Monday GM CEO Statement on Chapt. 11

War Eagle · 01-12-2009, 02:11 PM

GM CEO made some comments to reporters earlier today. The major issue of worker salaries is yet to be resolved and other news articles have quoted Barney Frank as saying these may be removed from the bailout requirements.

http://www.marketwatch.com/News/Stor...&siteid=yhoof2

Steve

War Eagle · 01-12-2009, 02:46 PM

Here is another article,

http://news.yahoo.com/s/nm/20090111/...how_gm_wagoner

Wagoner is not going to be able to get the workers to take less pay, just is not going to happen. The Democrats are already preparing a Bill that would not require the UAW to make any more concessions. If that happens it will put another nail in GM's coffin.

GM made a major mistake not going in to Chapter 11 , they could have dealt with the Dealership issues and the UAW.

Now you can put a fork in GM, they are done.

Steve

kylepo · 01-12-2009, 02:55 PM

your not too bright there are you buddy?

Hylton · 01-12-2009, 02:57 PM

Quote:

Originally Posted by War Eagle

Here is another article,

http://news.yahoo.com/s/nm/20090111/...how_gm_wagoner

Wagoner is not going to be able to get the workers to take less pay, just is not going to happen. The Democrats are already preparing a Bill that would not require the UAW to make any more concessions. If that happens it will put another nail in GM's coffin.

GM made a major mistake not going in to Chapter 11 , they could have dealt with the Dealership issues and the UAW.

Now you can put a fork in GM, they are done.

Steve

I wouldn't say that. I would say that this could be the beginning of the bailout unravelling which might cause chaos.

kylepo · 01-12-2009, 02:59 PM

im just sick of all the doom and gloom posts by people uneducated about the auto industry. "and comments like stick a fork in them they are done".

War Eagle · 01-12-2009, 03:00 PM

I did not even mention the long term debt (bond) issue that is still not resolved. If GM cannot rework their debt then they will really be in trouble. Lets see who wants to buy some GM bonds right now.

Steve

*Mr. Wyndham* · 01-12-2009, 03:09 PM

Quote:

Originally Posted by War Eagle

Here is another article,

http://news.yahoo.com/s/nm/20090111/...how_gm_wagoner

Wagoner is not going to be able to get the workers to take less pay, just is not going to happen. The Democrats are already preparing a Bill that would not require the UAW to make any more concessions. If that happens it will put another nail in GM's coffin.

GM made a major mistake not going in to Chapter 11 , they could have dealt with the Dealership issues and the UAW.

Now you can put a fork in GM, they are done.

Steve

I disagree completely. Any new workers are going to get paid less than what transplant workers make -- that contract has already been agreed upon. And many current workers are close to retirement anyways. This whole worker pay thing is totally misrepresented, and I hope this reflects that the politicians are starting to understand that. The contributing, and uncompetitive costs are legacy costs (healthcare/retirement) that the foriegn companies just don't have to deal with because they haven't employed enough people here for long enough. (GM's been around for 100 years, employing MILLIONS of laborers over the years)

On top of all this, worker pay is less than ten percent of a vehicle's total price. GM has made significant strides elsewhere, this is far from a final nail.

Lighten up!

FenwickHockey65 · 01-12-2009, 03:12 PM

Hey, whadda ya know, looks like Ford's saying that they're going to need government loans now.

Everyone's in trouble right now. Quit picking on GM.

kevin2323 · 01-12-2009, 03:13 PM

Quote:

Originally Posted by War Eagle

I did not even mention the long term debt (bond) issue that is still not resolved. If GM cannot rework their debt then they will really be in trouble. Lets see who wants to buy some GM bonds right now.

Steve

blah blah blah.....they just announced that they are shrinking to 4 brands...do some research...they are alright for now.

FenwickHockey65 · 01-12-2009, 03:17 PM

Quote:

Originally Posted by kevin2323

blah blah blah.....they just announced that they are shrinking to 4 brands...do some research...they are alright for now.

