GM preparing for bankruptcy - Page 2

CaptianSam · 04-07-2009, 04:56 PM

my university went on strike... and we were out of school for 3 months... thats 3 months expenses with no income because my job doesnt start until april... now its april and i cant work so thats another 2 months of expenses with no income... thats 5 months of no income... the university refuses to give bursaries, and refuses to give money back for dropped courses... why? because our headmaster bought himself 3 nice limos, and bought a 4 million dollar place...

might i also add the school is 50 000 students and they are at a loss of 25 million... well now... i know where 20% of it is...

similar situation

ShnOmac · 04-07-2009, 05:41 PM

Quote:

Originally Posted by Can-Am

My understanding is that UAW and its benefit obligations would be treated like a creditor. So the current bargaining agreement would be aggressively renegotiated, meaning the union would have major concessions crammed down their throat. Retirees would have their health care benefits slashed, current employees pay more for their health care, the generous work rules disappear, future pensions are drastically reduced, presumably wages are cut as well (to something probably somewhat below what Toyota, etc. pay their US factory workers). This will save GM a ton of money.

As for GM's relationship with the UAW, I imagine it would be something like living with your wife after you caught her in bed with another dude... so, somewhat testy and uncomfortable.

I sure hope that does not happen.... Not fair to the people who put in a hard 30 years worth of work.

dayvedayve · 04-07-2009, 07:25 PM

The Camaro is being built in Canada. That is governed by the Canadian govt and the Canadian Unions. Bankrupcty here will not be the same there. I am sure that GM would have to renegotiate the labor contracts in both countries. I dont think that they would be stupid enough to require concessions equal to less than implant car companies. They would have a hard time if the workers went on strike. Thats the reason that the contracts are inforce now. GM has never had to settle any contract with the UAW. They just know the consequences of a strike on there bottom line. Not saying that everybody would have to give in on somethings, but not that drastic. I dont think that the longtimers are going to take $14 an hour. You might get the newer people, but the old timers wont go for it. And less pay means lower union dues. Wont see that happen either. You wanna see GM sold off and gone? Try and break the union. They have the ability to muck up any plan for reorganization and will drag everyone down with them.

dayvedayve · 04-07-2009, 07:29 PM

And by the way, $14 an hour to work an assembly line isnt crap. How are these implants getting away with it. Lowes pays $11 an hour around here. My wife makes almost that standing in a guard shack waving people in. Unions are not "perfect angels" but they apparantely have their purpose.

lnsjr1 · 04-07-2009, 07:39 PM

AS far as the statement about the UAW. To me thats a comment about all unions. This country needs bigger and stronger unions to help keep big companies like GM inline. The huge companies make huge profits and a good union should be keeping track of those numbers. We are just worker ants to big business and the government who would you like to look out for you. Both have done a great job so far havent they? If anything we should be telling the unions across the US to wake-up also. I am in union and would not have it any other way.

terndude · 04-07-2009, 07:41 PM

Quote:

Originally Posted by shnomac77

I sure hope that does not happen.... Not fair to the people who put in a hard 30 years worth of work.

Agreed... It would be like slashing VA benefits because we have a national debt. Some things are worth paying for... and I know plenty of folks who would be knee-deep if they had their benefits slashed.

I've spent a lot of time working on Navy bases over the last 12 years down in San Diego...you guys train hard...keep up the good work!

lnsjr1 · 04-07-2009, 07:44 PM

The average working person should of been smacked to attention about what these big companies are doing to this country. Is profits worth wrecking the best country on the planet?

Cmyskill · 04-07-2009, 09:32 PM

Unions suck.... I work for UPS and we have a union and here is the biggest problem. 10 percent of the workers are great, 40 percent of the workers are average the other half just down right sucks. 95% of the drivers have no college education and complain about making 70K plus a year. The union protects the the wrong people and rewards them only due to years aquired on the job. Unions were great when we needed them to protect the under paid but we have taken this way to far and now we are paying for it. The smart thing for GM to do is Give all there employees a set price to work for based on years worked and if they do not agree then put an add out (NOW HIRING) Im sure at 15-20 dollars an hour they could get quality help. Right Now there are quite a few people looking for jobs and a lot of them with college degrees that would be happy to have a job.

Anyway back to the topic. If GM Files Bankruptcy how will that effect there stock? I have quite a few shares and wondering what normally happens when this goes into effect?????

Sorry about the above just venting.....

I just hate when I fire a guy for being sorry,lazy,late to work, refusing to work and then the union just gives him a warning and his job back and I have to look at this guy and he just laughs.....

Hylton · 04-07-2009, 09:33 PM

Quote:

Originally Posted by Cmyskill

10 percent of the workers are great, 40 percent of the workers are average the other half just down right sucks.

