GM told to prepare for bankruptcy

[Namreg]

http://www.reuters.com/article/GCA-autos/idUSN1235687020090413

sooner than i expected... it's sad for the workers. it's usually the management that fucks up when companies of that size go under, but the little guys lose their jobs while the fat man upstairs gets a big paycheck/severance pay.

maybe they will come out of this stronger, though. i hope so, even though i don't like their cars.

 

[Hot Mega]

http://www.reuters.com/article/GCA-autos/idUSN1235687020090413

sooner than i expected... it's sad for the workers. it's usually the management that fucks up when companies of that size go under, but the little guys lose their jobs while the fat man upstairs gets a big paycheck/severance pay.

maybe they will come out of this stronger, though. i hope so, even though i don't like their cars.

It's good advice for them to prepare just in case....doesn't mean they'll ultimately file.

 

[dogyfizle]

change the way of business or take a leave. the time of over compensated ceos is over

 

[Namreg]

from the article:

Quoting sources who had been briefed on the GM plans, the Times said the goal was to prepare for a fast "surgical" bankruptcy.

The newspaper said preparations are aimed at assuring a GM bankruptcy filing is ready if the company is unable to reach agreement with bondholders to exchange roughly $28 billion in debt into equity in GM and with the United Automobile Workers union.

28 BILLION... the company is worth how much, a tenth of that? how were they ever able to get that many loans? the banks should have told them to become more efficient before ever giving them any money. it seems they've been throwing money down a bottomless pit for many many years.

 

[Legzman]

sooner than i expected... it's sad for the workers. it's usually the management that fucks up when companies of that size go under, but the little guys lose their jobs while the fat man upstairs gets a big paycheck/severance pay.

Exactly! "Here's a few million dollar bonus for ya! Thanks for sinking our company, but you deserve this extra money, cause...well...we don't need it anymore!"

 

[Namreg]

and that is especially true for american car manufacturers. a lot of people say americans build shitty cars, bad quality, bad reliability and so on, but the japanese have been building cars in the US and canada for a long time now, and they have no quality/reliability issues. they use american workers and materials, so the difference must be in the management, in the way they run things.

 

[No_Man]

and that is especially true for american car manufacturers. a lot of people say americans build shitty cars, bad quality, bad reliability and so on, but the japanese have been building cars in the US and canada for a long time now, and they have no quality/reliability issues. they use american workers and materials, so the difference must be in the management, in the way they run things.

I completely agree that the management is part of it. However, you can't ignore the other difference between Japanese and US manufacturers: the UAW. There's been gross inefficiency and waste from both the top down and the bottom up.

 

[lovejoy]

Exactly! "Here's a few million dollar bonus for ya! Thanks for sinking our company, but you deserve this extra money, cause...well...we don't need it anymore!"

Former GM CEO Wagoner took $25 millions severance pay ! Nice day of work even fired from Obama and his task force !

 

[Legzman]

Former GM CEO Wagoner took $25 millions severance pay ! Nice day of work even fired from Obama and his task force !

my point exactly. When your or I get fired, we don't get a fuckin dime. When we get laid off cause our company closes its doors, we don't get a fuckin dime. When the CEO's cause the companies to go bankrupt, maybe not cause, but take no steps to prevent it, they get a nice fat pay check so they're still set the rest of their lives, while we could potentially lose everything we own!

 

[Namreg]

 

[lovejoy]

and that is especially true for american car manufacturers. a lot of people say americans build shitty cars, bad quality, bad reliability and so on, but the japanese have been building cars in the US and canada for a long time now, and they have no quality/reliability issues. they use american workers and materials, so the difference must be in the management, in the way they run things.

There are major difference between japanese transplants and American car plant workers.

1. The average age between Japanese transplants and American car plants workers are more than 25-30 years different !!!

2. This contributes to a major difference in health care and pension expenses in Japanese transplants and American car plants.

3. Japanese transplants built their plants in the South or in the "wood" in Woodstock Canada, far away from major cities and some has less than 1% blacks in their Japanese transplants such as the Woodstock Toyota plant just opened in January, 2009.

4. Nissan actually "transferred" Japanese workers from the assemblyline in Japan to their Tennessee Nissan plant outside Nashville, TN and set up examples of Japanese work ethics by examples.

5. Most of the engines and transmissions are made in Japan by Japanese workers (The Nissan plant in Tennessee used 49% japanese import parts and 51% American parts)!

6. American workers in Japanese transplant seldon involved in design and enginerring of the cars !

 

[Skyraider22]

Well I will be wishing the little man the best.

