General Motors

[HerefordSire]

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.

 

[grannysoo]

It also goes to show you what heritage costs can do to a company...

 

[1982vett]

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]

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]

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.

 

[HerefordSire]

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?

 

[Ryder]

It also goes to show you what heritage costs can do to a company...

What does "heritage cost" mean?

 

[BeefmasterB]

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]

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]

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]

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]

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.

 

[Jogeephus]

I hope they do it right but I just got a bad feeling they won't.

 

[RD-Sam]

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]

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]

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]

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]

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:

 

[HerefordSire]

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

 

[HerefordSire]

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.