GM bankruptcy
06-03-09, 12:18 AM
#121
Lexus Fanatic
Thread Starter
iTrader: (20)
While I don't blame GWB for GM or Chryslers failings I have said for YEARS on here they should HELP somehow. Help them with technology. Help with tax credits. Maybe an import tax. I am not sure but I WISH they would have helped. yeah it would have cost some taxpayer dollars but it would have not been anything of this magnitude and it would have SAVED jobs.
There is no "free market" there is alway govt intervention. I much rather them have helped in the past then this bailout "too big to fail" policy going around.
There is no "free market" there is alway govt intervention. I much rather them have helped in the past then this bailout "too big to fail" policy going around.
06-03-09, 12:40 AM
#122
Lexus Champion
I don't think I've read anywhere about an "exit strategy" for the goverment with GM. Sure, we own 60% of the company, but when exactly do we actually sell that stake?
Sadly, every time the government gets its hand in any situation, it gets bigger and bigger.
Just look at Fannie Mae and Fannie Mac....<sarcasm>that turned our really good.</sarcasm>
Sadly, every time the government gets its hand in any situation, it gets bigger and bigger.
Just look at Fannie Mae and Fannie Mac....<sarcasm>that turned our really good.</sarcasm>
06-03-09, 07:56 AM
#124
not after burning $50B of our money, they should've did this years ago. And now they are in bed with govt which is even worse news. If GM did it the real way I would consider a car from them in the future, but since they did it this way I will never consider a car from them, ever.
06-03-09, 11:57 AM
#127
Moderator
06-03-09, 12:53 PM
#128
Toyota talking on Japan government loan
by Yuri Kageyama | The Associated Press Tuesday March 03, 2009, 6:17 AM
Melanie Sochan | The Saginaw News File Photo
A Toyota Corolla is partially covered with snow at Labadie Toyota, 909 North Euclid Avenue in Bay City.TOKYO -- Toyota's financing unit is in talks with a Japanese government-backed bank on possible lending, the automaker said Tuesday, underlining the serious woes facing the car industry amid plunging global sales.
Toyota Motor Corp. said no details had been decided. Kyodo News and NHK TV reported earlier in the day, without identifying sources, that Toyota's auto loan unit, Toyota Financial Services, had asked for a 200 billion yen ($2 billion) government loan.
The Japan Bank for International Cooperation declined comment on the reports, saying it does not comment on individual company matters.
The bank started to help cash-strapped Japanese businesses last year in the wake of the global financial crisis. Some companies have been struggling for cash ahead of the fiscal year end of March 31.
The Finance Ministry said Tuesday it will provide an additional $5 billion from its foreign reserves this month to the Japan Bank for International Cooperation, to make sure there is ample cash available for needy businesses. Tokyo has about $1 trillion in foreign reserves.
Finance Minister Kaoru Yosano also said the ministry stands ready to raise the money pool available for lending in yen from 800 billion yen now to 1.2 trillion yen to help companies ride out the deepening global slump.
Toyota, which makes the Camry sedan and the Prius hybrid, had been growing solidly before the U.S. financial crisis hit last year. But now it is expecting a 350 billion yen loss for the fiscal year through March, as plunging global demand and a strengthening yen batter earnings.
Toyota's projected red ink for the fiscal year through March would mark its first such annual net loss since 1950, and a sharp contrast from the record 1.72 trillion yen profit it racked up the previous year.
Toyota is still faring better than General Motors and Chrysler, which together have received $17.4 billion in emergency loans from the U.S. government, and asked for an additional $21.6 billion in aid last month.
Nissan Motor Co. has said that it is considering various types of government aid, but it declined to say Tuesday whether it was requesting for Japan Bank for International Cooperation loans. Nissan has forecast a 265 billion yen net loss for the fiscal year through Marchhttp://www.mlive.com/auto/index.ssf/2009/03/toyota_talking_on_japan_govern.html
by Yuri Kageyama | The Associated Press Tuesday March 03, 2009, 6:17 AM
Melanie Sochan | The Saginaw News File Photo
A Toyota Corolla is partially covered with snow at Labadie Toyota, 909 North Euclid Avenue in Bay City.TOKYO -- Toyota's financing unit is in talks with a Japanese government-backed bank on possible lending, the automaker said Tuesday, underlining the serious woes facing the car industry amid plunging global sales.