 

[Namreg]

There are major difference between japanese transplants and American car plant workers.



3. Japanese transplants built their plants in the South or in the "wood" in Woodstock Canada, far away from major cities and some has less than 1% blacks in their Japanese transplants such as the Woodstock Toyota plant just opened in January, 2009.

are you inferring that american cars are of lower quality because they are made by blacks people?

 

[Embryoyo]

my point exactly. When your or I get fired, we don't get a fuckin dime. When we get laid off cause our company closes its doors, we don't get a fuckin dime. When the CEO's cause the companies to go bankrupt, maybe not cause, but take no steps to prevent it, they get a nice fat pay check so they're still set the rest of their lives, while we could potentially lose everything we own!

Yeah... I never really thought about it before, but after reading your post... that's really depressing
Why not divide that severance pay that potentially goes to the CEO up, and disperse it between the workers who worked their asses off, and give the CEO who's already set for life (whether he receives the severance or not) nothing? That's the way businesses should be run, especially when it's the higher powers who fucked the company in the first place. Fucking life, I just don't understand certain aspects...

:dunno:

 

[Namreg]

it's called capitalism. the financial equivalent of fascism, because only a few have money and they get more and more, while the masses get less and less.

 

[E-Ann-Hilden]

There are major difference between japanese transplants and American car plant workers.

1. The average age between Japanese transplants and American car plants workers are more than 25-30 years different !!!

2. This contributes to a major difference in health care and pension expenses in Japanese transplants and American car plants.

3. Japanese transplants built their plants in the South or in the "wood" in Woodstock Canada, far away from major cities and some has less than 1% blacks in their Japanese transplants such as the Woodstock Toyota plant just opened in January, 2009.
4. Nissan actually "transferred" Japanese workers from the assemblyline in Japan to their Tennessee Nissan plant outside Nashville, TN and set up examples of Japanese work ethics by examples.

5. Most of the engines and transmissions are made in Japan by Japanese workers (The Nissan plant in Tennessee used 49% japanese import parts and 51% American parts)!

6. American workers in Japanese transplant seldon involved in design and enginerring of the cars !

#3 The Nissan Smyrna plant is by Nashville. Honda has plants in both Indiana and Ohio. Subaru makes cars in Indiana. Toyota makes cars in California near San Fran.

#6 That is not true Nissan has a design facility in California and Toyota has one in Michigan. Hyundai which is Korean has a design facility in California. Honda has one in California. Most japanese manufacturers design cars in the U.S. for our market. Many Americans work at these places. american designed Acura http://www.acura.com/FutureVehicles.aspx#/FutureVehiclesCUV

 

[lovejoy]

[/B]

#3 The Nissan Smyrna plant is by Nashville. Honda has plants in both Indiana And Ohio. Subaru makes cars in Indiana. Toyota makes cars in California near San Fran.

#6 That is not true Nissan has a design facility in California and Toyota has one in Michigan. Hyundai which is Korean has a design facility in California. Honda has one in California. Most japanese manufacturers design cars in the U.S. for our market. Many Americans work at these places. american designed Acura http://www.acura.com/FutureVehicles.aspx#/FutureVehiclesCUV

1. The Nissan Smyrna plant is approx. 20 minutes from Nashville but draws American workers all across east Tennessee and Kentucky. Toyota actally have a plant close to I-65 Kentucky. I mean Japanese transplants stay out of Detroit or "inner urban cities" except Madza plant in Detroit. Also Nissan opened a plant at Canton, Mississippi 2 years ago along I-55. But Honda also has a plant in the "woods" in Ontario.

#6. It was only lately in the last 10-15 years Japanese and Korean transplant relocate "part" of their engineering and design centers in N. America.

 

[Civickiller80]

Interesting the amount of profits GM was racking up in Canada the past 35 years.....hmmmmm wonder what they did with that *cough bonuses*cough* cough

http://ca.news.yahoo.com/s/capress/090413/business/automakers_profit_report

 

[GiannaIsMyGod]

Good riddance. A company runned that badly deserves to go down. My only concerns are the factory workers. I mean it took pressure from the POTUS to fire the CEO not years of billions dollars of loses and useless Hummers.

 

[Namreg]

i don't think the government will let them go down, there are too many jobs at stake. bankruptcy in this case would done to protect the company from creditors and force them to re-arrange some things... they could sell off saab, opel is already in talks with the german government about a break-away from GM, maybe GM Goodwrench could be spun off (are they still owned by GM?), plants could be sold or closed... they'll do something, it's just sad that good workers have to go while most of the retards that are to blame get to stay or get severance packages.