GM bondholders shun tender offer; bankruptcy nears
The event marks a critical disappointment for GM, the largest U.S. automaker and once considered the bellwether of U.S. manufacturing. A popular ad for the automaker once stated that “What’s good for General Motors, is good for the USA.”
I don’t think there ever was such an ad. This quote, or a version of it, was said in 1952 when the head of GM was testifying to become secretary of defense. Later this statement was often misquoted, suggesting that Wilson had said simply, “What’s good for General Motors is good for the country.”
Ed. N.
Several readers noticed this one. We did too, and we removed it from subsequent updates of the story: GBU Editor
REUTERS photo by Mike Cassese
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U.S. Recession nearing end?!?!?
The United States has lost our Auto Industry!! Chrysler and
GM! Hello- Detroit Michigan has a 22% Unemployment rate!!
Tell the truth Washington….USA is in a depression, not a recession!
Somebody else is going to have to start us up again with American made vehicles! Learning from the egregious acts of greed by the former corporate idiots!
- Posted by cydI wish I could do it myself!