The End of an Old GM, and the...(3)
文章来源: 文章作者: 发布时间:2009-06-03 06:26 字体: [ ]  进入论坛
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The End of an Old GM, and the Beginning of a New GM

REMARKS BY THE PRESIDENT
ON GENERAL MOTORS RESTRUCTURING

Grand Foyer


11:51 A.M. EDT

THE PRESIDENT:  Good morning, everybody.  Just over two months ago, I spoke1 with you in this same spot about the challenges facing our auto2 industry, and I laid out what needed to be done to save two of America's most storied automakers -- General Motors and Chrysler.  These companies were facing a crisis decades in the making, and having relied on loans from the previous administration, were asking for more.

From the beginning, I made it clear that I would not put any more tax dollars on the line if it meant perpetuating3 the bad business decisions that had led these companies to seek help in the first place.  I refused to let these companies become permanent wards4 of the state, kept afloat on an endless supply of taxpayer5 money.  In other words, I refused to kick the can down the road.

But I also recognized the importance of a viable6 auto industry to the well-being7 of families and communities across our industrial Midwest and across the United States.  In the midst of a deep recession and financial crisis, the collapse8 of these companies would have been devastating9 for countless10 Americans, and done enormous damage to our economy -- beyond the auto industry.  It was also clear that if GM and Chrysler remade and retooled11 themselves for the 21st century, it would be good for American workers, good for American manufacturing, and good for America's economy.

I decided12, then, that if GM and Chrysler and their stakeholders were willing to sacrifice for their companies' survival and success; if they were willing to take the difficult, but necessary steps to restructure, and make themselves stronger, leaner, and more competitive, then the United States government would stand behind them.

The original restructuring plans submitted by GM and Chrysler earlier this year did not call for the sweeping13 changes these companies needed to survive -- and I couldn't in good conscience proceed on that basis.  So we gave them a chance to develop a stronger plan that would put them on a path toward long-term viability14.  The 60 days GM had to submit its revised plans have now elapsed, and I want to say a few words about where we are and what steps will be taken going forward.  But before I do, I want to give you an update on where things stand with Chrysler.

When my administration took office and began going over Chrysler's books, the future of this great American car company was uncertain.  In fact, it was not clear whether it had any future at all.  But after consulting with my Auto Task Force, industry experts, and financial advisors15, and after asking many tough questions, I became convinced that if Chrysler were willing to undergo a restructuring, and if it were able to form a partnership16 with a viable global car company, then Chrysler could get a new lease on life.

Well, that more promising17 scenario18 has now come to pass.  Today, after taking a number of painful steps, and moving through a quick, efficient, and fair bankruptcy19 process, a new, stronger Chrysler is poised20 to complete its alliance with Fiat21.  Just 31 days after Chrysler's Chapter 11 bankruptcy filing, a court has approved the Chrysler-Fiat alliance, paving the way for a new Chrysler to emerge from bankruptcy in the next few days.

What happens next is in the hands of their executives, managers, and workers -- as it is for any private company.  But what the completion of this alliance means is that tens of thousands of jobs that would have been lost if Chrysler had liquidated22 will now be saved, and that consumers have no reason at all to worry about a restructuring -- even one as painful as what Chrysler underwent.

And keep in mind -- many experts said that a quick, surgical23 bankruptcy was impossible.  They were wrong.  Others predicted that Chrysler's decision to enter bankruptcy would lead to an immediate24 collapse in consumer confidence that would send car sales over a cliff.  They were wrong, as well.  In fact, Chrysler sold more cars in May than it did in April, in part because consumers were comforted by our extraordinary commitment to stand behind a quick bankruptcy process.  All in all, it's a dramatic -- an outcome dramatically better than what appeared likely when this process began.

Now the situation we found at General Motors was very different from what we found at Chrysler -- largely because GM is a different kind of company.  It is much larger and much more complex, with operations all over the globe.  In this context, GM's management team -- including its new CEO, Fritz Henderson, its interim25 chairman, Kent Kresa, and all of their colleagues -- have worked -- has worked tirelessly to produce a plan that meets the strict standards I laid out at the beginning:  to streamline26 GM's brands, clean up GM's balance sheet, and make it possible for GM to compete and succeed.#p#分页标题#e#

Working with my Auto Task Force, GM and its stakeholders have produced a viable, achievable plan that will give this iconic American company a chance to rise again.  It's a plan tailored to the realities of today's auto market; a plan that positions GM to move toward profitability, even if it takes longer than expected for our economy to fully27 recover; and it's a plan that builds on GM's recent progress in making better cars. As this plan takes effect, GM will start building a larger share of its cars here at home, including fuel-efficient cars.  In fact, if all goes according to plan, the share of GM cars sold in the United States that are made here will actually grow for the first time in three decades.

