Just came across the Blaze-Could GM go Bankrupt again?

[Cam2011]

Not as long as us taxpayers have something to say about it they won't.

[nyrfan]

Originally Posted by meissen

Being that I'm a GM employee myself, I feel very passionately for the company I work for. This is the second thread you've posted where it's negative "news" about GM that's unfounded hype news meant to stir the pot. All it takes is a little thought to realize the Blaze's article is bunk.

For example - Would a company spiraling into bankruptcy be posting net profits quarter after quarter? Of course not.

They are a public company, they HAVE TO post their profits whether they like it or not. So yes, even a spiraling company will. It's a requirement for a public company, not a can we or should we.

Private companies do not have to post these figures if they choose not to and most don't.

Sent from my 2LT/RS using Tapatalk

[SSBlack]

Originally Posted by DRKS1D3

+100 This is coming from somebody who's entire family is Union (Pittsburgh Steel Workers, PA Police and Teachers). Unions are a load of bull. They were implemented during the Industrial Revolution to help get fair wages/safe work environments for the Steel Workers and Coal Miners that were making peanuts for risking their lives everyday of the week (good idea at the time ). They have now spawned into a money grubbing horde of goons. Smoking pot on the job? Don't worry, the Union will come to bat for you. Don't show up for work 2-3 days a week? Don't worry, the Union will come to bat for you. Come to work, but don't do a damn thing? Don't worry, the Union will come to bat for you. When there is absolutely 100% no risk of being fired, there is absolutely 100% no reason to give 100% at work. Let people know if certain criteria isn't met at work and they will be punished or terminated...they will give 100% FYI: My wife is a teacher (8 years now). One of her colleagues decided the job was too stressful and needed some time off (3 months all paid). She came back and still said it was too stressful and needed more time off (8 months all paid). In the meantime, it was found out she was taking Carribbean vacations and other nonsense all while still collecting a paycheck. It still took the school district 1 year of fighting with the Union before she was able to be fired!!! Unions want the employees' money from the dues and they don't give a sh1t about the job they are or aren't doing for that matter. Carry on...

Before this gets locked/deleted.

About ten years ago, I was in field service. I went to one of the big three's plants outside of Detroit. My task? Replace an electronic device within a test unit on the assembly line. It was mounted 6 feet off the ground.

I saw a ladder nearby. I grabbed it and started to climb it. My escort yelled "Wait!"

"What are you doing?"

"I'm climbing the ladder to unbolt the unit to bring it down here where I can repair it".

"No. I have to page a mechanic to do that". He paged a mechanic. 45 minutes later, a mechanic arrived and unbolted it.

He said, "Now the power needs to be disconnected". My escort paged an electrician. Electrician arrived about 45 minutes later.

Electrician disconnected the power.

"Great", I thought. "Now I can start".

Nope. My escort would not let ME get the unit. He had to page yet another person to climb the ladder and bring the unit down.

Over two hours waiting for what I could have done in five minutes.

That's my union story.

[Optimus]

While this article may be new, the possibility has been discussed since GM was first bailed out. As previously stated, chapter 11 doesn't mean "going out of business" it means protection while going thru the reorganization process. Forgetting about politics or political views, GM should have never been bailed out (neither should Chrysler). Had they gone thru the process of chapter 11 reorganization, GM would be an even stronger company than they are today and we wouldn't have the government (us as tax payers) footing anypart of the bill. I love GM, have two products in my driveway (Silverado and a Camaro) but I'd be a hell of a lot happier knowing my tax dollars didn't go to pay for something that would/should have happened anyway. By the way, GM is a customer of ours so I benefit from them being in business. Still doesn't change the way I felt then and how I feel now.

[tonyko1]

I agree with Optumus, 100% thanks. The government sure screwed the senior bond holders that normally would have been paid. Also, the pensions of the non-union folks, gone. The US Govt lent MORE more money to GM than ALL of US foreign aid for 2012.......just saying.

They still owe us the taxpayers $25 Billion, probably never see it. This aint the bailout that Chrysler got in 78 and paid back ahead of time. GM also was going to dump GM Europe (Opel) which is a big money pit but didn't and now it is dragging them down.

Ironically, the union now owns the joint and they are the ones choosing to cut jobs....and move production and R&D over to..........ready..............CHINA.

