Archives June 2020

Thursday, June 4, 2009

In a New York press conference at 16:15 UTC, June 1st, Fritz Henderson, the Chief Executive Officer of General Motors, which filed for bankruptcy and Chapter 11 protection from its creditors earlier today, outlined a plan for what he called a “New GM”.

Speaking to the press under safe harbor provisions of U.S. law, Henderson described the events of today as a “defining moment” in the history of General Motors. Speaking to the public he said that “The GM that let you down is history,” and described a “New GM” that he expected to result from the bankruptcy process.

Henderson stated that he envisioned the bankruptcy process would take between 60 and 90 days. He stressed several times his view that the process would be one that is executed quickly, saying that not just a sense of urgency but “pure unadulterated speed” was his expectation of the process. He emphasized that “GM remains open for business” during the bankruptcy period, continuing to sell and to support its products, and that day one motions had been filed in the bankruptcy court in order to allow this.

Regarding the bankruptcy process he said, “We will do it right. And we will do it once.”

He stated that the plan for General Motors had the support of the United Auto Workers union, the Canadian Auto Workers union, the GM VEBA, and a majority of the unsecured bondholders of GM. He also mentioned that GM had already received €1.5 million in bridge financing from the German government.

In response to questions about the possibility of the United States federal government, a majority shareholder in the restructured company, dictating future product development and strategy, such as the sale of more fuel-efficient and green vehicles; he first observed that the federal government had already stated to him that it had “no real interest in running our business” and that he expected that still to be his job. Of the specific hypothetical scenario where the management of GM wants to make one type of car, because it thinks that it is the right thing for the business, and the U.S. government wants to make another type of car, he stated that “I don’t think it’s going to happen.” Expanding on that point he stated that he expected the “New GM” to focus upon “highly fuel-efficient and green technology”, and that operating both in accordance with U.S. environmental laws and in response to customer demand would naturally result in the New GM producing the types of vehicles that the U.S. government would encourage.

The “New GM” he also expected to focus on “four core brands”, and will size its dealership to match that. He stated that GM would offer a “deferred termination” package to dealers, to allow them to cease dealing in GM vehicles in a managed and gradual way.

He stated that the bankruptcy filings did not cover General Motors’ businesses in Latin America, Europe and the Middle East, and Asia and the Pacific. Of GM’s profitable ventures in China, specifically, he stated that they were “a critical part of the New GM”. In response to questions of whether the New GM would import cars from China to the U.S., he stated the formative company’s core principle that “We build where we sell” applied in both directions, with GM building in China to sell in China and building in the U.S. to sell in the U.S., stating that this shortened supply chains.

He declined to predict when the New GM would return to profitability, stating that the goal was rather to lower the break-even EBIT point for the company. He also declined to speculate upon when the U.S. government would sell its stake in the company, saying that that was a question “better addressed to the U.S. Treasury”, and merely saying that he expected it to be “years, not months” when the U.S. Treasury felt it would give “the right return for taxpayers.”

Thursday, October 10, 2019

On Monday, United States District Court Judge Victor Marrero issued a ruling against President Donald Trump finding that New York City prosecutors could view his tax records after a subpoena issued by a grand jury. The Manhattan district attorney’s office is investigating Trump over alleged hush money paid to two women with whom he has been alleged to have had affairs. Such payments could be considered bribery. President Trump sued Manhattan District Attorney Cyrus R. Vance, Jr. and his own tax preparer Mazars USA to block the release of eight years of tax returns to the grand jury, but Judge Marrero dismissed the president’s lawsuit. The president’s legal team appealed the decision to the Second Circuit Court of Appeals, which issued an administrative stay to Marrero’s order about an hour and a half after the district court ruling.

The appeals court ruling placed a stay on the district court’s ruling until it hears arguments from the president’s lawyers and District Attorney Vance’s office. According to a court clerk, arguments in the case would be scheduled as soon as the week of October 21, with briefs from both parties due in the intervening time until then.

Trump had asked the United States District Court for the Southern District of New York intervene in a New York City criminal proceeding, in which a subpoena had been issued to Trump’s tax preparer. He sought such intervention to prevent Mazars from releasing his tax returns, arguing that, as president, he should be immune from prosecution, and that, by extension, his tax preparer, Mazars USA, could likewise be exempt from investigation. Marrero rejected this argument:

The notion of federal supremacy and presidential immunity from judicial process that the President here invokes, unqualified and boundless in its reach as described above, cuts across the grain of […] constitutional precedents. It also ignores the analytic framework that the Supreme Court has counseled should guide review of presidential claims of immunity from judicial process. Of equal fundamental concern, the President’s claim would tread upon principles of federalism and comity that form essential components of our constitutional structure and the federal/state balance of government powers and functions. Bared to its core, the proposition the President advances reduces to the very notion that the Founders rejected at the inception of the Republic, and that the Supreme Court has since unequivocally repudiated: that a constitutional domain exists in this country in which not only the President, but, derivatively, relatives and persons and business entities associated with him in potentially unlawful private activities, are in fact above the law.

Because this Court finds aspects of such a doctrine repugnant to the nation’s governmental structure and constitutional values, and for reasons further stated below, it ABSTAINS from adjudicating this dispute and DISMISSES the President’s suit.

Following Marrero’s order, the appeals court issued a stay, delaying Mazars’ compliance with the subpoena until it could review the case.

Trump responded to the ruling via Twitter, attacking the subpoena as a political strategy: “The Radical Left Democrats have failed on all fronts, so now they are pushing local New York City and State Democrat prosecutors to go get President Trump.”

The Manhattan district attorney’s office began its probe into Trump’s financial affairs after his former lawyer Michael Cohen was convicted of federal campaign finance law violations connected to payments made to porn actress Stormy Daniels and former Playboy model Karen McDougal to remain silent about alleged affairs with Trump. Cohen is serving a three-year-long prison sentence.

Trump has admitted to ordering the payments, according to prosecutors, but the U.S. Justice Department maintains a policy of not charging the sitting president with crimes.

In recent United States history, it has been customary, but voluntary, for presidential candidates to release their tax returns when running for office. Trump was the first president to refuse to do so since 1976. Trump has cited an Internal Revenue Service audit as prohibiting him from releasing them. The president has a lawsuit to prevent a New York State law from allowing the House of Representatives’ Committee on Ways and Means from gaining access to his records.

Sunday, October 7, 2007

Lloyd Helferty is running for the Green Party of Ontario in the Ontario provincial election, in the Thornhill riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.