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Showing 4 articles from June 1, 2009.

FrontPage News

"Tough but fair", White House statement on GM bankruptcy
This is the statement the White House issued last night on the GM bankruptcy.

"The President made clear throughout this process that every one of the Company’s stakeholder would be expected to sacrifice, and that none would receive special treatment because of the involvement of the government.  The resulting agreement is tough but fair, and has garnered broad support from GM’s major stakeholders:.."
 
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20,000 jobs to be lost at GM
GM will shed 20,000 jobs in bankruptcy, closing seven plants in Michigan and in states east of the Mississippi River. Kentucky’s Corvette plant will not be one of them.
The stock market today took the news of GM’s bankruptcy in its usual incomprehensible fashion. It rose over 200 points to almost wipe out the losses from the beginning of 2009. Oil is up. The dollar is down and manufacturing, while down, is not down as much as predicted. GM and Citigroup were booted off the Dow – which will make the Dow look a lot better without those losers pulling down the industrial average.  CNN Money
As usual, Wall Street reacts counterintuitively to Main Street. Bad news for American workers means good news for American traders.
Go figure
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Rep. Richards: Bowling Green Corvette plant won't close
Rep. Jody Richards said this morning that as far as he and local leaders know, the Corvette plant in Bowling Green won't be one of the plants closed in the GM bankruptcy proceeding. 
"City and county officials and I are monitoring the situation closely." Richards said, "We are keeping our fingers crossed."
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Statement from Gov. Steve Beshear on GM announcement
Statement from Gov. Steve Beshear on GM announcement
 
FRANKFORT, Ky. (June 1, 2009)—“We’ve been in communication with GM today and anticipate GM will continue to produce the Corvette as they have for years right here in Kentucky. We will do whatever we can as a state to ensure the viability and longevity of the Bowling Green Assembly Plant...
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