Show me another place where it's not like that dude! Lol!

lnsjr1 · 04-07-2009, 09:42 PM

Sorry, thats part of the deal also. Unions also have their own issues as you stated. But who is going to watch the corporations and make sure people are treated somewhat fairly. Do not tell me the government...lol They can start with walmart and tell them to atleast offer basic benefits to their people, Take a look at their profits and tell me they cant afford it. Living in the USA shouldnt mean taking care of the shareholders first and thats what the problem is with big business.

the Mole · 04-07-2009, 09:54 PM

If GM goes into bankruptcy the sun will come up tomorrow and I'll go to work and build Camaros until I'm told otherwise. The contract will be renegotiated and we will still make a competitive wage. The union is not going anywhere and if you think otherwise you're mistaken. We all have a role to play. It was first and foremost the Big Banks that caused a global financial crisis in my opinion.

lnsjr1 · 04-07-2009, 10:03 PM

Corporate greed runs the spectrum of all business not just the banks. And sorry Mole, GM got caught with their pants down also. Pure greed and the sad part of it is all the families they are screwing with. Myself and my family have always been loyal GM buyers and that will never change I just hope the people of this country have been educated that we really can not trust big business no matter what they produce. "Proud to be Union"

manimsoblack · 04-07-2009, 10:19 PM

Quote:

Originally Posted by CaptianSam

i dont understand how stupid people are....
yea you need to slash brands and overlap

Actually i'm in favor of overlapping brands. Before you blow a fuse though here's why...
As long as everything is the same mechanically and structurally and the only difference is body panels and some interior and luxury features it can actually help rather than hurt. My mom thinks the GMC Acadia and Saturn Outlook are uglier than sin, and the Traverse looks like a minivan but likes the Enclave. Same exact vehicle, but if not for the slight difference in Exterior styling, she'd be getting a Nissan Murano. All the money goes back to GM anyways so i think it's better to have people decide which version of your vehicle they want rather than which of the competition is better. I think that to cut down on costs (though i'm not sure how they do it) it would be best if they built all of them in the same facility. You'd have to bring in more equipment to the one that you pick and expand it a bit, but then you'd have all of the same "base" vehicle being built under one roof.

manimsoblack · 04-07-2009, 10:29 PM

Quote:

Originally Posted by the Mole

If GM goes into bankruptcy the sun will come up tomorrow and I'll go to work and build Camaros until I'm told otherwise. The contract will be renegotiated and we will still make a competitive wage. The union is not going anywhere and if you think otherwise you're mistaken. We all have a role to play. It was first and foremost the Big Banks that caused a global financial crisis in my opinion.

Bolded for truth.

04-07-2009, 04:56 PM	#15
CaptianSam Car Garage Drives: 350z,A4,SRT8...see sig Join Date: Feb 2008 Location: north west Posts: 830	my university went on strike... and we were out of school for 3 months... thats 3 months expenses with no income because my job doesnt start until april... now its april and i cant work so thats another 2 months of expenses with no income... thats 5 months of no income... the university refuses to give bursaries, and refuses to give money back for dropped courses... why? because our headmaster bought himself 3 nice limos, and bought a 4 million dollar place... might i also add the school is 50 000 students and they are at a loss of 25 million... well now... i know where 20% of it is... similar situation __________________ 2012 2SS RS Ordered Black on Black 6 speed Coupe Artic Lid Stripes Yes I Supercharge Everything On My Ipad Xbox McLovin1515 Ps3 McLovin1555 Current Autos:68z28,03viperSRT10,04escalade,05RangeRoverSport SC Project Autos:80corvette350-500hp 6speed,06charger S'C 6-speed posi,74Firebird400blue,69chevelle572 707 New Autos:2012CamaroSSRS,09ChallengerSRT8 Past Autos:....too many to list "i told you it was gettin' an LS3" Go down deep enough into anything and you will find mathematics. Dean Schlicter B.Sc. Hons. Mathematics

04-07-2009, 09:32 PM	#22
Cmyskill 17 ZL1 what a car.... Drives: 2021 M S PLAID, 2017 ZL1 A10 White Join Date: Apr 2008 Location: Port St Lucie FLORIDA Posts: 428	Unions suck.... I work for UPS and we have a union and here is the biggest problem. 10 percent of the workers are great, 40 percent of the workers are average the other half just down right sucks. 95% of the drivers have no college education and complain about making 70K plus a year. The union protects the the wrong people and rewards them only due to years aquired on the job. Unions were great when we needed them to protect the under paid but we have taken this way to far and now we are paying for it. The smart thing for GM to do is Give all there employees a set price to work for based on years worked and if they do not agree then put an add out (NOW HIRING) Im sure at 15-20 dollars an hour they could get quality help. Right Now there are quite a few people looking for jobs and a lot of them with college degrees that would be happy to have a job. Anyway back to the topic. If GM Files Bankruptcy how will that effect there stock? I have quite a few shares and wondering what normally happens when this goes into effect????? Sorry about the above just venting..... I just hate when I fire a guy for being sorry,lazy,late to work, refusing to work and then the union just gives him a warning and his job back and I have to look at this guy and he just laughs..... __________________ 2017 ZL1 -- WHT - A10 - PDR - NAV Mods: Kooks 2", Lingenfelter 9.17” 18% Pulley, CAI, E85 sensor, and Interceptor Wide-band & Gauge with Pod, 180 Thermostat, BMR Rear suspension parts.

