A blog for better streets and public spaces in Portland, Maine.

Monday, June 1, 2009

GM is bankrupt; owes roughly $1 million in debt for every Hummer on the road

It is official: GM has entered bankruptcy, and is about to be nationalized by the American government.

In its bankruptcy filing this morning, the company revealed that it owes $172 billion to its creditors. According to GM sales figures (compiled here), that amounts to over $1.1 million in debt for every Hummer SUV sold since 2002. 

And can we get a shout-out for these flag-waving Champions of Labor, pictured in 2002 at a protest against higher fuel-efficiency standards? 

Speaking of "wasted resources," American and Canadian taxpayers have now sunk $60 billion in this industrial albatross. If it all goes according to the plan, United States taxpayers will soon own a 60% stake in the company; Canadian taxpayers will own an additional 12.5%. 

1 comment:

Turboglacier said...

Absolutely fabulous.

Have you ever driven a Hummer? I tell you, it's fantastic. You really can't put a price on that vehicle. $1.1 mil may be cheap. There's nothing like it, outside of a war zone.