Bailout Watch 247: Nobody Puts Buick In A Corner

bailout watch 247 nobody puts buick in a corner

Everyone else, notify your next of kin. Bloomberg attributes the all-too usual “people familiar with the matter” with the revelation that GM is “studying whether to shed its Saturn, Saab and Pontiac brands in addition to Hummer.” And what price are they putting on the three brands? $12b worth of government “bridge loan.” There goes the argument that the bailout is about saving jobs. Of course, proving TTAC right (and doing what they say would happen if the loan didn’t go through) isn’t going to the only tough pill to swallow if the RenCen is serious about going through with this. A nasty little business called state franchise law awaits this oncoming freight train, potentially putting taxpayers (not to mention General Motors) on the hook for billions more. You know, since “bankruptcy is not an option.” Putting 82-year old brands on the block? That’s another matter. Anyway, old-school Saab enthusiasts rejoice, Pontiac faithful start looking for a white knight, and everyone with a job on the line, buckle up. The BOD is scheduled to review a proposal Nov. 30 and Dec. 1, and GM will then prepare a 10- to 12-page public document and a private, more detailed plan of about 80 pages with background material. Until then it’s just one big, white-knuckle thrill ride.

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  • Jolo Jolo on Nov 27, 2008

    ...revelation that GM is “studying whether to shed its Saturn, Saab and Pontiac brands in addition to Hummer.” It's one thing to study it, it's another thing entirely to DO it. Which they won't. They'll say anything to congress to lend them the cash and then come up with unforeseen excuses as to why they did not follow through. GM will say anything, but not do what is required of them.

  • Ronnie Schreiber Ronnie Schreiber on Nov 27, 2008

    Stu Sidoti, Please drop me an email rokem@netzero.net

  • Ronnie Schreiber Ronnie Schreiber on Nov 27, 2008
    The question is: would those people buy Fords? If the answer is no, then what’s the point of GMC? I don't know who sells more, but Ford has a line of medium duty trucks too, like the F-450, 550 and 650.

  • Ronnie Schreiber Ronnie Schreiber on Nov 27, 2008
    Ronnie, you may also remember that Buick was once run by Walter P. Chrysler, he made it one of the most successful car lines at the time. Hey, I'm old and decrepit but not that old to remember when Walter P. ran Buick - though I do remember when Eisenhower was president.

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