AOL Money & Finance

Who freakin' cares what GM thinks?

General Motors (NYSE: GM) reiterated today that it doesn't want to file for bankruptcy.

"GM has not changed its position on bankruptcy," the company said in a statement. "Restructuring the business out of court remains the best solution for GM and its constituents."


"The company firmly believes an in-court restructuring would carry with it tremendous costs and risks, the most significant being a dramatic deterioration of revenue due to lost sales."

"Dramatic deterioration in revenue"? You mean like sales falling 53%? If people were buying GM cars, then the "Don't file for bankruptcy because we'll lose customers" argument might make sense. But even then, it really doesn't because independent research has shown that a GM bankruptcy actually wouldn't make customers any less likely to buy the company's cars.

What General Motors management should do is shut up and try to cut costs and restructure the company. But to make statements complaining about the possibles conditions for receiving the government cheese that you're asking for is completely obnoxious.

Why General Motors CEO Richard Wagoner still has a job is completely beyond me but since he does, he should do us all a favor and issue this memo to his PR corps: "Shut up."
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Last updated: November 26, 2009: 10:09 PM

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