GM: bankruptcy not an option for industry

General Motors Corp. President and Chief Operating Officer Fritz Henderson said Wednesday that bankruptcy isn’t a viable option.....

This message should be going to the Union member,  as well.

I understand that they have all ready given back,  but guess what,  it is even more or NO JOB!

Didn't say American Cars were junk but be realistic, GM owes over 40 billion in other debt and people have to be working to buy cars . The economy hasn't bottomed out yet. 

The way to build business isn't to make a $30,000 car. Better off going back to high performance four or six that you don't have to retool the production lines for .

Why not let these companies fro go any taxes of any kind for a period of time instead of recycling borrowed monies.  

more doublespeak from these price gouging ceo's. and you can throw in the corrupt unions too for screwing the consumer. they both need to go down.

Why is it that Toyota can have a Yaris in Europe that runs on regular diesel, and gets 71 mpg?  Yes, that is 71!!!!  They have a truck with a diesel in it that can get 36 mpg. and has more power and torque than the Chevy Duramax.  Why can't our BIG 3 produce these kind of vehicles? 

If you listen to Steve Forbes the other day,  he kept making comments how the Big 3 should bring the cars they manufacture overseas that get much better gas mileages.

WHAT IS THIS?

WHY WOULD TOYOTA HAVE THE TECHNOLOGY FOR BETTER GAS MILEAGE CARS AND NOT ONE OF THE BIG 3?

2nd they need to sell off the cars that have been sitting on the lots forever,  who cares if you take a massive cut on price your still making money on them.  just sell them all off discounted to the public and i dont mean 1k off i mean like 6-8k off,  theres a dealer down here whos had 08s on his lot since late 07 i mean come on

That would be the logical thing to do, but the big 3 have been fighting logic since the seventies

The only way to rid the ridiculous cost of operation with the unions in the lap of the car makers is to file bankrupcy. Filing Chapter 11 would disconnect the auto makers from the union hold that is breaking the backs of the 'big three'. Then and only then could the auto makers re-structure. But I am betting the union lobby has its hands deeply in the pockets of those who are going to make these decisions. That will probably be the biggest hurdle to overcome at this point.

Face it folks, we've rolled over and they slipped it to us. BOHICA. I hope all are preparing their children and grandchildren for the fact that there will be no American dream for them. Their entire life will be dedicated to paying off this screw job.

heres the plan that will work..let the 3 car cos fail..build barracks to house the workers that used to get $33/hr to sweep floors..in the car factories.  When new car cos start up to make a 65mpg car selling for $6500..the workers can lv the barracks and go to work there for $10/hr max..MAX!!  then maybe  we can compete with the asian car makers..MAYBE??

The confidence of people in buying their products was long lost when the foreign cars start gaining on the market share with better and more reliable products long time ago. So that's not a reason for not going through bankruptcy. Besides, they need to get rid of the UAW, that's their only chance to survive.

Boo Hoo I really feel sorry for them. Yea, right. It is the foot soldiers of these companies I have sympathy for not the exec's who are responsible for managing and leading the Big 3. In my opinion let them sink!

Bankruptcy is the only solution to the big three’s problems.  They must fire the CEOs, and other executives that think short-term solutions will resolve the underlying long-term manufacturing problems they are facing.  A bailout will only prolong the inevitable. Bring on the right individuals to run the big three, take control of the manufacturing unions, and re-organize the company and unions to be competitive again.  The auto industry around the world is feeling the same pain.  Why not, seize the opportunity to take back the control of the auto industry!

heres the plan that will work..let the 3 car cos fail..build barracks to house the workers that used to get $33/hr to sweep floors..in the car factories.  When new car cos start up to make a 65mpg car selling for $6500..the workers can lv the barracks and go to work there for $10/hr max..MAX!!  then maybe  we can compete with the asian car makers..MAYBE??

They aren't foreign anymore.  Most of those cars are built in America by American employees.  They are getting paid close to the same amount as the BIG 3 per hour, they just don't have the unions to tell them what to do.  I can pay an employee $33.00 per hour, and still offer them insurance with me picking up the tab for 80% of the insurance, and still only have to be out of pocket for about $45 per hour.  Why does it cost the BIG 3 $70+ an hour?

Note that the price tag just went up to $34Billion. Bankruptcy is the way for them to go. It will give them a fresh start. The airlines have done it, large corporations have done it. It works and it will work for the auto industry.

The oil companies have been making billions let them bail out the car companies. All crooks in a capitalist society.

out of touch..out of brains..out of everything..that is the Congress..bailout car cos???..indeed!!!..the UAW and the execs ruined the big 3, and now the taxpayer is supposed to underwrite their greed, inefficiency, and fix their problems..no..let `em fail..been coming for a long time..

