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GM declines $3Billion bailout from Canada.

lets see, the article mentions that while canada is glad that they didn't want the money, they are still interested in having GM "restructure"... so 1. strings attached.
2. the financial aid is a LOAN. meaning they have to pay it back, and possibly pay interest.
 
He said it is "more prudent to work that all through with our stakeholders" before drawing on government aid. "It is anticipated, however, that we will still require the offered assistance, as our 'self-help' efforts are for the short term."
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That being said... the company makes money by selling cars, and people are not exactly keen on buying a brand new car when they feel the economy is collapsing, the so called" failing companies" saying they don't need any aid could be intended to help stabalize the economy and their target market.
 
Originally posted by: 2Xtreme21
GM wants no-strings-attached money and nothing else. Fucking pigs.
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obama is going to attach a bunch of strings to the US money very shortly. GM doesn't want to be stuck in a position where it has conflicting strings, especially because the broken strings are going to be the canadian strings when push comes to shove.
 
Originally posted by: ElFenix
Originally posted by: 2Xtreme21
GM wants no-strings-attached money and nothing else. Fucking pigs.
Click to expand...

obama is going to attach a bunch of strings to the US money very shortly. GM doesn't want to be stuck in a position where it has conflicting strings, especially because the broken strings are going to be the canadian strings when push comes to shove.
Click to expand...

THIS...
 
Originally posted by: ElFenix
obama is going to attach a bunch of strings to the US money very shortly. GM doesn't want to be stuck in a position where it has conflicting strings, especially because the broken strings are going to be the canadian strings when push comes to shove.
Click to expand...

Finally, string theory cogently explained! 😛

 
Originally posted by: ElFenix
Originally posted by: 2Xtreme21
GM wants no-strings-attached money and nothing else. Fucking pigs.
Click to expand...

obama is going to attach a bunch of strings to the US money very shortly. GM doesn't want to be stuck in a position where it has conflicting strings, especially because the broken strings are going to be the canadian strings when push comes to shove.
Click to expand...

Most likely.
 
Hey give the American public the money under the condition they use it to buy their cars, same with the bailout money coming from the US. I'd be glad to by a Cadillac with the money they give me.
 
What What, us suckers in the USA will freely allow GM to out source its business to very other nation on earth, but if Canada puts strings attached to its three billion of aid, GM should say hell no to aid that may save its worthless ass. Genius, Brilliant simply brilliant business GM that has used to increased the GM market share in the world wide automotive market place. Denial now, denial forever.

Clueless Canada.
 
Somebody here speculates that their might have been conditions attached to the loan that made GM turn it down, and we've got a myriad of posts bellyaching about it.

"For reasons that are their own, General Motors has decided not to call upon our short-term aid," Prime Minister Stephen Harper said Friday in an interview, to be broadcast Saturday on Global TV's Focus Ontario.
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RTFA

As long as we're speculating, I tell you a much more likely scenario. One that I'm near certain will happen. GM will no longer be producing cars in Canada.
 
Originally posted by: 2Xtreme21
GM wants no-strings-attached money and nothing else. Fucking pigs.
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Common sense. Why take a loan from a foreign country when your own government gives you money for free?
 
Yay, I didn't support this from the start.

Originally posted by: frostedflakes
Why did they turn it down? Might have been conditions the government stipulated that weren't in GM's best interest.
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Maybe, I recall that the auto companies would have to submit a detailed plan on how to haul their sorry asses out of the gutter, and hopefully (i'm just hoping here) one condition placed on them was a bonus/pay restriction.
 
Originally posted by: boomerang
Somebody here speculates that their might have been conditions attached to the loan that made GM turn it down, and we've got a myriad of posts bellyaching about it.

"For reasons that are their own, General Motors has decided not to call upon our short-term aid," Prime Minister Stephen Harper said Friday in an interview, to be broadcast Saturday on Global TV's Focus Ontario.
Click to expand...

RTFA

As long as we're speculating, I tell you a much more likely scenario. One that I'm near certain will happen. GM will no longer be producing cars in Canada.
Click to expand...

I wonder if Toyota could use a few extra planets in the years to come.
 
Originally posted by: ZzZGuy
Originally posted by: boomerang
Somebody here speculates that their might have been conditions attached to the loan that made GM turn it down, and we've got a myriad of posts bellyaching about it.

"For reasons that are their own, General Motors has decided not to call upon our short-term aid," Prime Minister Stephen Harper said Friday in an interview, to be broadcast Saturday on Global TV's Focus Ontario.
Click to expand...

RTFA

As long as we're speculating, I tell you a much more likely scenario. One that I'm near certain will happen. GM will no longer be producing cars in Canada.
Click to expand...

I wonder if Toyota could use a few extra planets in the years to come.
Click to expand...

Probably not.
 
Well, it would have been interesting to compare American bailout vs Canadian. Just to see if there were "strings" attached.

Tho, personally, I think GM is hoping for a bigger increase from Canada. Will be interesting to see how much of the 85 billion goes to the auto makers... I'd also like to see the terms but sadly I don't think there will be terms. I don't think they should be treated any worse then if you or I went to a bank to get a loan. Should be stiff penalties like for late payments, Interest rates should be 5-6% and they should have to pay a hefty fine just to secure the loan.
 
Originally posted by: ericlp
Well, it would have been interesting to compare American bailout vs Canadian. Just to see if there were "strings" attached.

Tho, personally, I think GM is hoping for a bigger increase from Canada. Will be interesting to see how much of the 85 billion goes to the auto makers... I'd also like to see the terms but sadly I don't think there will be terms. I don't think they should be treated any worse then if you or I went to a bank to get a loan. Should be stiff penalties like for late payments, Interest rates should be 5-6% and they should have to pay a hefty fine just to secure the loan.
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http://www.thestar.com/News/Canada/article/556979

The three-month renewable loans for GM and Chrysler run for a maximum of three years at an interest rate of 5.3 per cent. Getting the loans will require a lien on some Chrysler and GM assets in Canada, giving the two governments senior creditor status.

Also, if the two companies want to renew the loans, they will need to submit restructuring plans to ensure the long-term viability of their operations here by Feb. 20. They will also need to show evidence by the end of March that the plans to become competitive again ? including agreements with stakeholders on cuts ? will proceed.

Harper signalled "all stakeholders" in the auto industry must make concessions in the coming weeks.

"That's going to include management, it's going to include unions, it's going to include bond holders, it's going to include all those who are impacted on the supply chain," he said.

The GM and Chrysler loan terms include limits on executive compensation and performance pay and a ban on "golden parachutes" or huge severance packages for top officials leaving the companies.
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It's pretty obvious why it was refused. Executives would be forced to sink with the ship instead of leaving with gold-filled rafts.
 
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