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GM CEO: More Plant Closings Coming

Fritz Henderson -- who took over as General Motors chief executive after Rick Wagoner was forced out by the White House -- said GM will be forced to close a yet-to-be-announced number of manufacturing plants in coming months.

The remarks were reported moments ago by CNBC autos reporter Phil Lebeau, who also reported that GM is expecting to get $150 million for its Hummer line, which is up for sale, which is a small, small amount in the auto industry.

Henderson also cryptically said that sales of his vehicles so far in April are "okay."

Hard not to wonder: Compared to what?

In related autos news, White House car czar Steve Rattner's former investment firm, the Quadrangle Group, has been named in an SEC complaint this week saying that the firm paid more than $1 million to the aide of the former New York comptroller to win a deal with the state's pension fund.

Rattner has not been charged with anything, however, the SEC complaint said that a Quadrangle "senior executive" met with two former state officials who have since been indicted in March on corruption and bribery charges.

The Wall Street Journal and the New York Times are reporting that the "senior executive" is, in fact, Rattner.

-- Frank Ahrens
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By Frank Ahrens  |  April 17, 2009; 11:19 AM ET
Categories:  The Ticker  | Tags: . Rick Wagoner, Fritz Henderson, GM, Steven Rattner  
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Comments

Fritz -

Thabks of reminding me of the old "Henny Youngman joke"

How's your wife?

Compared to what?

Posted by: svreader | April 17, 2009 11:27 AM | Report abuse

AIG, any failed banks or business needs to be shown the door to the bankruptcy court. The government has no business getting involved in private business. Obama is incompetent. When will there be legal challenges to this foolishness and waste of our money. The government continues to pour our money down rat holes. Here is a link to the Youngstown case where Truman tried to take over a steel company. While there will be arguments that there is language in the bail-out bill that allows this idiocy we have Congress and the Senate to thank for that for passing a bloated pig of a bill without even reading it.
http://en.wikipedia.org/wiki/Youngstown_Sheet_&_Tube_Co._v._Sawyer

Someone needs to take this to the Supreme Court and back Obama up.

Posted by: Bubbette1 | April 17, 2009 12:19 PM | Report abuse

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