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every volt sold will lose money for GM...
Sound like deja vue. They never made money on Saturn either. I wish I could play around with someone else's money.
On another note, if GM needs to shed 10000 jobs in Europe. Are they going to offer the Europeans the same buyouts as the UAW? Will this be our taxpayer bailout money they are using? Shouldn't this money be better spent on our own retirees losing much needed benefits? They reneged on their promise and didn't sell Opel. GM is SOCIALLY IRRESPONSIBLE to their current workers and retirees.
Kia workers?
Let's see. Kia had over 43,000 apps for jobs. Hired 1200 and are going to hire another 1200. To get a job there you have to pass several tests both physical and psychological. VW in Chattanooga had over 63,000 apps. Must have a high school diploma for a line job. Two year college degree for maintenance as well as passing numerous tests. DET 3 requirements daddy has to be a committeeman or union official and no education required. Who is calling who "drunken hillbillies?" By the way, are they even allowed to randomly drug test these guys?
Kia Plant
These guys talk out of both sides of their mouths. Now Detroit and other cities in Michigan will fight over the employees from the Ren Center with lucrative tax incentives. Every rust belt city I lived in offered GM, Ford and Chrysler over the top tax incentives to locate there. Kia was smart in coming to Ga. No UAW, good workers, good business climate, nice roads, low tax base and good weather. Just reading the Det news online everyday makes one wonder why any person let alone business would want to locate there with the crime, dirty politcs, fraud in the school system and a tax and spend government. Even the football team sucks. The internet is world wide and look how your state is portrayed by the news that comes out of there. Yeah, I am sure a global company will want to locate there real quick.
GM loses $1.15B in Q3
They must think we are pretty dumb not to realize they are going to start paying back the loan with the bailout money. Ford sales tells the story. GM is losing business due to their hijinks. I guess in their arrogance they forgot they needed all those screwed over people to buy their product. I have never seen so many people ticked off at GM, Chrysler and the UAW. Blatant discrimination in favor of the UAW. Problem is, 2012 they won't be around to bail them out any more. Do not buy UAW products. Remember the Delphi and GM salary workers and retiree's losses before you buy any product made by the Det 3.
McCain
GMZIP,
Good point. Conflict of interest. How can anyone be happy with a 1.2 billion loss? Only in the Det 3 world do they try to spin that positively. If you read between the lines, they are going to try to repay the loan to promote a better perception of themselves while on the other hand the pension fund is almost 13 billion underwater. Money that was to be used for the pension fund will now be diverted to pay back the loans and the restructuring of Opel.
McCain
McCain surmised it better than anyone. This whole fiasco was a bailout for the unions. Read the article. That is how 95% of the country feels and they are not going to buy UAW Government Motors vehicles. Chrysler is as good as gone with GM following close by.
PBGC pensions top off for Delphi Hourly
From the article I read they are retaining healthcare and life insurance. Remember all you salary people out there. That was taken from you and it was deferred compensation. The board and execs need to be sued for their lack of fiduciary responsibility. Their pensions and salary should be put in a fund to pay back the creditors and people they screwed.
I dont get it
That's money from the Feds. Just like them giving Delphi a couple billion to pay for the hourly pensions and healthcare even over 65 healthcare while royally screwing the salary at Delphi. Young GM retirees are getting screwed by the family deductible of 5000 dollars (including meds and DME) along with the monthly contribution of 206 while UAW pays very little with under a 1000 out of pocket. Make sure your friends and relatives boycott UAW products. Blatant discrimination by the Obama auto task force.
ford fusion
GM Zip,
I didn't mean to be so brutal on the state. Too bad that the residents don't realize they are paying for all these entitlements through the high taxes they pay. Buy a coke, get a haircut, drycleaning, etc all taxed. High real estate taxes, high state income taxes. Everyone is unionized from the teachers to the county workers. The taxpayer has to fund the pensions and bennies these people have. It's too expensive to do business in states like that. Same thing in New York.
On the other hand, when the commercial paper comes due in 2010, the Southeast will see some big losses too. Too many empty high rises, condos, and strip plazas. At least the economy is diversified so when we do see a recovery at least we have a chance to come back.
ford fusion
GMZIP,
No one down here wants a union especially after Obama gave them the farm in the bankruptcy. Just look at what that mentality has done to the rust belt. I was up there last month. Looks and feels like downtown Baghdad with the crime and blight. No one working and a lot of them living off unemployment bennies for the last year or so. Pretty depressing. Don't give these guys any ideas about the ACLU. You have to be a resident of the area to get an hourly job. They can pick the cream of the crop with 43,000 apps. Chattanooga has the VW plant coming and they are going to build a diesel sedan. So things are looking up down here.
MR. DUD, BOYCE, LA
I support Dud and we have to be reminded everyday the injustices done to the bondholders, employees, salary retirees and Delphi retirees in this bankruptcy. The execs and UAW are still enjoying nice retirements, perks and cheap healthcare at the expense of others. Everytime a young retiree writes a check to the doctor or pays for a prescription because his deductible is so high he will remember what GM has done to his future and not buy their product. Now our tax money will go to restructure Opel for about 2 billion. That is money that would have paid for a lot of healthcare for our own people. Bad decisions, bad management, UAW=failure.
GM may repay some fed aid in '09
Dud,
That list is astounding. Everyone should know the amount of money people were screwed out of. I bet every tax paying citizen would like to see their debt absolved as easily as GM and Chrysler's were. All because of bad management and the UAW. Can you believe the losses GM sustained since 2004 (80 some billion) and the board kept the same management team on not to mention agreeing to a contract with the union they knew was unsustainable?
GM Exec kickback scheme
Funny story on Freep online. GM exec, Daniel Beal Global Commodities Manager, had a kickback scheme with an Aluminum provider. He netted 6.5 million while the aluminum company left GM with a 83 million debt. Beals's reasoning for the dirty deed, GM did not pay him enough for the money he saved them in purchasing aluminum and the health insurance didn't cover a large portion of medical bills for a close family member. This exec couldn't get by on his GM salary but GM expects salary retirees and Dephi salary to live on reduced pension and healthcare benefits. This is probably the tip of the iceberg with these bozos in the executive ranks. They all should be tried for fraud and misappropriation of funds.
KIA
Geneva,
You should have read the whole article. Kia's investment-1 billion. Public investment in Kia plant 800 million- includes investment from county, state of GA for roads training and other incentives including the 80 mil from the feds. Jobs at plant-2400. Affiliated jobs in Ga-up to 20,000. Compare that to the 50 billion thrown down the toilet to GM, Chrysler and the UAW who are shedding jobs and decimating cities in the rust belt a mile a minute. The area is a real boom town now that the plant is there so I would say the 800 mil is a good investment compared to what we got stuck for at the DEt 3.
H.Arnold
Root,
I agree. Where do they get we are jealous? Everyone that I know who left the Big 3 for other opportunities got better comp packages, better working conditions and a better quality of life by moving out of Michigan and Ohio. Wait until next year when these companies go public and no one will invest in them. The clock is ticking on Chrysler for the end of 2010 and GM 2012. After the Ford contract debacle they are even iffy now. Too bad, they had a good thing going getting all of GM and Chrysler sales. UAW has Foot and Mouth disease. They need to stay under the radar. The tax paying public are fed up with them and their extortion tactics.
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