OMFG!!

That's amazing...

So that means 0.1% of the $16.6B will be going into buying them little blue pills for the GM hourly employees... Which also means that you, me and whoever paid tax are buying them Viagra!!!

 

this is starting to remind me of the Saturday night live episode about the Big 3... their plans are simply to keep borrowing money from the government haha...

 

Most people here predicted Chevy, Cadillac, and Buick staying but WHY GMC?!!!
GMC's are basically Chevy trucks with different grills and headlights. If they're going to have four, keep either Pontiac or Saturn (I say Saturn based on current lineups). There isn't a single reason to keep GMC going.

 

This is lunacy and has to stop.

Drill enough holes in the bottom of the boat,
no amount of pumps and hoses will keep it afloat.

Should have denied the bailout back in December.
Knew this was going to happen.

The big three's business plan: "to hemorrhage money for eternity"

You'd euthanize a sick dog, wouldn't you?

 

ffpower: I think it's actually 0.1%. Still a lot

 

I just invested a small amount in Ford. I hope this news drives that stock up, though Im not holding my breath.

 

You are right, I've corrected it in the above post.

Thanks.

 

theres enough room for GM but only if Chrysler dies.

 

So my taxes are getting them hard??

 

Ford's the better bet of the three, IMHO.

 

I agree, cut out the duplication with GMC...and keep the Saturn brand.

 

http://videocafe.crooksandliars.com/...ailout-hearing

 

Interesting that Obama administration said the bankruptcy is still one option for GM, they must not be impressed with progress-to-date either.

 

One option? More like the only option...

 

Dealers: Saturn's Demise "A Real Travesty" but No Surplise
BY BRENT SNAVELY • FREE PRESS BUSINESS WRITER • February 18, 2009

Saturn dealers expressed frustration, anger and sadness -- but not surprise -- after General Motors Corp. said Tuesday that the 23-year-old brand would likely fade away after 2011.

"I think most people were hoping that it was not going to be so," said Gregory Jackson, owner of Prestige Automotive Group, which includes three Saturn dealerships in Jacksonville, Fla. "It's a real travesty ... why Saturn has not been able to capture momentum from a sales standpoint, only God knows. But as a dealer, I am quite saddened."

Saturn's fate was one of the main questions on dealers' minds Tuesday as both GM and Chrysler LLC met a deadline for filing restructuring plans with the Treasury Department. The plans were required as conditions tied to $17.4 billion in federal loans the two companies have received.

GM said Tuesday it remains open to the possibility of Saturn dealers or investors acquiring the brand. But if that doesn't happen, Saturn will be phased out.

"I certainly support the dealers getting together. ... It's an interesting concept," said Jackson, who got his start as a Pontiac and Oldsmobile dealer in 1993 near Flint. "I am just not sure if the dealers as a whole can really pull that type of thing off."

GM also said Tuesday it continues to explore the possible sale of Hummer and Saab and said Pontiac will be a highly focused niche brand. It also plans to accelerate its efforts to consolidate its dealers by 25% over the next four years from 6,246 to 4,700 and said it needs another $16.6 billion in federal aid.

This left dealers such as Joe Serra, owner of Serra Automotive Group, trying his best to remain optimistic.

"The only thing I am leaving it with is they finally have a plan," said Serra, who owns 21 dealerships. "They are going to reduce the number of models they produce, and they are being realistic as far as what the market might be at, and maybe the break-even point."

Meanwhile, Carl Galeana, owner of Warren-based Galeana Automotive Group, said there was little in Chrysler's plan that was new for dealers. Chrysler said it plans to eliminate the Chrysler Aspen, Dodge Durango and the Chrysler PT Cruiser as part of its restructuring plan.

"There is no surprise there," Galeana said. "I haven't had a Durango for quite a while."

Galeana said the key for Chrysler's survival is to complete its pending deal with Fiat SpA.

"I am looking at Fiat as if it is going to happen," Galeana said. "Hopefully it will. And that will certainly make things better."

Contact BRENT SNAVELY at bsnavely@freepress.com.