GM: company faces a March 31 deadline

[trm0002]

Originally Posted by domano 68

Nothing personal here but the unions cost structure is killing GM. Why pay someone 95% of thier salary for them to sit at home? Things like that do not make sense business wise and GM cannot compete with the other Auto-manufacturers. That has to be addressed and corrected.

That's exactly why I said GM will be in Chapter 11. They have to be able to void the UAW contracts. Look, this isn't simply "pick on the UAW" but without voiding the UAW contracts and leveling the playing field, nothing else they do will be enough without it.

[Silver Streak]

Originally Posted by trm0002

That's exactly why I said GM will be in Chapter 11. They have to be able to void the UAW contracts. Look, this isn't simply "pick on the UAW" but without voiding the UAW contracts and leveling the playing field, nothing else they do will be enough without it.

We could level the field without voiding UAW contracts. We could do alot things that could avoid that. I agree though it isn't possible the way things are right now. I don't consider screwing over the workers and there families an option that we should consider. We shouldn't get into these kind of practices, we are suppose to take care of our own. It seems there are many misperceptions about the wages and benefits of our fellow workers. The union definately needs to change their ways, but I think that everyone is needing to rethink and take a new approach. But in the same token the union has its place in this nation of ours just as free market and capitalism. No one of these can or will succeed without each other. I think GM will survive this, but I hope it is not at the expense of the workers wages and benefits. It is not bad practice to promise these things as a company, but it would be bad as a company to renig on them. I wish I had a pension, and not a 401k based on the stock market. It is like throwing your hard earned money into the casinos in Vegas! I hope that this can all work out on common ground, in fact I think it is the only way it can. We could start by not catering to the foreign automobile companies and giving them tax breaks that we don't give to american automobile companies building cars on our own soil. That would be one thing that could be done, among many others. I think as bad as things are, we will find our way out of this. I am not so quick to give up on the good ole USA. We are unique as a nation and I am proud to be american. I still have the faith man! Things will work out.

[dbotsfordtat]

I felt this was appropriate.

[Zabo]

...Just file 7, GM. Face the music and take ole yeller out back. I'll go buy that Challenger now so that I can at least have one last vestige of American Muscle before it becomes a memory.

(Like dreamcamaro09 who just purchased a Chally R/T, I too am looking into throwing in the towel. This may very well be the opening notes to the swan song.)

[rgrizzard]

Originally Posted by Dragoneye

That's absolutely REDICULOUS. On all counts. Government control? And you want them to file? You've got to be kidding............I hope you're kidding.:(

At this point it's either ch 11 or 7. Are you saying you want them to file 7 and go away???

There is no other alternative...

[Zabo]

Originally Posted by rgrizzard

At this point it's either ch 11 or 7. Are you saying you want them to file 7 and go away???

There is no other alternative...

I call 7, just like my post above. I couldn't stand seeing them turned into a mindless puppet of Obama's administration. Just kill it now, please.

[trm0002]

Originally Posted by Zabo

I call 7, just like my post above. I couldn't stand seeing them turned into a mindless puppet of Obama's administration. Just kill it now, please.

NOT going into 11 (or 7) would lead them down the mindless puppet path. If they go 11, they get to stay away from Obama's outstretched hand...

[Supermans]

Originally Posted by Dragoneye

That's absolutely REDICULOUS. On all counts. Government control? And you want them to file? You've got to be kidding............I hope you're kidding.:(

Government control is what this new administration is all about. Health care is next on the hitlist at the same time as nationalizing the banks after all the bailouts fail to stabilize. Saving GM is not profitable but will make the administration look good in the long run if a takeover occurs. The Government would then give even more power to the Union than ever before allowing them to funnel money to them at will pretty much for anything "green" related.

[CamaroScotty]

What came out today is already well known, however, since it came from an auditor, it seems to have freaked out Wall Street.



If you read between the lines, what this basically means and what we have already known, is that if GM does not get the second round of loans from the Federal Government (due March 31), they will be forced into bankruptcy. Most people feel that GM will not be allowed to file for bankruptcy due to the collateral damage it would have on the global economy.

[Rekt]

That sucks.

[trm0002]

Originally Posted by CamaroScotty

What came out today is already well known, however, since it came from an auditor, it seems to have freaked out Wall Street.



If you read between the lines, what this basically means and what we have already known, is that if GM does not get the second round of loans from the Federal Government (due March 31), they will be forced into bankruptcy. Most people feel that GM will not be allowed to file for bankruptcy due to the collateral damage it would have on the global economy.

What MORE harm could it possibly do? Their sales are ALREADY down, their production is ALREADY down, which means their suppliers are ALREADY down. The media makes it sound like 10s of thousands of people will lose their job if GM goes chapter 11. Got news for you- they ALREADY have lost their jobs.

[Supermans]

Originally Posted by CamaroScotty

What came out today is already well known, however, since it came from an auditor, it seems to have freaked out Wall Street.



If you read between the lines, what this basically means and what we have already known, is that if GM does not get the second round of loans from the Federal Government (due March 31), they will be forced into bankruptcy. Most people feel that GM will not be allowed to file for bankruptcy due to the collateral damage it would have on the global economy.

Like I said, the O***a adm******ation is going to come fly in like Mighty Mouse to save the day on this one in my opinion last minute and take control..

[Silver Streak]

I remember a mod coming in here earlier for some reason!

[fastball]

Originally Posted by CamaroScotty

What came out today is already well known, however, since it came from an auditor, it seems to have freaked out Wall Street.



If you read between the lines, what this basically means and what we have already known, is that if GM does not get the second round of loans from the Federal Government (due March 31), they will be forced into bankruptcy. Most people feel that GM will not be allowed to file for bankruptcy due to the collateral damage it would have on the global economy.

The govt. is in the process of formulating a govt. backed bankruptcy plan now. There will be no more straight out loan money from the govt. Congress knows now that no matter how much money they "loan" GM in their current state, they will never get it back, and the company will end up filing for Ch. 11 anyway. So, since they've had $5.6 bil of our tax money since December, Congress is not going to let GM file ch. 11 on their own to protect them from giving that money back.