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What Will The New General Motors Be Like?
General Motors Corp.’s (OTC: GMGMQ) emergence from bankruptcy Friday marks the beginning of the “new GM,†which will try to stay out of the ashes from which it emerged to become a leaner, customer-centric and modern company.
The official ownership of the new GM is divided as follows:
- 60.8%: U.S. Department of the Treasury, after a $50 billion taxpayer-funded investment.
- 17.5%: United Auto Workers (UAW) Retiree Medical Benefits Trust.
- 11.7%: Canada and Ontario governments.
- 10%: The “old†GM.
By the end of next year, the new GM will operate 34 assembly, powertrain and stamping plants, down from 47 in 2008. In the United States, its headcount…
13Jul2009 | Money Morning | 1 comment | ContinuedBankruptcy Judge Approves Obama’ GM Exit Plan
A federal judge handed the Obama administration an important victory in its push to steer the automobile industry back to health Sunday, approving the sale of General Motors Corp.’s (OTC: GMGMQ) most profitable assets to a new government-run company.
The move removes an important barrier to the company’s plan to exit bankruptcy.
Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued a ruling saying the sale was GM’s only option and that it would "prevent the death of the patient on the operating table,” according to Reuters.
The 87-page ruling rejected appeals from a group…
6Jul2009 | Money Morning | 0 comments | ContinuedMarket Update: Citigroup (C), General Motors (GMGMQ), American International Group (AIG), Credit Suisse (CS)
Ten More to Be Charged in Madoff Case; British GDP Suffers Highest Drop in Half a Century; Housing Price Drops Slowing; GM Attempts to Emerge From Bankruptcy; Corn & Soybean Planting Up; AIG Gets Government-Backed Board; Japanese Memory Maker Gets Bailout
- Ten more people will be charged in the Ponzi scheme masterminded by newly sentenced Bernie Madoff, The Associated Press has learned. An anonymous source would not detail what the potential charges would be or say whether any of the 10 people include Madoff’s family or former employees. So far only Madoff and an accountant accused of failing to make basic auditing checks have…
Market Update: General Motors (GMGMQ), Best Buy (BBY), News Corp. (NWS), JPMorgan Chase (JPM)
BRIC Building; Bankruptcies Accelerate; Auto Parts Suppliers Denied Additional Government Funds; GM Sells Saab; Best Buy Misses Expectations; MySpace Cuts 1,000 Workers; Banks See Recession Ending in Late Summer
- Members of the so-called “BRIC” nations – Brazil, Russia, India and China – met in Russia yesterday (Tuesday) for their first ever summit. The meeting was followed by the release of a joint communiqué that demanded a larger role for emerging nations. “The emerging and developing economies must have a greater voice and representation in international financial institutions,” the statement said. “We also believe that there is a strong need for…
Current Rally May Be Early Stages of a Prolonged Bull Market
If history is our guide, then the rally we’ve seen in U.S. stocks in recent weeks is more than just a periodic run-up in share prices – it’s the initial stage of a prolonged bull market.
The 13-week rally the Dow Jones Industrial Average has experienced off its March lows is the most powerful surge that index has seen since the Great Depression. If we look to history, stocks should continue to rally over the next three months.
"I say this with the utmost confidence and my fingers tightly crossed: This is the start of a new bull run," Hugh Johnson, chairman of Johnson…
8Jun2009 | Money Morning | 0 comments | Continued
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