Under Restructuring, GM To Build More Cars Overseas
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/07/AR2009050704336_pf.html
The U.S. government is pouring billions into General Motors in hopes of reviving the domestic economy, but when the automaker completes its restructuring plan, many of the company's new jobs will be filled by workers overseas.
You just gotta love "out-sourcing".
And people building cars overseas do not pay taxes here, which costs the
government even more in lost tax revenues.
G.M. Seeks Bankruptcy and a New Start
http://www.nytimes.com/2009/06/02/business/02auto.html?_r=1&hp=&pagewanted=all
Its official, GM filed for bankruptcy this morning in New York at 8:00 AM. The big question for us in the Mahoning Valley is just how badly will we be hit? It doesn't mean that GM is closing its doors, or that Lordstown will be mothballed, but until we get further official word, its hard to say what the impact to the valley will be.
From the Washington Post:
GM Files for Bankruptcy Protection
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/01/AR2009060100697_pf.html
Maybe if Lordstown is mothballed, maybe the plant can be turned into producing
high speed rapid trains and passenger rail cars or a nice factory to build renewable energy parts for wind turbines, solar panels, etc.........
If only we had leadership in Columbus and Washington.....
From The Vindicator:
Valley leaders on edge, anticipating GM move today
http://www.vindy.com/news/2009/jun/01/valley-leaders-edge-anticipating-gm-move-today/
Happened 6 months too late. Romney called for this back in December and liberals laughed at him.
Romney 2012.
My sister actually voted for Obama because she believed he would protect her Lordstown pension. I bet she is worried today.
UPDATE:
Plain Dealer:
http://blog.cleveland.com/pdgraphics_impact/2009/05/29WG1AGM.pdf
Vindicator
Lordstown spared as expected
http://www.vindy.com/news/2009/jun/01/lordstown-spared-expected-other-newswatch/
GM Chapter 11 filing document
http://media.washingtonpost.com/wp-srv/special/business/GM/documents/GMChap1106012009.pdf?hpid=topnews
GM Bankruptcy Q&A
http://www.nytimes.com/2009/06/02/business/02primer.html?ref=business