General Motors

Help Support CattleToday:

HerefordSire

Well-known member
Joined
Aug 2, 2006
Messages
5,212
Reaction score
0
Location
Arkansas
I realize many do not want to keep feeding a company losing money......but they sure have been around a long time. It will be different when they go bankrupt any day now. It just goes to show you...if you don't take care of your customer, they will go somewhere else.
 

1982vett

Well-known member
Joined
Feb 3, 2008
Messages
9,447
Reaction score
221
Location
Central Texas
grannysoo":1cq6vd04 said:
It also goes to show you what heritage costs can do to a company...

I was thinking, you have to take care of the company as well as the customer. Somewhere in the middle is where the employees hang out.
 

Lammie

Well-known member
Joined
Feb 2, 2006
Messages
7,287
Reaction score
0
Location
TX
grannysoo":1i56ue5e said:
It also goes to show you what heritage costs can do to a company...

So true. Those GM guys aren't going to feel the pinch. The UAW's gonna take care of them. I'd like to get laid off a job and still get 85% of my "unbelievable for what I do" salary... And some new car money, to boot. And my "all the way until you die" benefits.

Yep, lay me off that job.
 

RD-Sam

Well-known member
Joined
Feb 28, 2008
Messages
1,452
Reaction score
0
It's unbelievable what greed can do to one of the largest US industrial companies there is. That includes the guy in the captains chair, all the way down to the janitor, they are all at fault.
 
OP
H

HerefordSire

Well-known member
Joined
Aug 2, 2006
Messages
5,212
Reaction score
0
Location
Arkansas
grannysoo":5tpjtpq0 said:
It also goes to show you what heritage costs can do to a company...

Look @ Wal-Mart's heritage costs. Who are the top two companies ranked by sales revenue?
 

BeefmasterB

Well-known member
Joined
Nov 2, 2008
Messages
614
Reaction score
0
Location
SE TX
Lammie":1y4tjwvp said:
grannysoo":1y4tjwvp said:
It also goes to show you what heritage costs can do to a company...

So true. Those GM guys aren't going to feel the pinch. The UAW's gonna take care of them. I'd like to get laid off a job and still get 85% of my "unbelievable for what I do" salary... And some new car money, to boot. And my "all the way until you die" benefits.

Yep, lay me off that job.

:lol2: :nod:

Not to mention what the execs get! Weren't the unions originally formed to protect workers from abuse? Shouldn't an organization be formed to protect the consumers from greed?
 

Jogeephus

Well-known member
Joined
Jul 17, 2006
Messages
24,228
Reaction score
1
Location
South Georgia
Maybe someone has explained this and if so I'm sorry I must have missed it. But didn't we just give these folks a little walking around money? And when they go bankrupt like chrysler what happens to the debt they owe the american tax payers? I'm not trying to get political I just want to know. Will the creditors be paid off first from the procedes of the sale or will we the creditors get whats left over. I know what happens in the real world but I'm just wondering how it works in their world.
 

1982vett

Well-known member
Joined
Feb 3, 2008
Messages
9,447
Reaction score
221
Location
Central Texas
About 72.5% will be owned by the US government, 10 % to the bondholders and the rest goes to UAW. Something like that. Hence the term "Government Motors".
 

Jogeephus

Well-known member
Joined
Jul 17, 2006
Messages
24,228
Reaction score
1
Location
South Georgia
I hate to show my ignorance but I quit watching the news or listening to it. Just got tired of it. Was bringing me down.

Do you have any idea how much money will be able to be repaid? Say in Chrysler's case.
 

1982vett

Well-known member
Joined
Feb 3, 2008
Messages
9,447
Reaction score
221
Location
Central Texas
I'm not really sure about the details, haven't been paying all that much attention to it either. GM just happened to be the news item today.

I guess we will have to wait till HS educates us.
 

