Monday, Jun 01, 2009
Can the US pull the UK out of Recession?
Bloomberg: GM Bankruptcy Filing Will Bring Taxpayer Ownership, Less Debt
G.M.Corp., "the world’s largest automaker for 77 years, began filing for bankruptcy by putting a New York affiliate into Chapter 11, a landmark for an industry that defined American economic might". " Bondholders are owed about $22.76 billion, the affiliate filing said. The United Auto Workers are owed about $20.56 billion, excluding “approximately $9.4 billion corresponding to the GM Internal VEBA,” the filing said".
Posted by alan @ 12:54 PM (406 views) Add Comment
2 Comments
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1. 51ck-6-51x said...
Just got this image in my head of Brown singing to Obama... "The only way is up! For you and me now!"
But seriously, the US does seem to be well placed for recovery now, as do many emerging markets.
- It seems Europe (inc UK) & Japan have to try to hold on to the rope off the back of the boat and hope the waters don't get too choppy...
2. The Baldman said...
Debt has been replaced by US government debt and creditor write offs. Where is this helping the economy?