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Coffee Shop
Ex-CEO of GM...Ask me a Question
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<blockquote data-quote="HerefordSire" data-source="post: 666852" data-attributes="member: 4437"><p><em>Very good question AC (360).... </em> :mrgreen: :mrgreen: :mrgreen: </p><p></p><p><em>...and I am glad you asked me that.</em></p><p><em></em></p><p><em>It is all a numbers game. The pension asset numbers are audited once a year. Just because you see a number on a statement doesn't mean the money is actually there. It is only a number, or a liability, in our case. As long as you can continue to receive money on receivables, noone cares about the actual money being there, until auditing time, as long as the retiree gets their check in the mail the day they expect it. When auditing time arrives, money is simply transferred, the numbers are audited, and then the money is transferred back to where it came from. As long as we could continue to sell $30K cars and trucks, and finance about 1/2 of them through our financing arm, we had the capability of accessing large amounts of cash within days and sometimes hours.</em></p><p><em></em></p><p><em>When you sell a 8,000,000 units for $30K average per unit and the raw materials only cost $1K per unit, of course the big boys want a piece of the action. They know how the game is played. If we don't cooperate, we end up getting salary and stock options cuts. Every now and then they try to blackmail us. It works on the weaker executives and some board members. Most of the decisions are controlled by the largest bond holders and the largest shareholders. They control the votes. If they lose money, then the union moves in again and it starts another cycle.</em></p></blockquote><p></p>
[QUOTE="HerefordSire, post: 666852, member: 4437"] [i]Very good question AC (360).... [/i] :mrgreen: :mrgreen: :mrgreen: [i]...and I am glad you asked me that. It is all a numbers game. The pension asset numbers are audited once a year. Just because you see a number on a statement doesn't mean the money is actually there. It is only a number, or a liability, in our case. As long as you can continue to receive money on receivables, noone cares about the actual money being there, until auditing time, as long as the retiree gets their check in the mail the day they expect it. When auditing time arrives, money is simply transferred, the numbers are audited, and then the money is transferred back to where it came from. As long as we could continue to sell $30K cars and trucks, and finance about 1/2 of them through our financing arm, we had the capability of accessing large amounts of cash within days and sometimes hours. When you sell a 8,000,000 units for $30K average per unit and the raw materials only cost $1K per unit, of course the big boys want a piece of the action. They know how the game is played. If we don't cooperate, we end up getting salary and stock options cuts. Every now and then they try to blackmail us. It works on the weaker executives and some board members. Most of the decisions are controlled by the largest bond holders and the largest shareholders. They control the votes. If they lose money, then the union moves in again and it starts another cycle.[/i] [/QUOTE]
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