RD-Sam

Well-known member
Joined
Feb 28, 2008
Messages
1,452
Reaction score
0
Ha! What usually happens to the tax payers? We will get the shaft as usual, and the execs will walk away with pockets full of money.

The stocks could become totally worthless, so the stock holders will probably get the shaft too. Depends on what they do.

The auto workers help vote Obama in, lets see him keep those promises he made to those folks. :lol2:
 

grannysoo

Well-known member
Joined
Aug 29, 2007
Messages
4,813
Reaction score
0
Location
The Briar Patch
Ryder":5vbrox3x said:
grannysoo":5vbrox3x said:
It also goes to show you what heritage costs can do to a company...

What does "heritage cost" mean?

That is the price you are paying for the things in your heritage. Retired workers pensions, insurance, etc. Anything that produced in the past but is not producing anymore that you still have to pay for. GM heritage cost is HUGE!
 

john250

Well-known member
Joined
Jul 27, 2006
Messages
8,301
Reaction score
0
Location
Holton, IN elevation 768 ft
The headline in today's Indy Star is:
The new GM: leaner and government-owned

Isn't that a contradiction? Of course it is. Nothing government owned is ever "leaner". Government is synonymous with "pork", not "lean".
This is bad news for all of us.
 

Ryder

Well-known member
Joined
Sep 18, 2004
Messages
5,853
Reaction score
43
Location
Southeast Louisiana (Rep. of W. Fla.)
grannysoo":anjmzvlp said:
Ryder":anjmzvlp said:
grannysoo":anjmzvlp said:
It also goes to show you what heritage costs can do to a company...

What does "heritage cost" mean?

That is the price you are paying for the things in your heritage. Retired workers pensions, insurance, etc. Anything that produced in the past but is not producing anymore that you still have to pay for. GM heritage cost is HUGE!
Thanks for the explanation. That was a new one on me.
 

grannysoo

Well-known member
Joined
Aug 29, 2007
Messages
4,813
Reaction score
0
Location
The Briar Patch
john250":2fojtgb1 said:
Government is synonymous with "pork", not "lean".

You know, come to think of it, I think the government should get into the hog business. That way when anyone mentions government and pork in the same sentence, the prez can say "be nice" yeah, we've got government pork! :banana:
 
OP
H

HerefordSire

Well-known member
Joined
Aug 2, 2006
Messages
5,212
Reaction score
0
Location
Arkansas
1982vett":17g834vt said:
About 72.5% will be owned by the US government, 10 % to the bondholders and the rest goes to UAW. Something like that. Hence the term "Government Motors".

This is hot off the wire...

A senior Obama administration official estimated that GM would be under bankruptcy protection for 60 to 90 days, longer than Chrysler's expected reorganization because GM is bigger and more complex. The official spoke on condition of anonymity because of the sensitivity of the negotiations.

The U.S. Treasury, which already has loaned GM $19.4 billion, would get 72.5 percent of the new company's stock and provide $30 billion in additional financing to keep the new GM operating under bankruptcy protection.

Canada's government is expected to provide an additional $9 billion, the administration official said.

A United Auto Workers trust that will take over retiree health care expenses will get 17.5 percent, and the old GM, effectively owned by the bondholders, would get a 10 percent stake.

GM's existing shareholders will probably lose everything.


http://news.yahoo.com/s/ap/20090529/ap_ ... the_new_gm
 
OP
H

HerefordSire

Well-known member
Joined
Aug 2, 2006
Messages
5,212
Reaction score
0
Location
Arkansas
Jogeephus":1dnofho0 said:
I hate to show my ignorance but I quit watching the news or listening to it. Just got tired of it. Was bringing me down.

Do you have any idea how much money will be able to be repaid? Say in Chrysler's case.

I just slapped some GM stats in a post but for Chrysler.....last I heard several years ago was that is was owned by a German hedge fund, so I always ignored the company in all areas. I did not like it when an American corp got bought out by a foreigner.
 

Latest posts

Top