Now, any time a business as large as General Motors goes through a restructuring, it is extremely difficult to find common ground among all of the company's stakeholders.  But while the deal that has been worked out is tough, it is also fair.

It will require the United Auto Workers to make further cuts in compensation and retiree health care benefits -- painful sacrifices on top of all that they have already done.

It will require GM shareholders29 to give up the remaining value of their shares -- just as they would have had to do in any private restructuring of this kind.

And it will also provide unsecured bondholders with an equitable30 outcome -- an outcome that will let them recover more than the current value of their claims, and substantially more than they would have recovered if the government had not intervened and GM had liquidated.  That's why a majority of GM's bondholders already support this deal.

Throughout this process, I wanted to ensure that none of GM's stakeholders receives special treatment because of our government's involvement.  That's why I instructed my Auto Task Force to treat all of GM's stakeholders fairly and to ensure that this restructuring was carried out in a way that was consistent with past precedent31 -- and it was.

What we have, then, is a credible32 plan that is full of promise.  But GM can't put this plan into effect on its own.  Executing this plan will require a substantial amount of money that only a government can provide.  Considering GM's extensive operations within their borders, the governments of Canada and Ontario have agreed to do their part with an investment in GM's future, and I want to thank them for doing so.  I also want to thank the government of Germany for working diligently33 to reach a Memorandum34 of Understanding on the sale of a major stake in GM's European Division and for providing interim funding that will make it possible for that transaction to be finalized35.

But of course GM is an American company with tens of thousands of employees in this country, and responsibility for its future ultimately rests with us.  That's why our government will be making a significant additional investment of about $30 billion in GM -- an investment that will entitle American taxpayers36 to ownership of about 60 percent of the new GM.

Now, let me talk about this.  I recognize that this may give some Americans pause.  So let me explain as clearly as possible why we are making this investment.  We inherited a financial crisis unlike any that we've seen in our time.  This crisis crippled private capital markets and forced us to take steps in our financial system -- and with our auto companies -- that we would not have otherwise even considered.  These steps have put our government in the unwelcome position of owning large stakes in private companies for the simple and compelling reason that their survival and the success of our overall economy depend on it.

Understand we're making these investments not because I want to spend the American people's tax dollars, but because I want to protect them.  Instead of taking so much stock in GM, we could have simply offered the company more loans.  But for years, GM has been buried under an unsustainable mountain of debt.  And piling an irresponsibly large debt on top of the new GM would mean simply repeating the mistakes of the past.  So we are acting37 as reluctant shareholders -- because that is the only way to help GM succeed.

What we are not doing -- what I have no interest in doing -- is running GM.  GM will be run by a private board of directors and management team with a track record in American manufacturing that reflects a commitment to innovation and quality.  They -- and not the government -- will call the shots and make the decisions about how to turn this company around.  The federal government will refrain from exercising its rights as a shareholder28 in all but the most fundamental corporate38 decisions.  When a difficult decision has to be made on matters like where to open a new plant or what type of new car to make, the new GM, not the United States government, will make that decision.

In short, our goal is to get GM back on its feet, take a hands-off approach, and get out quickly.#p#分页标题#e#

Exiting a restructuring of this scale, however, requires not only new investment.  It also requires giving GM a chance to start anew by clearing away the massive past debts that are weighing the company down.  And that's why earlier today, GM did what Chrysler has successfully done and filed for Chapter 11 bankruptcy with the support of its key stakeholders and the United States government.

In all likelihood, this process will take more time for GM than it did for Chrysler because GM is a bigger, more complex company.  But Chrysler's extraordinary success reaffirms my confidence that GM will emerge from its bankruptcy process quickly, and as a stronger and more competitive company.  And I want to remind everyone that if you are considering buying a GM car during this period of restructuring, your warrantees will be safe and government-backed.

So I'm confident that the steps I'm announcing today will mark the end of an old GM, and the beginning of a new GM; a new GM that can produce the high-quality, safe, and fuel-efficient cars of tomorrow; that can lead America towards an energy independent future; and that is once more a symbol of America's success.

