After 101 years in business, once might General Motors has filed for bankruptcy protection. It's stock--once viewed as the bluest of blue chips--is trading under $1 a share. For decades GM was one of the 30 stocks that comprised the Dow Jones Industrial Index, but no more. It was kicked off today, replaced by Cisco.
In other GM news, nine more plants will close, three will temporarily shut down.
I fear the worst is yet to come for "Government Motors." The feds own 70 percent of the corporation, the Obama administration's policy on unions is to placate them, and the type of cars Government Motors CEO Barack Obama wants to build could just be a cleaner version of the East German Trabant.
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1 comment:
Very sad. I used to work for GM. But the problems GM faced in the 80s - high labor costs, quality problems, product design - never went away and competitors took their market share.
Isn't this what capitalism is all about? Wish GM would have gone through bankruptcy the right way 7-8 months ago without government help.
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