GM bids Pontiac, independence adieu
As General Motors prepares to offer the Treasury Department more than 50 percent of its stock to absolve itself of $10 billion in government loans, it seems difficult to believe that this is the same company that decades ago made one of every two cars sold in the US.
The automaker has also proposed that the United Auto Workers take GM stock for at least half the $20 billion the company owes to a union-run trust that will assume retiree health care expenses starting next year, The Associated Press reported.
Combined, the union and government would own 89 percent of the century-old automaker, which has been bleeding red ink and is saddled with more than $62 billion in debt, according to The Associated Press.
This comes as GM announced it will eliminated its storied Pontiac brand after more than 80 years. The move comes just five years after General Motors phased out its Oldsmobile brand.
Fewer marque brands and tacit nationalization; William Durant must be rolling over in his grave.