General: a "dynasty" in the back.

<P> Keywords: GM bankruptcy </ P> <P> Charlie Wilson (Charlie Wilson) - General Motors (the "General"), president of the last century was 50 years in Congress firmly declared: "Those who .common benefit of all for America. "At that time, GM is the world's largest enterprises, employing the largest number of employees, representing the era of progress and a strong U.S. manufacturing. .</ P> <P> late on Wall Street has eight senior members of Sri Lanka and St. Robert (Robert Stovall) has also been a Wilson supporter of the faith. .</ P> <P> "My theory is that as the largest U.S. companies, GM is the vane and the U.S. leader in a variety of industries," Si Duofu the author said, "General strong profitability, volatility, dividend payment .and strong leadership was once the pride of the United States. "</ P> <P> and now GM - the symbol of the United States a strong manufacturing force, filed for bankruptcy today, according to the current agreement, GM will bankrupt most of .debt and bad assets left to a "bad universal", will be held in the new common shares of more than 70%, which is not without irony to mean that all stakeholders with the common, and now really also .between the interests of American taxpayers. .</ P> <P> "I feel very sad," Siduo Fu said, "If someone said 20 years ago, GM will close down and taken over by the government, no one will believe it, but now it becomes a reality. I think .This is also the tragedy of the United States is a huge blow to U.S. confidence, common management mistake led to the leaders of today's results. "</ P> <P> general crisis </ P> <P> General was founded in 1908, in .most of the time in the 20th century, it is the world's largest manufacturers. .It not only led the automotive industry, innovation, and help define the post-war form and operation of multinational corporations. .From 1931 to 2008, GM has been the world's largest car manufacturer, until its production was only in 2008 more than Toyota. .</ P> <P> but lost the ranking of the world can be said that the most common thing do not care. .Since the fall of 2008, even though two years have been carried out large-scale layoffs, restructuring, GM found itself still at the brink of collapse and had to ask the government financial assistance to maintain the daily operation. .CEO Wagoner (Rick Wagoner) that the general need to get from the federal government to pay 18 billion U.S. dollars of debt and restructuring, but by the end of May 2009, when creditors rejected the general "debt-equity swap" program, bankruptcies destined to become .outcome. .</ P> <P> rebirth from bankruptcy in general, not only its size is much smaller than previously, and 70% of the shares owned by the Government in exchange for 50 billion U.S. dollars in the bankrupt capital, trade unions will be at least 17.5% of the shares .. .Wagoner was forced to resign in early April, and he is far from being the last person out of work. .GM announced layoffs next year, 2.1 million so far in 2010, will close 40% of the dealers. .</ P> <P> such an outcome may not be beyond everyone's expectations. .20 years ago, the famous journalist Halberstam (David Halberstam) in the "big settlement" (The Reckoning), a book, and Nissan through the Bi Fute the manufacturing process, reveals the worsening crisis in the U.S. auto industry. ."The New York Times" journalist Maynard (Micheline Maynard) was published in 2003's "End of Detroit" (The End of Detroit) predicted in his book: "By 2010, one of three major U.S. automobile plant will not be able to .Now there is the scale. "It now appears that this is simply a prophecy. .</ P> <P> what makes Universal the world's largest car factory from the step by step toward ending bankruptcy? </ P> <P> innovation and current situation </ P> <P> in the past 30 years, .GM will invest billions of dollars in funding innovations, such as the 20th century, when the investment in 80 small cars Saturn, 90 years to invest the time EVI electric car, but by the late 90s, these investments are substantially reduced, because other places need more funding, .Because of these inputs has not brought the expected profits. .</ P> <P> some auto analysts believe that 60 years until the 20th century, innovation is part of common culture DNA, but as time goes on, "innovation" in the general means more and more ."catch-up opponent." .</ P> <P> under the "New York Times" reported that the early 90s in the 20th century, in the backward Chrysler "Jeep" and Ford five years later, GM was in the market promotion of the SUV, and the United States .competition cars like this out of date, not to mention and aggressive Toyota, Nissan and other Japanese cars on the Competition in product quality. .Once the SUV and small truck firm foothold in the market, GM is not willing to profit from the production of large car steering lucrative small car profits weak, or as the S & P auto analyst Stan (Gregg Stein) told the author as .: "Detroit has not found ways to profit in the small car." </ P> <P> last Waggoner hearings in Congress have been questioning Senator Arnold: "When you offer loans, .Consumers asked to buy bigger, faster, heavier cars, did no one question this? "</ P> <P> Waggoner then has to admit:" This is the industry's culture, we .struggles to re-examine it. "</ P> <P> oil market volatility to Detroit by surprise. .Last summer when crude oil prices reached $ 4 a gallon, the general was surprised to find that consumers turn to fuel-efficient small cars, the speed is so fast. .At the same time, along with the financial crisis from Wall Street to the homes of ordinary people a step further, GM's sales dropped significantly, the third quarter 2008 revenue of 37.9 billion the previous year decreased by 5.8 billion over the same period, the share price from .the highest point of 52 weeks before the end of 2008 fell to 29.95 U.S. dollars to 2 dollars. .</ P> <P> "Detroit is no doubt the financial crisis now facing a major cause of bankruptcy," IRN Automotive Intelligence, president of Coase (Kim Korth), said in the interview with this reporter, "the automotive industry relies heavily on loans, .The credit crunch has made it increasingly difficult to credit to the cars, resulting in auto sales plummet. "</ P> <P> according motorintelligence.com data, car sales in North America in 2008 reached its lowest level since 1981, the overall .Auto sales fell 20%. .Standard & Poor's analyst Stan also told the author, in the first quarter of 2009, Toyota's North American sales decline was even more than GM also miserable. .</ P> <P> general outcome of this has its own interpretation. .</ P> <P> "are ups and downs in any business, we are the first in the industry for many years," Wilkinson, director general of the Press (Tom Wilkinson) In an interview with CBN said in a telephone interview, ."to maintain such a status is always more than the challenges of this position is harder, each industry has such a situation, the dominant position has been established for many years been replaced by later ones. And this most recent two decades, the automotive market competition is fierce .the. not to mention the Detroit auto industry high labor costs. "</ P> <P>.