The Detroit Giant Fails

Can anyone believe this? Aside from the fact that many like myself said months ago that bankruptcy was inevitable and the only way to save the company. But back then? It was still doable. Now? $15 billion in tax payer money later. And it is utter devastation and abject failure for an American institution instead of an orderly reorganization and survival.

People seem to have forgotten? This isn't our first time to the dance on this issue. We bailed out Chrysler in the 80's with Lee Iacoca at the helm and got every dime back. But that won't happen this time.

So now look at what has been purposely done and who is behind it and what the ultimate outcome looming on the horizon will be.

GM CEO: Bankruptcy Likely; Firm May Leave Detroit

General Motors is open to considering moving its headquarters from Detroit, selling off U.S. plants and even renegotiating parts of its restructuring plan with its major union, the new chief executive said Monday.

Fritz Henderson
CNBC.com

CEO Fritz Henderson, on a conference call with reporters, said it was more probable that GM [GM 1.44 -0.17 (-10.56%) ] was headed for bankruptcy by June 1—the U.S. government-imposed deadline for the automaker to restructure or face bankruptcy.

"It's more probable that we would need to accomplish our goals in a bankruptcy," Henderson said. "There's still a chance for it to be done outside a court proceeding."

A move by GM to leave Detroit would represent another blow for the economy of a region already reeling from the bankruptcy of Chrysler and the sharp downturn in auto manufacturing.

GM purchased its glass-towered headquarter building known as Detroit's Renaissance Center last year for $625 million.

http://www.cnbc.com/id/30682967