GM one step closer

[Mr.Slave]

read here


sweet
that oughta piss you guys off.

[soundcolor]

i hope they go under...

[STANG KILLA SS]

Originally Posted by soundcolor

i hope they go under...

takeing thousands of families down with it?:-( and there means for making income to feed and house there loved ones?
and a huge chuck of americana?:-(

[EeePee]

My five shares are about to finally fly out the window.

"While there is significant operating upside at GM ..., we see a high likelihood that the current class of common shares will be terminated through bankruptcy, [or significantly diluted in a best case]," Goldman analyst Patrick Archambault told clients in a note.

Had em for 17 years.

[Trikster]

Well if they weren't such sheisty bastards and made better products, perhaps this wouldn't happen?

[whoodie]

Originally Posted by Trikster

Well if they weren't such sheisty bastards and made better products, perhaps this wouldn't happen?

I would not call their products shitty, they are certainly not the best, but the reason that GM is having financial troubles is that the company was mismanaged, plain and simple. Stang, I support your stand (even though I know you are a little biased ). Big companies going out of business is never a good thing when you look at it from an employees perspective.

[Mr.Slave]

well if gm drops out the market share will allow for other companies to scale up productions thus scooping up the employees out of work from gm..

[gimpygolden]

It's the damn union killin these companies. My uncle works at GM assembly here in Ontario,Canada the retirement buy out package he is getting is rediculous, you'd think he was a rocket scientist or something. I don't about down in the U.S but up here the CAW (union) is sure screwin things up.

[soundcolor]

has anyone buy me read this months motortrend... here is what GM is doing for the good ol' american family.

Selling or closing the Hummer division
Selling or closing the Saab division
Selling or closing the Saturn division
Cut its north american lineup from 48 down to 32
(taking with it the H2, H3, Saab [9-3, 9-5, 9-7x], Saturn [Astra, Aura, Vue, Outlook, Sky] Chevy Trailblazer, GMC Envoy, Pontiac G5, G6 sedan, Buick Lacerne, Cadillac DTS, and the STS).

Also they are going to
Reduce (cut/elimnate/fire) 47,000 (not a typo)
Close 14 North American factories
Reduce U.S. dealerships from 6200 currently to 4100
Convert bondholder debt and funding of healthcare and retirement for those that gave their life to GM into useless GM stock.
Seek around 30 billion in extra gov. loans.

To top it all of Cerberus Capital Management (who now owns chrysler and is working on a deal to merge fiat and chrysler which looks very likely to happen) They offered, and have tried, and tried and tried to get GM to consolidate with chrysler/dodge/jeep, so they could pool their resources and save they company from any further losses (basically they were going to take over control, and save every job that has been lost since late 07) But GM refused, and still refuses to this day.

I worked remodeling the GM plant at SpringHill TN, wanna know how much they threw down the toilet. 850 million dollars. Guess what that factory is doing right now. NOTHING. Its closed, layed off all those workers.

GOD I HATE GENERAL MOTORS

[ian48065]

Originally Posted by Mr.Slave

well if gm drops out the market share will allow for other companies to scale up productions thus scooping up the employees out of work from gm..

you cant be serious?

people already cant get jobs with so many unemployed.. how would 60,000 + unemployed help that?

[bob1961]

Originally Posted by Trikster

Well if they weren't such sheisty bastards and made better products, perhaps this wouldn't happen?

i don't think it is bad products more then the money there wasting on paying there CEO's and there wasteful spending on just there way of travel....plus the unions aren't helping with anything also....i wish i could get 95% of my pay while i'm laid off and health care paid in full till i go back to work....oh yeah there retirement beni's are off the scale also....cut a lot of cost like the imports don't have to spend money on and you might see the american auto makers making some money....they are spending way to much money on retired and laid off workers due to the damn unions....i never did like any unions anywhere i worked that had them, never helped me but take my money each payday....funny thing was i never wanted to join the union, but was made to join if i wanted to keep my job at the time-BULLSHIT ................bob

....

[BUBBA069]

My dad works at the stamping plant as a tool and die maker for the GM plant here in the STL area. They cut his (as well as everyone else) $5 an hour, equivalent to his house payment. All well and good he still has a job. then they tell him that this June stamping dies are being shipped in from one of the closed plants up north, along with it 5 guys from the other plant (due to the way the contract is written), all of which have more seniority then bottom 5 here in STL. So come December and the end of the buffer time that is wrote into the contract my dad will be out IF there is not enough work to support the extra guys.

[soundcolor]

Not all unions are created equal.
The UAW is one of the worst there has ever been.

If you take a look at your unions for "skilled labor" such as electricians, pipe fitters, iron workers, millwrights and the like you will see a completely diffrent union. I am a union electrician and I know this. I can be laid off, but I dont get paid. If I get laid off, my insurance will only cover me and my family for the "time" I have built up. (basically I get 1 week of insurance for every month I worked up till when I got laid off) I do have a retirement and 401k and pension, but its structured like any one elses. Basically if I dont work, I dont get anything. I dont get vacation or sick days.

The reason for me being in the union is simple. First, I have a voice and representation which means as long as I do my job and am productive at it no-one can fire me cause they dont like me. No one can give me shit, my fellow union brothers and sisters stand up for each other and have a strong comraderie. We dont have the problems on our jobsites that non-union jobs have. And second, there tends to be more work available for union workers. Unfortunatly right now there aint work anywhere. Which sucks, but as soon as some pops up, I dont have to apply for shit. I go down, show my book take my drug test and I'm working next day. Why do I pay my 32.00 a month. Cause I get represented, I have a say in what goes on and if something bad happens to me or my family my union brothers pitch in and help out. We usually set up a bucket at the entrance to the job and everyone throw in 5-20 bucks to help out. The bucket is left alone and no-one ever steals.

I hate that people like the UAW, and Teamsters and so forth have given unions such a bad name.

[Mr.Slave]

Originally Posted by ian48065

you cant be serious?

people already cant get jobs with so many unemployed.. how would 60,000 + unemployed help that?

yes. well what i posted will be instantaneous and wont happen till it shuts down


also.
I've found that companies that have unions generally deserve to have them.

[dkf]

I'm never in favor of bailing anyone out. If my business runs into trouble I shure ain't getting a dime. GM had as good of a chance as any to make money and held very high market share for a long time. Chrysler/Dodge has been thrown around for a long time and I can't understand why they are even around yet. Notice Ford is doing the best of the big three but their struggle with the UAW continues. I don't like it but I can understand why the car companies head south of the border to build their plants.

IMO unions are a big reason why our industry is failing. Notice that most of the first manufacturing businesses to go out are the union shops. We have to be competitive with the world like it or not. Ridiculous wages, benefits and the often poor union worker work ethic make it hard for even a well managed company to make a go at it.

[binaryterror]

Too little forethought on GM's part for over 10 years...Too Late to think of a realistic plan...they had time they just chose to ignore it.

[cuzican]

[binaryterror]

Originally Posted by cuzican

Hey thats not a GM product!

[cuzican]

Originally Posted by binaryterror

Hey thats not a GM product!

LOL...everywhere you go....every forum all you see are people talking about politics: "check out what obamaladin is doing now" "gm in this gm that" "the big bailout".
Holy crap it never ends and its the same everywhere just worded a little different.

[STANG KILLA SS]

Originally Posted by whoodie

(even though I know you are a little biased ).

dang it! your onto me!