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May 30th, 2009
05:16 PM ET

GM On the Brink of Change

Today GM's board of directors is meeting for the second day to talk about its plan. Meanwhile a Canadian auto parts supplier is coming to the rescue of the company's European subsidiary "Opel."

A Russian company, GM and Opel employees will also own shares in Opel.

Yesterday, the United Autoworkers Union agreed to major cuts to the fund that covers health care costs for retirees.

But it's not enough to keep General Motors out of bankruptcy.

Fredricka Whitfield spoke with Automotive Analyst Lauren Fix about what this means to you.


Filed under: Fredricka Whitfield
soundoff (7 Responses)
  1. Scott Stodden

    I believe that the offer for Opal to merge or take over GM would be an amazing offer or idea. This could be a new beginning for GM. Once known as the Little That Train That Could, GM may see a turnaround, hopefully all the employees can get back to work once this Opal company takeover takes place, lets pray for all these employeess that a rescue may take place.

    Scott Stodden (Freeport, IL)

    May 30, 2009 at 5:56 pm |
  2. warren

    poor management and shoddy workmenship brought this on they disearve what they get i love my hyundai

    May 30, 2009 at 9:16 pm |
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    May 30, 2009 at 10:31 pm |
  4. Fred Marshe

    In all the discussion of the auto industry failure, I've never heard any mention of the disastrous effects of the years of union demands that have had a major impact on their bottom line. The benefits are ridiculous.

    May 31, 2009 at 12:12 pm |
  5. Bob Foiles

    What happens to GM non-union retirees? They already lost health care; but what will happen to their earned retirement?

    Thanks,
    Bob

    May 31, 2009 at 3:24 pm |
  6. Brad

    Lauren Fix needs to be less alarmist and assumptive. Her statement that the government would be designing cars is not based on knowledge but on her assumption that because a majority of the company is owned by the government, that's where design choices will come from. In addition to that, even if that were the case there is no reason to believe that they would do any worse than GM management did.

    That she goes on to praise the quality of GM's previous car line is just ridiculous and makes me strongly question her "expertise" in the industry. If the cars were desired by the American public as she asserts then the company wouldn't be going under, would it?

    Bringing in commentators who "report" on "facts" not in evidence and who make blatantly untrue and inaccurate statements like this woman did makes CNN look like a tool.

    May 31, 2009 at 4:16 pm |
  7. Jim Kennedy

    The government is going to own 70% of the "NEW GM". How will they run it? They can't even run their own military paying $3000 for a wrench and $15000 for a toliet! I used to be a loyal GM owner. Never again. Give me a Ford!!

    May 31, 2009 at 4:42 pm |

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