Toyota Motor Corp. said no details had been decided. Kyodo News and NHK TV reported earlier in the day, without identifying sources, that Toyota's auto loan unit, Toyota Financial Services, had asked for a 200 billion yen ($2 billion) government loan.
The Japan Bank for International Cooperation declined comment on the reports, saying it does not comment on individual company matters.
The bank started to help cash-strapped Japanese businesses last year in the wake of the global financial crisis. Some companies have been struggling for cash ahead of the fiscal year end of March 31.
The Finance Ministry said Tuesday it will provide an additional $5 billion from its foreign reserves this month to the Japan Bank for International Cooperation, to make sure there is ample cash available for needy businesses. Tokyo has about $1 trillion in foreign reserves.
Finance Minister Kaoru Yosano also said the ministry stands ready to raise the money pool available for lending in yen from 800 billion yen now to 1.2 trillion yen to help companies ride out the deepening global slump.
Toyota, which makes the Camry sedan and the Prius hybrid, had been growing solidly before the U.S. financial crisis hit last year. But now it is expecting a 350 billion yen loss for the fiscal year through March, as plunging global demand and a strengthening yen batter earnings.
Toyota's projected red ink for the fiscal year through March would mark its first such annual net loss since 1950, and a sharp contrast from the record 1.72 trillion yen profit it racked up the previous year.
Toyota is still faring better than General Motors and Chrysler, which together have received $17.4 billion in emergency loans from the U.S. government, and asked for an additional $21.6 billion in aid last month.
Nissan Motor Co. has said that it is considering various types of government aid, but it declined to say Tuesday whether it was requesting for Japan Bank for International Cooperation loans. Nissan has forecast a 265 billion yen net loss for the fiscal year through Marchhttp://www.mlive.com/auto/index.ssf/2009/03/toyota_talking_on_japan_govern.html
06-03-09, 01:12 PM
#129
Guest
Posts: n/a
but govt help doesn't work. if they give a little help it doesn't help. if they give a lot of help the company generally doesn't change because it's got a sugar daddy and can keep on with its wasteful bloated ways. only FEAR and OPPORTUNITY drive change. while engineers and operations had done a great job designing and building better vehicles, GM's business plan was whacked. problem is, govt CANNOT help there, because a) it's own 'budgets' are obscenely broken, and b) they have no clue how to run a car company. some might say the government couldn't make gm worse... oh really? just wait.
bit I cannot begin to express my complete dissapointment in our government. They are so inept from the county clerk to the gasp President in cases.
1. GM/Chrysler is BROKE. Toyota is not. Toyota is worth more than GM/Chrysler/Ford/Honda/Nissan combined.
2. Toyota is sitting on billions in cash. Business's ask for loans when they don't want to burn throught cash.
3. 2 billion dollars IS NOT a bailout. Not even close. Toyota would still operate BOA if they didn't get/ask for the money. The money was available so they asked for it.
If I had time I would post the German/British/Italian/Spanish government intervention during the past few decades and you would probably strangle yourself.
Now it is a FACT that the Japanese government has helped assist their automakers since the 1970s. Clearly it has worked for them. Its not reliance but working together. Saldy it also means imports into the country many times have a very hard time. Remember the Toyota Cavalier?
The fact is our government has allowed imports to far exceed exports from an automotive perspective and GM/Ford/Chrysler got eaten alive (in general our awful trade ratio) Some of it is their fault but some of it isn't right. For instance Hyundai comes here, builds here, sells for cheap, offers now free jobless coverage while in Korea, American cars sell for what 2-3 times the price b/c of tariffs. We cannot compete there.
06-03-09, 01:18 PM
#131
In some cases it does help (looking at some other countries as an example). Our govt though seemingly is clueless so its easy for me to say "they need to support them" but we see results and its a huge
bit I cannot begin to express my complete dissapointment in our government. They are so inept from the county clerk to the gasp President in cases.
Are you so depeserate to try and put down Toyota you will link an article without even thinking some basic facts.