Sometimes reality is weirder than fiction.

[tonyko1]

Addendum:

My analogy of GM is this: Imagine you, yourself suck at doing things cost-effectively and to top it off, you can't budget your money. You are about to go broke and your dear Uncle Sam dies and leaves you enough money to pay off your mortgage and car payment. Are you better off? Yes, of course. Have you cured the ills that put you there, probably not....

[Xedes]

Hmmm, so you anti-union people think the UNIONS are the problem and THEY are the reason why American auto companies are struggling?


CEO's making $100,000,000.00 annually in salary and bonuses = 500lb gorilla in the room.

[SSBlack]

Originally Posted by Xedes

Hmmm, so you anti-union people think the UNIONS are the problem and THEY are the reason why American auto companies are struggling?


CEO's making $100,000,000.00 annually in salary and bonuses = 500lb gorilla in the room.

Non-union? Hmmm.

A pension and insurance FOR LIFE is a good gig, if you can get it.

I don't blame anyone for being in a union.

Yes, no CEO, outside of a Bill Gates type of game changer is worth the money most of them make.

It's greed that drives jobs out of this country. And that greed starts with the Board of Directors. Not something that will get solved in a Camaro forum.

[Steve Dallas]

Originally Posted by meissen

Don't worry - they THINK they got the $7,500 credit... but just wait until tax time when the IRS comes knocking.

Exactly.

[shrinkdoc]

Originally Posted by Kiss My SS

http://www.theblaze.com/stories/is-g...ankrupt-again/


I sure as hell hope not!!

Keep in mind everybody that this original article was from Forbes magazine. Steve Forbes is a major GM hater. Probably Chrysler too. He wanted GM failure from the get go and will do all he can to support a failure.

[jd10013]

Originally Posted by meissen

It's public knowledge so here's some facts to consider:

GM regained #1 manufacturer status recently (and already lost it), but even while it was #1, it was further down in the standings for profitability. What good is it being #1 in manufacturing if your profit margins are so small? Auto manufacturers that are a fraction of the size of GM had higher net profits than GM... that shows that we're doing something wrong.

Because of that, GM's new strategy is to not offload vehicles to the rental and fleet sales. Offloading vehicles like that devalues them, floods the market.

So yes - GM has lost market share... because it's not flooding the market by offloading their vehicles to rental and fleet sales at cut throat pricing. That's what got the "old" GM into the mess that caused the bankruptcy last time. The "who cares if we off load these cars to XYZ Rental at a $5 loss per unit as long as we're the #1 manufacturer" mentality doesn't fly anymore. In the meantime, all that people see is "less marketshare" or "no longer the #1 manufacturer" but they don't realize that it's because GM is actually following a positive strategy for once.



And that's where I sit here dumbfounded when I see these threads and replies. It's our tax payer money. We should be doing everything we can to cheer GM on.

umm, the only reason GM gained market share and became #1 was because that Tsunami crippled production for Honda and Toyota. GM lost that market position once they got production back up, and their dealer lots restocked.

as for cheering for GM because it's our tax money, I'd rather see them fail and guarantee no more of our tax money will be wasted propping up companies. don't fool yourself, prop them up is all we did. nothing has changed, and nothing's improved.

[jd10013]

Originally Posted by Xedes

Hmmm, so you anti-union people think the UNIONS are the problem and THEY are the reason why American auto companies are struggling?


CEO's making $100,000,000.00 annually in salary and bonuses = 500lb gorilla in the room.

lol, there might be 5 of them out there and they're responsible for 100x that in revenue. and most of those companies are on the best companies to work for list.

[Rhyder]

Originally Posted by meissen

Being that I'm a GM employee myself, I feel very passionately for the company I work for. This is the second thread you've posted where it's negative "news" about GM that's unfounded hype news meant to stir the pot. All it takes is a little thought to realize the Blaze's article is bunk.

For example - Would a company spiraling into bankruptcy be posting net profits quarter after quarter? Of course not.

I remember a little company named Enron that did, oh and Tyco, and KMART and fruit of the loom and Kodak............need I go on?

[jd10013]

^
not to mention it's easy to post a net profit when the taxpayer of the united states took on all your debt and the bondholders were wiped out.