But I want to be honest with you.  Building a leaner GM will come at a cost.  It will take a painful toll39 on many Americans who have relied on General Motors throughout the generations.  So I want to say a word directly to all the men and women watching today, wondering what all of this will mean as far as their own lives are concerned.

I know you've already seen more than your fair share of hard times.  We saw 400,000 jobs lost in the auto industry in the year before this restructuring even began.  I will not pretend the hard times are over.  Difficult days lie ahead.  More jobs will be lost.  More plants will close.  More dealerships will shut their doors, and so will many parts suppliers.

But I want you to know that what you're doing is making a sacrifice for the next generation -- a sacrifice you may not have chose to make, but a sacrifice you were nevertheless called to make so that your children and all of our children can grow up in an America that still makes things; that still builds cars; that still strives for a better future.

As our autoworkers and auto communities pass through these difficult times, we, as a nation, must do our part.  That's why, in March, I appointed Ed Montgomery Director of Recovery for Auto Communities and Workers.  That's why two weeks ago Ed announced a green jobs training program for autoworkers in hard-hit communities.  And that's why last week Ed and Karen Mills, my Small Business Administration chief, traveled to Indiana to announce a new plan to provide loans to auto, RV, and boat dealers40 to help finance floor plans.  That's why we are accelerating the purchase of a federal fleet of cars to jumpstart demand and give the industry a boost at a time when it needs one.  And that's why I'm calling on Congress to pass fleet modernization41 legislation that can provide a credit to consumers who turn in old cars and purchase cleaner, more fuel-efficient cars.  These are important steps on the long road to overcoming a problem that didn't happen overnight and will not be solved overnight.

I recognize that today's news carries a particular importance because it's not just any company we're talking about -- it's GM.  It's a company that's not only been a source of income, but a source of pride for generations of autoworkers and generations of Americans.  But while the GM of the future will be different from the GM of the past, I am absolutely confident that if well managed, a new GM will emerge that can provide a new generation of Americans with a chance to live out their dreams, that can out-compete automakers around the world, and that can once again be an integral part of America's economic future.  And when that happens, we can truly say that what is good for General Motors and all who work there is good for the United States of America.

Thank you, everybody.

 