4+1 Pontiac.

It'll be...

Chevrolet
Cadillac
GMC
Buick

And Pontiac...niche.

kanys · 01-12-2009, 03:35 PM

Quote:

Originally Posted by FenwickHockey65

4+1 Pontiac.

It'll be...

Chevrolet
Cadillac
GMC
Buick

And Pontiac...niche.

Yup, and I think they made some great decisions regarding which brands to stick with. However I don't think GMC will help them that much since much of their current line-up is quite similair to Chevy's. Hopefully this will change soon.

kylepo · 01-12-2009, 03:51 PM

Quote:

Originally Posted by kanys

Yup, and I think they made some great decisions regarding which brands to stick with. However I don't think GMC will help them that much since much of their current line-up is quite similair to Chevy's. Hopefully this will change soon.

lol nope they are getting even similar as GMC is getting its own version of the nox that will be called the terrain that will replace the torrent. But GMC is GMs second selling brand so why close it down. Also GMC truck buyers are very loyal. more so than chevy truck buyers.

Hylton · 01-12-2009, 05:09 PM

Quote:

Originally Posted by kylepo

lol nope they are getting even similar as GMC is getting its own version of the nox that will be called the terrain that will replace the torrent. But GMC is GMs second selling brand so why close it down. Also GMC truck buyers are very loyal. more so than chevy truck buyers.

Well I'm one of those loyal GMC owners but I would drive a Tahoe/Suburban if I had to. To me, GMC and Chevy trucks is just silly.

MerF · 01-12-2009, 05:11 PM

Oy. Not much else I can think of at the moment because I've lost brain cells trying to figure this crap out to this point.

01-12-2009, 02:11 PM	#1
War Eagle Drives: 1969 Chevelle, Avanti, 2010 GT500 Join Date: Dec 2008 Location: Florida Posts: 179	Monday GM CEO Statement on Chapt. 11 GM CEO made some comments to reporters earlier today. The major issue of worker salaries is yet to be resolved and other news articles have quoted Barney Frank as saying these may be removed from the bailout requirements. http://www.marketwatch.com/News/Stor...&siteid=yhoof2 Steve __________________ Back in a Chevelle after 41 years.

01-12-2009, 02:46 PM	#2
War Eagle Drives: 1969 Chevelle, Avanti, 2010 GT500 Join Date: Dec 2008 Location: Florida Posts: 179	Here is another article, http://news.yahoo.com/s/nm/20090111/...how_gm_wagoner Wagoner is not going to be able to get the workers to take less pay, just is not going to happen. The Democrats are already preparing a Bill that would not require the UAW to make any more concessions. If that happens it will put another nail in GM's coffin. GM made a major mistake not going in to Chapter 11 , they could have dealt with the Dealership issues and the UAW. Now you can put a fork in GM, they are done. Steve __________________ Back in a Chevelle after 41 years. Last edited by GTAHVIT; 01-12-2009 at 03:54 PM. Reason: No political comments allowed.

01-12-2009, 03:00 PM	#6
War Eagle Drives: 1969 Chevelle, Avanti, 2010 GT500 Join Date: Dec 2008 Location: Florida Posts: 179	I did not even mention the long term debt (bond) issue that is still not resolved. If GM cannot rework their debt then they will really be in trouble. Lets see who wants to buy some GM bonds right now. Steve __________________ Back in a Chevelle after 41 years.

01-12-2009, 03:12 PM	#8
FenwickHockey65 General Motors Aficionado Drives: 2023 GMC Canyon, 2023 Expedition Join Date: Aug 2008 Location: Florida Posts: 37,375 View My Garage	Hey, whadda ya know, looks like Ford's saying that they're going to need government loans now. Everyone's in trouble right now. Quit picking on GM. __________________ 2023 GMC Canyon Elevation 2023 Ford Expedition SSV (State-Issued)

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