1. GM/Chrysler is BROKE. Toyota is not. Toyota is worth more than GM/Chrysler/Ford/Honda/Nissan combined.
2. Toyota is sitting on billions in cash. Business's ask for loans when they don't want to burn throught cash.
3. 2 billion dollars IS NOT a bailout. Not even close. Toyota would still operate BOA if they didn't get/ask for the money. The money was available so they asked for it.
If I had time I would post the German/British/Italian/Spanish government intervention during the past few decades and you would probably strangle yourself.
Now it is a FACT that the Japanese government has helped assist their automakers since the 1970s. Clearly it has worked for them. Its not reliance but working together. Saldy it also means imports into the country many times have a very hard time. Remember the Toyota Cavalier?
The fact is our government has allowed imports to far exceed exports from an automotive perspective and GM/Ford/Chrysler got eaten alive (in general our awful trade ratio) Some of it is their fault but some of it isn't right. For instance Hyundai comes here, builds here, sells for cheap, offers now free jobless coverage while in Korea, American cars sell for what 2-3 times the price b/c of tariffs. We cannot compete there.
bit I cannot begin to express my complete dissapointment in our government. They are so inept from the county clerk to the gasp President in cases.
Are you so depeserate to try and put down Toyota you will link an article without even thinking some basic facts.
1. GM/Chrysler is BROKE. Toyota is not. Toyota is worth more than GM/Chrysler/Ford/Honda/Nissan combined.
2. Toyota is sitting on billions in cash. Business's ask for loans when they don't want to burn throught cash.
3. 2 billion dollars IS NOT a bailout. Not even close. Toyota would still operate BOA if they didn't get/ask for the money. The money was available so they asked for it.
If I had time I would post the German/British/Italian/Spanish government intervention during the past few decades and you would probably strangle yourself.
Now it is a FACT that the Japanese government has helped assist their automakers since the 1970s. Clearly it has worked for them. Its not reliance but working together. Saldy it also means imports into the country many times have a very hard time. Remember the Toyota Cavalier?
The fact is our government has allowed imports to far exceed exports from an automotive perspective and GM/Ford/Chrysler got eaten alive (in general our awful trade ratio) Some of it is their fault but some of it isn't right. For instance Hyundai comes here, builds here, sells for cheap, offers now free jobless coverage while in Korea, American cars sell for what 2-3 times the price b/c of tariffs. We cannot compete there.
Give it up!I was responding to a user's post regarding Toyota's abilty to stand on its own two feet.
06-03-09, 01:34 PM
#133
Lexus Fanatic
Because Toyota (unlike GM or Chrysler) has healthier financials and is a going concern, plus the Japanese government capital reserves are huge.
06-03-09, 01:41 PM
#134
Guest
Posts: n/a
Its complete apples and oranges and this article was posted by people who tried to attack Toyota months ago (across different forums) who didn't begin to read what it said.
You do realize that was in March. Since then Chrysler and Gm are BANKRUPT. Toyota while reporting losses (like everyone else) is moving forward.
Has Toyota asked for more money since then?
06-03-09, 01:51 PM
#135
Moderator
Fiscal Year Ending March 2005 - Net Income $10,900,000,000
Fiscal Year Ending March 2006 - Net Income $11,681,000,000
Fiscal Year Ending March 2007 - Net Income $13,927,000,000
Fiscal Year Ending March 2008 - Net Income $17,146,000,000
Fiscal Year Ending March 2009 - Net Loss <$4,491,000,000>
Toyota's current market cap is 123.77 Billion.
GM's current market cap is 500 Million (not even a billion)...weak...very weak...
http://finance.yahoo.com/q/is?s=TM&annual
http://research.scottrade.com/public...s.asp?period=A
Now let's look at GM's financials shall we...
Calendar Year 2002 Net Income of $1,736,000,000
Calendar Year 2003 Net Income of $3,822,000,000
Calendar Year 2004 Net Income of $2,805,000,000
Calendar Year 2005 Net Loss of <$10,567,000,000>
Calendar Year 2006 Net Loss of <$1,987,000,000>
Calendar Year 2007 Net Loss of <$38,732,000,000>
Calendar Year 2008 Net Loss of <$30,860,000,000>
1st Qtr. 2009 Net Loss of <$6,000,000,000>
As you can see Toyota is way more profitable than GM. Toyota is the big dawg...buddy...
Last edited by Trexus; 06-03-09 at 09:42 PM.