                                                            END                                           12:07 P.M. EDT



点击收听单词发音收听单词发音  

1 spoke XryyC     
n.(车轮的)辐条;轮辐;破坏某人的计划;阻挠某人的行动 v.讲,谈(speak的过去式);说;演说;从某种观点来说
参考例句:
  • They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
  • The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。
2 auto ZOnyW     
n.(=automobile)(口语)汽车
参考例句:
  • Don't park your auto here.别把你的汽车停在这儿。
  • The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。
3 perpetuating 7c867dfb0f4f4d1e7954b7c103fb6cee     
perpetuate的现在进行式
参考例句:
  • Revenge leads to a self-perpetuating cycle of violence. 怨怨相报会导致永不休止的暴力。
  • It'set out to eradicate heresy, and ended by perpetuating it. 它的目的只是要根除异端邪说,结果却巩固了异端邪说。 来自英汉文学
4 wards 90fafe3a7d04ee1c17239fa2d768f8fc     
区( ward的名词复数 ); 病房; 受监护的未成年者; 被人照顾或控制的状态
参考例句:
  • This hospital has 20 medical [surgical] wards. 这所医院有 20 个内科[外科]病房。
  • It was a big constituency divided into three wards. 这是一个大选区,下设三个分区。
5 taxpayer ig5zjJ     
n.纳税人
参考例句:
  • The new scheme will run off with a lot of the taxpayer's money.这项新计划将用去纳税人许多钱。
  • The taxpayer are unfavourably disposed towards the recent tax increase.纳税者对最近的增加税收十分反感。
6 viable mi2wZ     
adj.可行的,切实可行的,能活下去的
参考例句:
  • The scheme is economically viable.这个计划从经济效益来看是可行的。
  • The economy of the country is not viable.这个国家经济是难以维持的。
7 well-being Fe3zbn     
n.安康,安乐,幸福
参考例句:
  • He always has the well-being of the masses at heart.他总是把群众的疾苦挂在心上。
  • My concern for their well-being was misunderstood as interference.我关心他们的幸福,却被误解为多管闲事。
8 collapse aWvyE     
vi.累倒;昏倒;倒塌;塌陷
参考例句:
  • The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
  • The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。
9 devastating muOzlG     
adj.毁灭性的,令人震惊的,强有力的
参考例句:
  • It is the most devastating storm in 20 years.这是20年来破坏性最大的风暴。
  • Affairs do have a devastating effect on marriages.婚外情确实会对婚姻造成毁灭性的影响。
10 countless 7vqz9L     
adj.无数的,多得不计其数的
参考例句:
  • In the war countless innocent people lost their lives.在这场战争中无数无辜的人丧失了性命。
  • I've told you countless times.我已经告诉你无数遍了。
11 retooled ee6b6e3e1228b8c26ab4a6b7da627637     
v.(给…)更换工具, (给…)更换机械设备( retool的过去式和过去分词 );改组,革新
参考例句:
  • The company will be retooled after the incorporation. 合并之后的公司要进行重组。 来自辞典例句
  • Each time the product changes, the machines have to be retooled. 每次更换产品,就得重新装备机器。 来自辞典例句
12 decided lvqzZd     
adj.决定了的,坚决的;明显的,明确的
参考例句:
  • This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
  • There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。
13 sweeping ihCzZ4     
adj.范围广大的,一扫无遗的
参考例句:
  • The citizens voted for sweeping reforms.公民投票支持全面的改革。
  • Can you hear the wind sweeping through the branches?你能听到风掠过树枝的声音吗?
14 viability FiHwY     
n.存活(能力)
参考例句:
  • What is required to achieve or maintain such viability? 要达到或维持这种生存能力需要什么?
  • Scientists are experimenting to find ways to ensure the viability of seeds for even longer periods of time. 正如我们所说,科学家正在试验努力寻找让种子的生命力更加延长的方法。
15 advisors 9c02a9c1778f1533c47ade215559070d     
n.顾问,劝告者( advisor的名词复数 );(指导大学新生学科问题等的)指导教授
参考例句:
  • The governors felt that they were being strung along by their advisors. 地方长官感到他们一直在受顾问们的愚弄。 来自《现代汉英综合大词典》
  • We will consult together with advisors about her education. 我们将一起和专家商议她的教育事宜。 来自互联网
16 partnership NmfzPy     
n.合作关系,伙伴关系
参考例句:
  • The company has gone into partnership with Swiss Bank Corporation.这家公司已经和瑞士银行公司建立合作关系。
  • Martin has taken him into general partnership in his company.马丁已让他成为公司的普通合伙人。
17 promising BkQzsk     
adj.有希望的,有前途的
参考例句:
  • The results of the experiments are very promising.实验的结果充满了希望。
  • We're trying to bring along one or two promising young swimmers.我们正设法培养出一两名有前途的年轻游泳选手。
18 scenario lZoxm     
n.剧本,脚本;概要
参考例句:
  • But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
  • This is a totally different scenario.这是完全不同的剧本。
19 bankruptcy fPoyJ     
n.破产;无偿付能力
参考例句:
  • You will have to pull in if you want to escape bankruptcy.如果你想避免破产,就必须节省开支。
  • His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。
20 poised SlhzBU     
a.摆好姿势不动的
参考例句:
  • The hawk poised in mid-air ready to swoop. 老鹰在半空中盘旋,准备俯冲。
  • Tina was tense, her hand poised over the telephone. 蒂娜心情紧张,手悬在电话机上。