What is interesting about these comments is that they all say pretty much the same thing and the answer to this mess is simple, the UAW needs to be immediately removed.  There is no need for them in this day and age and as a contractor who worked at Ford's Michigan Truck facility, their Virginia Beach Plant, and their Kansas City Plant, the union is absolutely killing productivity and costing Ford a fortune to make fairly poor product.  What the UAW has done to this industry is frightening and I can't believe we have stood by and let it happen this long.  Think about it, how many of the thousands of people that ARE going to lose their jobs do you think would rather work for less pay and HAVE a job than not have a job at all?  This is the question that needs to be posed to our auto workers by the US government and they need to unite and get the UAW out now.  As a long time buyer of Toyota vehicles if I saw the UAW removed from the Big Three immediately I would seriously have no issue buying an American vehicle to help bolster our economy.  The unions must go, plain and simple, then I for one would be in total support of the government assisting the US auto industry.

In 1969 I bought a brand new Chevy station wagon. Some union wag put a coke bottle in the door and 25 feet of soft iron wire in a rear quarter panel with just 6 inches sticking out of the clearance light frame so that when we pulled on it, it just kept getting longer and longer.  Ha ha!  Hilarious joke.  I have not bought a GM vehicle since!  That bankruptcy is "not an option" is total crap.  It's never been tried and it is about time.  None of these decrepit, inefficient slobs of corporations will disappear but will return much slimmer, more efficient and with some realistic labor contracts for a change.  Why is it that a company can be deemed "too big to fail" but never "too wasteful and inefficient to SUCCEED"?  Capitalism and the markets work to eliminate their own deficiencies, IF ONLY THEY ARE ALLOWED TO DO SO!  Chapter 11 is made to order for this.  Let's get it on!

I hope all are preparing their children and grandchildren for the fact that there will be no American dream for them.

Don't worry, our "savior" Obama just decided that he wants to give more money and control to the UN.  They will save us all.  Thank God, I was beginning to worry that we were going to have a recession, and all of us lose our jobs, and homes, etc.  We are saved by Obama and the UN.

GM CEO says " Bankruptcy, not an option ".

Can't have courts getting involved in this.

Corruption may be uncovered, can't have that.

Congress will keep their eyes and ears shut, if they get kickbacks.

Gee !  Fritz is really tan ?

Holidays are great for Big Dicks.

Bankruptsy is not a viable option...nor is a bailout of the current business model. It will take bankruptsy court to settle the union contracts which will make viability possible.

Bailing out the auto industry without an extreme makeover will only delay the inevitable, but hey, what's a few more trillion in taxpayer money.

As to taking down the entire automotive industry, sounds alot better that taking down the whole country...which seems to be where we are headed.

Pretty weak case!  ...and remind again why bankrupcy is NOT an option...?  It most certainly IS, and should happen to GM, Chrysler, and any other inefficient business that has refused to change with the times.  Them we would all find out exactly how under water the auto makers really are!  Reminder: According to the latest GM SEC filing, they are 60 BILLION in the RED!  CONgress: it makes no sense to throw our childen's and grandchildren's future Tax revenues into the rat hole, for this sham of a bailout...er..."loan"...

Any CONgress person who votes to "loan" these shysters ANY public money should not be reelected after their term expires!

No Bailouts, Loans, TARPS, or any other alphabet soup bailouts..by CONgress or by The FED..PERIOD.  None of the money that has been thrown at this problem has helped so far, desite the pleadings, threats, warnings and LIES by Bernake, Paulson, Greenspan, and the rest of the investment banking community.

What is the value of their Inventory of finished goods.

Just maybe you sell them at a good discount and make their money of the interest on the loans.

If they get a bail out,  are they going to sell more cars?

The cars on the lots do not sale beacuse they are not wanted.

Union workers are being paid...on average.....$71/hr!!!!!  thats right....$71/hr...average!!! Must be nice to make over $150,000 a year working in a factory! Unions were a great thing at one time but not anymore! School teachers should make $71/hr not union factory workers.

Let the Big 3 go into bankrupcy and reorganize, the same as every other business in this country.  Giving the auto industry a bail-out or loan is just the beginniing. Next month they'll be back with the same old arguments asking for more tax payers money.  Who's going to pay for these bailouts, TAXPAYERS WITH THE TAX INCREASES TO PAY FOR THE BAILOUT.  The auto industry has been producing inferior products since forever. They treated their consumers with utter contempt.  They've built products that were unreliable - poor workmanship (I was told by GM rank and file never buy a product finished/built on Monday, Friday, before or after holidays) - poor service (the consumer had to FIGHT the dealer to get repairs completed, and to this day they still have to fight to have repairs completed). Buy a Subaru, Honda, Nissan or Toyota that are made in America and not out sourced to Canada or Mexico. 

both poltical parties are to blame, and the formular the auto makers ceos are

trying to push is as old as apple pie. these large companies were given large

tax breakes and any other sweet deals to build and hire large numbers of

persons in these states,with the companies knowing that the federal and

state goverments will allow them to do what ever they want to , because

of one big threat, if the company goes under thousands or millions will lose

their jobs, and wreck the u.s economy and both poltical parties knew and

acceped this black mail.