Word: gm
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...just talking about financial institutions or companies in general, such as GM? It applies to any kind of firm that isn't solvent. It doesn't matter if it's a car producer, an industrial firm or a financial firm. It should be encouraged or even compelled to file for bankruptcy. When you keep on bailing out institutions indiscriminately, there is no incentive for them to be prudent in what they're doing, because they know that whatever they do, whatever problems they create by their own behavior, the government will come along and bail them...
...rolling until July 24, and its $1 billion in funding expires Sept. 30. Automakers are already lobbying for more cash. Germany sank $6 billion into a similar scrappage program, China put $4 billion into its equivalent of cash for clunkers, and Brazil put up $3 billion, notes Mark LaNeve, GM's vice president of sales, service and marketing...
...Detroit sustain itself when monthly sales numbers are this bad? The two bankrupt companies, Chrysler and General Motors, closed their assembly lines for much of May and June, which reduces their revenue substantially. Chrysler started up this week but will close again next week for summer changeovers. Both GM and Chrysler have built their recovery plans on very low sales estimates, which is the principal reason they have closed so many factories and discarded so many employees as they restructure. GM just announced plans to shed another 4,000 salaried employees by October, at which point it expects to have...
...Detroit's strategy of focusing on its profitable lines working? Neither GM nor Chrysler is profitable yet. Going forward, however, both companies' recovery plans call for concentrating on vehicles that promise an adequate return. They will continue to focus on their profitable lines, such as Chrysler's minivans and GM's pickup trucks. But both GM and Chrysler will be adding new, small cars to their lines by 2011, as they say they will make a profit on those vehicles with rising gasoline prices...
...notes that the Japanese automaker's sales totals continue to suffer from California's economic crisis as well as its real estate downturn. "It's not one thing: it's real estate, it's availability of credit, it's unemployment" that's hurting California sales, he says. Mike DiGiovanni, GM's general director of market analysis, says the present economic numbers suggest that a modest improvement in economic conditions is under way but that it's still very fragile and could use more stimulus. GM's lawyers warned in bankruptcy court that the company might have to start the liquidation...