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Originally Posted by 2010-1SS-IBM
Ok, I'll ask again. What did GM employees or management lose when they drove their company into the ground.
You're real big on explaining how the cost was minimal to the tax payer. It makes me wonder why GM employees and management didn't shoulder more of the burden themselves.
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The management responsible for causing GM's problems has been gone for a while. A lot of the problems were started decades ago, but in the ~5 years leading up to the bankruptcy, they were working to correct a number of those errors by working with the UAW to cut costs, streamlining operations, and refocusing on product. In all likelihood, the mess wouldn't have happened were it not for the credit crunch in late 2008, and they wouldn't have had to go to the government to secure cash. They could have either gotten more traditional loans, or they might not have needed them in the first place. So if you want to accuse those at the helm in 2009 for the bankruptcy, you're sadly mistaken. If anything, they were the best group GM had had in years. But even the best captain & crew can't save a sinking ship facing a tidal wave.
That aside, GM's laid off tens of thousands of workers ... both at factories and offices, and cut pay and benefits to most of those remaining. I don't know what all it was, but I'm sure some of our friends on the site who do work for GM can tell you more.