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Tuesday, 3 March 2009

Let them eat wall

General Motors said on Tuesday that its European arm could run out of money by as early as next month, putting up to 300,000 jobs on the continent at risk. Fritz Henderson, the struggling Detroit carmaker’s chief operating officer, said that GM would face a liquidity crunch “early in the second quarter” if emergency funds from European countries did not materialise. “We would try to stay alive, but there’s no guarantee we could stay alive,” Mr Henderson told reporters on Tuesday at the Geneva motor show. “We would become insolvent at that point.”

So explain this: we pay higher vehicle excise duty to make cars less attractive, which obviously hurts the carmakers, so we pay more tax to bail them out?

Let them go to the wall. Nobody wants their cars.

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