Word: bankrupted
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...stock market has been pointing to an improved economic picture. There has to be a lot of optimism built into a 20% stock market rise that takes less than half a month. But, news that GM (GM) or Chrysler might go bankrupt and that large American banks may need more government money pushed stocks down again. In a very short period of time, investors have begun to doubt whether there is a good chance that the recession will lose steam before the end of this year. The month which began with optimism is not closing out that way. (See pictures...
...seems improbable that GM could lose that many customers so fast. But, Rick Wagoner, recently departed CEO of the company told Congress last December that consumers won't buy vehicles from a bankrupt company. Some of the people at the hearings figured Wagoner was bluffing, trying to convince Washington that a Chapter 11 filing would bring an end to the firm's ability to market its products because customers could turn to cars made by competitors which were in reasonably good financial shape. But, most research done recently indicates that Wagoner was probably right, at least right enough that...
...Consumer Reports survey shows that 78% of people polled are unlikely to buy a car from a bankrupt car company. Nearly two-thirds said they were highly unlikely to make a purchase under those circumstances. Another recent study by market research firm CNW polled consumers who plan to buy a new car within six months. More than 8o% of the respondents said they would switch brands if the vehicle they wanted came from an automaker that went bankrupt. A third survey, this one from Rasmussen, showed that 51% of consumer said they would not buy a car from a manufacturer...
...have to get court protection. Almost every American has seen that news on TV or read about it in the paper. It will be hard to imagine what consumers will think when they find out that a company which was the largest corporation in the U.S. for years is bankrupt. It is like finding out that the telephone company has gone out of business. (Perhaps people actually do worry about that, which is why they subscribe to cable...
Shafir joined Citi last October from Lehman Brothers, shortly after that firm went bankrupt. Shafir says he in no way regrets the move, and has no plans to leave Citi anytime soon. "I'm here because I want to be," says Shafir. "I am very proud of this place...