GM has brought this upon themselves, due principally to wrong and wrongheaded management. it is, in a way, no different than Bear Stearns, and Lehman Brothers. All are / were companies of longstanding history, that leaned heavily the wrong direction, and leveraged that stance. GM has had ample time and opportunity(s) to develop products that are in-keeping with the greater good for the consumer, as well as for GM. Instead, they have chosen to ignore the 'plain as daylight' writing on the wall, and, to make matters worse, they have even continued to do more of what has gotten them in the situation they are in. Here is a brief example...about three or so years ago, when oil was beginning its inexorable rise, the foreign competition was really getting traction with their hybrid technology automobiles, waht does GM do? The lead designer, (What A FUCKING DINOSAUR), at one of the endless string of autoshows, comes trottin' out with his ever-present prop, the coffee cup, along with his entourage of flacks, which include the media gaggle, and waxes on about how their 'Camaro-redux' is going to 'save the company', etc. What a bullshit artist. They missed the boat, train, and everything other mode of transport. Stupid fucks. The competition has eaten their lunch for decades now, and still they have no clue.
GM shares reach 75-year low amid bankruptcy talk Friday March 6, 2:34 pm ET General Motors shares drop to lowest price in more than 75 years as bankruptcy concerns grow NEW YORK (AP) -- General Motors Corp. shares fell to their lowest point in more than 75 years Friday, as investors fretted that the ailing automaker may be forced to file for bankruptcy protection despite government help. GM shares hit a low of $1.27 in late morning trading before rebounding to $1.49 in the afternoon. The low point matched a low set May 4, 1933, according to the Center for Research in Security Prices at the University of Chicago. The price is adjusted for splits and other changes. GM said in a statement Friday that it has not changed its intention to avoid a bankruptcy filing, and that an out-of-court restructuring remains its best option to survive the worst auto sales climate in 27 years. http://biz.yahoo.com/ap/090306/gm_stock.html