GM to miss first payment..

[Elliott18t]

NEW YORK (MarketWatch) -- The Dow Jones Industrial Average sank into negative ground in early afternoon trade Wednesday, while the rest of the market stayed higher, with the blue-chip index weighed down by shares of General Motors Corp. A report in the Wall Street Journal quoted GM's chief financial officer as saying the automaker won't make its debt payment of $1 billion in June.....

http://www.marketwatch.com/news/story/Dow-drops-weighed-GM-drug/story.aspx?guid=%7B200D4508%2DAB42%2D4903%2DB924%2 DFEEB920B47F6%7D

hmmm not good.

[Jamesrc]

I don't belive it matters the government will do nothing and GM will never end up paying the full debt.....Its a shame these things have to happen.

[DPancoast]

I agree. It's GM for god sakes. Nothing substantial will happen when they don't pay.

[sleepersatty99]

Man i hate this ****. Nothing happens to big corporate guys but all kinds of **** would happen to the little guy.

[phate1229]

wait so I pay taxes.... does this mean I can repo a z06?

[piku]

The next GTO I see is mine!

[Jamesrc]

Man i hate this ****. Nothing happens to big corporate guys but all kinds of **** would happen to the little guy.

Yea lets see what happens when I start missin mortgage payments

[Scapegoat]

you know.. its a real shame we can't cause **** at a GM dealership over this...

i'd be more than happy to head to a GM plant and demand a new car... the company should be giving out enough vehicles up to the price of their payment at cost to them...

****ing retarded, i really hope the government does something

[sleepersatty99]

General Motors Corp. is planning to temporarily close most of its U.S. factories for up to nine weeks this summer.The automaker is living on $13.4 billion in government loans and faces a June 1 deadline to cut its debt, reduce labor costs and take other restructuring steps. If it doesn't meet the deadline, the company's CEO has said it will enter Chapter 11 bankruptcy protection.
GM had a 123-day supply of cars and trucks at the end of March. and now GM already has more than a six-month supply of several models.
im sorry but that just sucks for them. As ScapeGoat said " the company should be giving out enough vehicles up to the price of their payment at cost to them..."

[ericnjttz]

its amazing to look at how gm was in the 50's and how it is now....oh for the love of globalization, competition, and lousy investments

[terrorcel]

I can't believe this crap is dragging on for so long.... the government needs to cut their losses and let them die.

[poolmike]

Never saw it coming.

[jjm4life]

its time to just cut up GM, sell it all off and hope for the best. i swear if they get any more money im moving to canada

[Jamesrc]

its amazing to look at how gm was in the 50's and how it is now....oh for the love of globalization, competition, and lousy investments

The import market wasen't there at that time, not to mention people would drive an inferior product just because it was built in America.......but after years of putting out that inferior product at what is usually a superior price people start to loose their loyalty.
I owned one American car, never again. My brother's last two cars have been grand prix GTPs neither with many miles, he replaced atleast 8 transmissions between the two.
We should let GM die, BUT where are the employees going to find jobs in the already bad economy?