GM files for Bankruptcy

Wow!
Who would've ever thought that automotive giant, General Motors would be struggling to stay a float?!?!
Yes, it has come to that. GM has filed for Chapter 11 Bankruptcy and we, the Canadian people, now own 12% of the company.

How did things get to this? Years of poor management, poor product quality standards, and now the poor economic conditions have silenced this once mighty giant!

But, you know the question on our mind is who is to blame?
Should tax payers be bailing GM out?

My answer is NO.

What about all those GM employees who lived the life of luxury getting paid $30-$40 an hour assembling cars??

Were they bailing me out when I was incurring University debt?

What about the GM CEO, Richard Wagner?

Was he thinking about the company or his comfort when he decided to take a private jet to Washington?

GM has reached this position because of it's own carelessness. I don't think it should be tax payers who should be bailing them out. It should be all the ex-CEO and the employees that should be making the effort.

The UAW owning 17% of a company that they have lived off of for nearly a 100 years just doesn't seem enough.

Well, that was my 2 cents....

What do you think??


Until next time...