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%.
Learn more, and find out where you can purchase a copy.
1 comment:
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.
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