The GM fiasco continues

[BentBow]

Originally Posted by jojajn

Exactly! Lets turn around this trade deficit with China!

They are making their own cars in the 8 Chinese factories.

The only ones making out like a bandit, are the CEO's

[HappyTexan]

Originally Posted by jojajn

Exactly! Lets turn around this trade deficit with China!

ROFL..they are building them IN China.
And they have plans to import to the US.

[jimj]

Originally Posted by Wayland Woman

Exactly who are the "bennies"?

That would be "what" not "who"...

[jimj]

Originally Posted by jojajn

How much would these bondholders and secured lenders have if GM had went totally under?

Technically it did go under hence old and new GM. Let's look at this from 2 points. 1.If instead of paying off the unions (oops I mean taking care of 'em ) they took care of their legal obligations under BK laws the debt holders would have still lost some but not .80 cents on the dollar plus all of the dividend payments owed. They could have at LEAST given them preferred stock share for share instead of the few shares of common and warrants and rounded up instead of the reverse split round down they did.
2.Let it go completely BK like almost every other business and let a BK judge honestly sort out who gets what according to those stupid ideas called BK laws.

Look at it this way, how about I come take your retirement savings, the money you worked your butt off for then give it to your neighbors (because they may lose their jobs if we don't) then hand you a piece of paper saying you "may" be able to get some back 5-10 years from now but we have no idea how much or little?
I'll then give you .20 cents on the dollar and tell you to be darned glad you got that.
How'd that work for you? It'd certainly work for your neighbors! I guess it's all good as long as it's not YOU that's getting raped!
On edit: another thing I'm sure you'll be thrilled with, the government (actually us) are set to lose around $20 +/- a share if the govt. goes ahead with their sell off of GM stock like they want to.

[jimj]

From The Street news:
"IBISWorld analyst Casey Thormahlen said he doesn't necessarily think GM is growing too fast, but he does see two key risks in its path. One is that GM's future depends to a great extent on the UAW.

"The union can greatly increase the costs," Thormahlen said. The two parties face 2011 contract talks, with the union eager to regain some of the concessions it has made over the past few years.

In terms of the planned expansion and hiring, about 1,350 laid-off union workers are first in line for new jobs. After that, GM plans to hire B scale workers at about $14 an hour, or half of current levels. The UAW's position on the future of B scale is unclear."

[GregW]

When the bulls fight the grass gets trampled. So what else is new?

If GM wants to sell cars instead of promises they should bring back the 1995 Buick Roadmaster in 4 door Sedan, 2 door coup, 5 door Wagon and 2 door Pick up (El Camino) format.

[jimj]

Originally Posted by GregW

When the bulls fight the grass gets trampled. So what else is new?

If GM wants to sell cars instead of promises they should bring back the 1995 Buick Roadmaster in 4 door Sedan, 2 door coup, 5 door Wagon and 2 door Pick up (El Camino) format.

That roadmaster wagon was a huge boat if I remember right but comfy. It'll be interesting to see what they do, with the Volt not meeting the hype (ok so it's the electric car that really isn't) they're gonna have to start coming up with something to stay ahead of Toyota. They can't depend on natural disasters (unless you consider elections one) to keep them on top.