UPDATE: Saturn goes under- Penske drops bid, GM says it will not seek alternate buyer; The New GM – CNBC.com

Wow! 1992 (the album!) !? Damn am I old!

Update: 9/30 -Commenter Thomas Stewart notes GM called the end of Saturn today as Penske withdrew its bid.

CNBC:

General Motors will close Saturn and wind down its dealership network after a deal to sell the faltering brand to Penske Automotive Group collapsed, the automaker said Wednesday.The breakdown of a deal that had been widely expected to close this week will force some 350 Saturn dealerships to close and could cut thousands of auto retail jobs that would have been preserved under a plan by auto magnate Roger Penske.

Shares of Penske Automotive ..were down almost 10 percent Wednesday in aftermarket trade. The breakdown of the deal was announced after the New York Stock Exchange closed.

GM’s failure to complete the deal also adds uncertainty to the automaker’s production plans as it struggles to regain its footing following a $50-billion taxpayer funded restructuring.

“This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality,” GM Chief Executive Fritz Henderson said in a statement…

-CNBC video no longer available-

Original Post – 060109 -The revisionist history on how GM failed begins, love Phil LeBeau but he has been claiming no bankruptcy for GM for two years now while Kudlow was correctly saying let it go to CH 11 before the taxpayers get sucked in…but fear not cuz Govt says it wont spend more than 30 BILLION (MiM here, as of 093009 we have already spent 50 billion!) on GM oh gee thanks TOTUS..unfrakkinreal…and Rasmussen shows clearly that Americans do not want DO NOT WANT TO OWN GM

I predict TOTUS mandates govt cars be replaced with GM cars and no Americans buy these tiny things on the free market, TOTUS will no doubt try to jack up gas prices to force us into these tiny unsafe things..as soon as his family moves from their bulletproof Escalade into a smart car I will clap for them, but I still would not put my family into those tiny death traps…

And how does Timmeh convince China that TOTUS has a clue when this spending spree is continuing every frakkin day?? So far TOTUS hasnt met a problem he doesnt think he can spend his way out of….

BWAAAHA! An analyst on CNBC just said Gen Y will buy all the new tiny GM cars nezt year! BWAAAHAAA Ahh you poor bastards! Not exactly the muscle car is it? Like the hamster commercial? Where the little car is perfect for hip hamsters and the speakers light up? BWAAAHAAAAAAAHAA!!! Ahh man DENIAL!!

more about “The New GM – CNBC.com“, posted with vodpod