21 fiat EkYx2     
n.命令,法令,批准;vt.批准,颁布
参考例句:
  • The opening of a market stall is governed by municipal fiat.开设市场摊位受市政法令管制。
  • He has tried to impose solutions to the country's problems by fiat.他试图下令强行解决该国的问题。
22 liquidated a5fc0d9146373c3cde5ba474c9ba870b     
v.清算( liquidate的过去式和过去分词 );清除(某人);清偿;变卖
参考例句:
  • All his supporters were expelled, exiled, or liquidated. 他的支持者全都被驱逐、流放或消灭了。 来自《简明英汉词典》
  • That can be liquidated at market value any time. 那可按市价随时得到偿付。 来自辞典例句
23 surgical 0hXzV3     
adj.外科的,外科医生的,手术上的
参考例句:
  • He performs the surgical operations at the Red Cross Hospital.他在红十字会医院做外科手术。
  • All surgical instruments must be sterilised before use.所有的外科手术器械在使用之前,必须消毒。
24 immediate aapxh     
adj.立即的;直接的,最接近的;紧靠的
参考例句:
  • His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
  • We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。
25 interim z5wxB     
adj.暂时的,临时的;n.间歇,过渡期间
参考例句:
  • The government is taking interim measures to help those in immediate need.政府正在采取临时措施帮助那些有立即需要的人。
  • It may turn out to be an interim technology.这可能只是个过渡技术。
26 streamline dtiwk     
vt.使成流线型;使简化;使现代化?
参考例句:
  • We must streamline our methods.我们必须简化方法。
  • Any liquid or gas passing it will have streamline flow.任何通过它的液体或气体将呈流线型的流动。
27 fully Gfuzd     
adv.完全地,全部地,彻底地;充分地
参考例句:
  • The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气,然后全部呼出。
  • They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。
28 shareholder VzPwU     
n.股东,股票持有人
参考例句:
  • The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
  • A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。
29 shareholders 7d3b0484233cf39bc3f4e3ebf97e69fe     
n.股东( shareholder的名词复数 )
参考例句:
  • The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
  • the company's fiduciary duty to its shareholders 公司对股东负有的受托责任
30 equitable JobxJ     
adj.公平的;公正的
参考例句:
  • This is an equitable solution to the dispute. 这是对该项争议的公正解决。
  • Paying a person what he has earned is equitable. 酬其应得,乃公平之事。
31 precedent sSlz6     
n.先例,前例;惯例;adj.在前的,在先的
参考例句:
  • Is there a precedent for what you want me to do?你要我做的事有前例可援吗?
  • This is a wonderful achievement without precedent in Chinese history.这是中国历史上亘古未有的奇绩。
32 credible JOAzG     
adj.可信任的,可靠的
参考例句:
  • The news report is hardly credible.这则新闻报道令人难以置信。
  • Is there a credible alternative to the nuclear deterrent?是否有可以取代核威慑力量的可靠办法?
33 diligently gueze5     
ad.industriously;carefully
参考例句:
  • He applied himself diligently to learning French. 他孜孜不倦地学法语。
  • He had studied diligently at college. 他在大学里勤奋学习。
34 memorandum aCvx4     
n.备忘录,便笺
参考例句:
  • The memorandum was dated 23 August,2008.备忘录上注明的日期是2008年8月23日。
  • The Secretary notes down the date of the meeting in her memorandum book.秘书把会议日期都写在记事本上。
35 finalized 73d0ccbca69b94ee4cd7fc367a8ac9fc     
vt.完成(finalize的过去式与过去分词形式)
参考例句:
  • The draft of this article has been finalized [done]. 这篇文章已经定稿。 来自《现代汉英综合大词典》
  • The draft was revised several times before it was finalized. 稿子几经删改才定下来。 来自《现代汉英综合大词典》
36 taxpayers 8fa061caeafce8edc9456e95d19c84b4     
纳税人,纳税的机构( taxpayer的名词复数 )
参考例句:
  • Finance for education comes from taxpayers. 教育经费来自纳税人。
  • She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。
37 acting czRzoc     
n.演戏,行为,假装;adj.代理的,临时的,演出用的
参考例句:
  • Ignore her,she's just acting.别理她,她只是假装的。
  • During the seventies,her acting career was in eclipse.在七十年代,她的表演生涯黯然失色。
38 corporate 7olzl     
adj.共同的,全体的;公司的,企业的
参考例句:
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
39 toll LJpzo     
n.过路(桥)费;损失,伤亡人数;v.敲(钟)
参考例句:
  • The hailstone took a heavy toll of the crops in our village last night.昨晚那场冰雹损坏了我们村的庄稼。
  • The war took a heavy toll of human life.这次战争夺去了许多人的生命。
40 dealers 95e592fc0f5dffc9b9616efd02201373     
n.商人( dealer的名词复数 );贩毒者;毒品贩子;发牌者
参考例句:
  • There was fast bidding between private collectors and dealers. 私人收藏家和交易商急速竞相喊价。
  • The police were corrupt and were operating in collusion with the drug dealers. 警察腐败,与那伙毒品贩子内外勾结。
41 modernization nEyxp     
n.现代化,现代化的事物
参考例句:
  • This will help us achieve modernization.这有助于我们实现现代化。
  • The Chinese people are sure to realize the modernization of their country.中国人民必将实现国家现代化。
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