04-07-2009, 09:54 PM	#25
the Mole Retired but not done! Drives: '66 Impala '06 HHR '03 FJR1300 Join Date: Apr 2009 Location: Oshawa Posts: 400	If GM goes into bankruptcy the sun will come up tomorrow and I'll go to work and build Camaros until I'm told otherwise. The contract will be renegotiated and we will still make a competitive wage. The union is not going anywhere and if you think otherwise you're mistaken. We all have a role to play. It was first and foremost the Big Banks that caused a global financial crisis in my opinion. __________________ Disclaimer:Anything posted by me "the Mole" is my own opinions and thoughts , and don't necessarily represent the positions,strategies or opinions of GM. This is where I've ridden my bike.

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04-07-2009, 07:25 PM	#17
dayvedayve Drives: 2006 Chevy Avalanche Join Date: Aug 2008 Location: Gulf Coast of Texas Posts: 386	The Camaro is being built in Canada. That is governed by the Canadian govt and the Canadian Unions. Bankrupcty here will not be the same there. I am sure that GM would have to renegotiate the labor contracts in both countries. I dont think that they would be stupid enough to require concessions equal to less than implant car companies. They would have a hard time if the workers went on strike. Thats the reason that the contracts are inforce now. GM has never had to settle any contract with the UAW. They just know the consequences of a strike on there bottom line. Not saying that everybody would have to give in on somethings, but not that drastic. I dont think that the longtimers are going to take $14 an hour. You might get the newer people, but the old timers wont go for it. And less pay means lower union dues. Wont see that happen either. You wanna see GM sold off and gone? Try and break the union. They have the ability to muck up any plan for reorganization and will drag everyone down with them.

04-07-2009, 07:29 PM	#18
dayvedayve Drives: 2006 Chevy Avalanche Join Date: Aug 2008 Location: Gulf Coast of Texas Posts: 386	And by the way, $14 an hour to work an assembly line isnt crap. How are these implants getting away with it. Lowes pays $11 an hour around here. My wife makes almost that standing in a guard shack waving people in. Unions are not "perfect angels" but they apparantely have their purpose.

04-07-2009, 07:39 PM	#19
lnsjr1 Drives: 02'Z28 07'CTS 03'HD Fatboy Join Date: Apr 2009 Location: Glassboro, NJ Posts: 270	AS far as the statement about the UAW. To me thats a comment about all unions. This country needs bigger and stronger unions to help keep big companies like GM inline. The huge companies make huge profits and a good union should be keeping track of those numbers. We are just worker ants to big business and the government who would you like to look out for you. Both have done a great job so far havent they? If anything we should be telling the unions across the US to wake-up also. I am in union and would not have it any other way.

04-07-2009, 07:44 PM	#21
lnsjr1 Drives: 02'Z28 07'CTS 03'HD Fatboy Join Date: Apr 2009 Location: Glassboro, NJ Posts: 270	The average working person should of been smacked to attention about what these big companies are doing to this country. Is profits worth wrecking the best country on the planet?

04-07-2009, 09:42 PM	#24
lnsjr1 Drives: 02'Z28 07'CTS 03'HD Fatboy Join Date: Apr 2009 Location: Glassboro, NJ Posts: 270	Sorry, thats part of the deal also. Unions also have their own issues as you stated. But who is going to watch the corporations and make sure people are treated somewhat fairly. Do not tell me the government...lol They can start with walmart and tell them to atleast offer basic benefits to their people, Take a look at their profits and tell me they cant afford it. Living in the USA shouldnt mean taking care of the shareholders first and thats what the problem is with big business.

04-07-2009, 10:03 PM	#26
lnsjr1 Drives: 02'Z28 07'CTS 03'HD Fatboy Join Date: Apr 2009 Location: Glassboro, NJ Posts: 270	Corporate greed runs the spectrum of all business not just the banks. And sorry Mole, GM got caught with their pants down also. Pure greed and the sad part of it is all the families they are screwing with. Myself and my family have always been loyal GM buyers and that will never change I just hope the people of this country have been educated that we really can not trust big business no matter what they produce. "Proud to be Union"