GM announced a restructuring proposal earlier today that would basically require them to change their name to “Government Motors,” and now, Chrysler is out with their plan, which hands the majority of the company over to not the government but instead the brotherhood of auto workers: The United Auto Workers union would eventually own 55% [...]
Entries from April 27th, 2009
Chrysler: Let The Workers Control The Means Of Automobile Production
April 27th, 2009 · 4 Comments · bailout
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Go See The Bandit
April 27th, 2009 · No Comments · bandit
Stephen of WallStreetFighter tipped me off that Geoffrey Raymond is showing his latest masterpiece today outside The Citi at 399 Park. Drop by, and have your say to the Bandit’s face (or, do one better and actually add that mask for us?)
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Congratulations, GM Owners
April 27th, 2009 · 5 Comments · bailout
From the “You knew this was coming” department – GM has filed their restructuring S-4 with the SEC and they are restructuring pretty much as a government concern: – U.S. would get 51% pro forma stake with debt conversion – Bondholders would represent 10% of new pro forma stock – Existing common stock would represent [...]
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FDIC: Makin Depositurz Whole, Ur Doin It Rong
April 27th, 2009 · 2 Comments · all ur bankz
Just a quick post because this poor little old lady’s story reminded me of the cat above: In 2001, [Fran] Sweet says she put her life savings of nearly $600,000 into accounts at Superior Bank of Hinsdale, Ill. About a month later, the Federal Deposit Insurance Corp. seized Superior because of alleged improper financial and [...]
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Grand Damn
April 27th, 2009 · 3 Comments · fail
A far more tasteful breakout of what “PONTIAC” stands for than I heard as a youth, let me tell you. Suffice to say I never believed that anyone actually thought it was a Cadillac. So! If you have anything meaningful to say to Pontiac, I suggest you do it soon because the brand is getting [...]
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