在供應商和經銷商部分，通用每年採購預算高達九四○億美元；供應商約三千二百家。通用計畫在明年底之前，將目前約六千家經銷商裁減至三千六百家。

通用聲請破產　美加政府巨資入主

更新日期:2009/06/01 18:39 趙元穎　孫明愷

有百年歷史的美國通用汽車，在台灣時間今晚8點半左右，正式聲請破產！儘管美國政府從去年底開始，先後撥款194億美元紓困，仍然是無力回天。上星期五通用股價首度跌破1美元，只能夠聲請破產保護，置之死地而後生，美國和加拿大當局打算在通用聲請破產後，再砸4百億美元協助通用進行重整，美加兩國政府將有70%的股票，通用汽車也因此形同國有企業，美國總統歐巴馬將在台北時間今天深夜，針對通用破產發表談話。

在全球金融海嘯的衝擊下，美國百年汽車大廠通用撐到現在，還是不支倒地。CNN主播：「通用即將聲請破產，預計在美東時間8點鐘，正式提出破產聲請。」

通用打算組織再造，把旗下品牌從8個減到4個、關閉14間車廠，全球裁員4萬7千個職位，也會減少40%的經銷商。CNN資深記者：「GM會瘦身，更少的品牌、更少的員工，之前通用就已經宣佈裁撤大批經銷商。」

通用置之死地而後生，一切重頭開始，員工也願意讓步，大幅刪減福利和退休金，一起共體時艱。通用經銷商：「通用在美國史上佔有一席之地，成立百年的公司一路走來，總是免不了碰上一些顛簸。」

從2005年開始，通用就嚴重虧損，去年底美國政府砸了將近2百億美元，拯救苟延殘喘的通用，卻還是免不了走上破產命運；美國和加拿大在通用破產後，將再砸4百億美元，協助通用重整，未來美加兩國政府總共會接收新通用公司72%的股權，為美國資本主義寫下歷史新頁。

CNN記者：「通用發明了汽車貸款，推出車展女郎，通用也是第一家聘請設計師，而不用工程師來提出新車概念的車廠。」

通用骨董車帶動美國懷舊風情，1百年來和美國流行文化密不可分，電影、電視、流行歌曲都有它的蹤影。曾是全球第一，曾經叱吒風雲，通用卻一步步被日本進口車打敗，令人不勝噓唏，百年車廠GM不死，現在只能從錯誤中再學習，從破產谷底中，重建通用的汽車王國。

With the amount of state funds and tax payers' dollars slammed into it, GM is literally and state owned business just like famiLEE LEEgime Singapore Automotive Engineering SAE with politicians such as Obama himself from the White House nosing into the management and the White House literally will be a higher board above GM's board of directors. In the USA unlike famiLEE LEEgime' red dot government were always operating apart from businesses and government don't do business like Lee Kuan Yew old dog thief's famiLEE LEEgime.

Under Obama's economic policy USA is becoming a communist economy, where by state resources under political leadership is constantly pumped into failing state run and state owned business, in order to keep them afloat and keep jobs for the people. Capitalist states usually oppose and criticize this sort of measures and policies. However when the US empire takes it route to crash down alike to ex-Soviet Union, it is adopting Soviet's old policies in it own struggle for survival.

I discussed this in previous blog post and forum.

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