gm to be "sold" to the unions....

[manu1959]

nice....

GM bankruptcy plan eyes quick sale to government | Deals | Reuters

NEW YORK (Reuters) - General Motors Corp's plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.

The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans.

 

[DiamondDave]

And the power grab and payoff begins

 

[DavidS]

[FONT=ARIAL,VERDANA,HELVETICA][SIZE=+7]

[/SIZE][/FONT]
[FONT=ARIAL,VERDANA,HELVETICA][SIZE=+7] GM BANKRUPTCY PLAN CALLS FOR QUICK SALE TO GOV'T [/SIZE] [/FONT]​

 

[Vel]

I wonder how Ford is going to react to having to compete with the federal government? It doesn't seem fair that they should have to compete with the same entity that determines all the rules.

 

[manu1959]

I wonder how Ford is going to react to having to compete with the federal government? It doesn't seem fair that they should have to compete with the same entity that determines all the rules.

the feds are giving it to the unions and and the banks....

but i imagine ford would be thrilled.....soon they will be the only game in town....ahhh but then they will be ruled a monopoly and broken up....like us steel ...... and that will be the end of american car companies....

 

[manu1959]

uh,,,,,,,,,,,,,,why does no one seem to care the the government is buying a private company and givinging it to the union....

 

[Vel]

I wonder how Ford is going to react to having to compete with the federal government? It doesn't seem fair that they should have to compete with the same entity that determines all the rules.

the feds are giving it to the unions and and the banks....

but i imagine ford would be thrilled.....soon they will be the only game in town....ahhh but then they will be ruled a monopoly and broken up....like us steel ...... and that will be the end of american car companies....

I don't know that Ford is going to be thrilled. What's more likely is that the government will continue to prop up a union controlled GM, leaching just enough business away from Ford to keep them from being very profitable. It's a similar situation to independent retail stores that have to compete with chain stores.

 

[Sinatra]

Just another WTF political/economic moment in an era full of them these days.

I do know this - Ford sales will spike up. People will buy Ford because it is seen as "American". Chrysler and GM are becoming state-run companies, much like when the Soviets made those awful cars back in the day.

I apologize for my profanity - but I say fuck Obama, fuck GM, fuck Chrysler, fuck the unions. And if some of you leftist statists in here don't like that, well fuck you too.

If I ever buy an American car again, it will be a Ford.




PS, Fuck Nancy idiotic lying waste of San Francisco space, Pelosi as well.

 

[manu1959]

I wonder how Ford is going to react to having to compete with the federal government? It doesn't seem fair that they should have to compete with the same entity that determines all the rules.

the feds are giving it to the unions and and the banks....

but i imagine ford would be thrilled.....soon they will be the only game in town....ahhh but then they will be ruled a monopoly and broken up....like us steel ...... and that will be the end of american car companies....

I don't know that Ford is going to be thrilled. What's more likely is that the government will continue to prop up a union controlled GM, leaching just enough business away from Ford to keep them from being very profitable. It's a similar situation to independent retail stores that have to compete with chain stores.

well ford is pretty diversified in europe and asia so they could just close up shop here and leave the auto industry to the union / govt run gm/chrysler us auto company....

 

[Vel]

Just another WTF political/economic moment in an era full of them these days.

I do know this - Ford sales will spike up. People will buy Ford because it is seen as "American". Chrysler and GM are becoming state-run companies, much like when the Soviets made those awful cars back in the day.

I apologize for my profanity - but I say fuck Obama, fuck GM, fuck Chrysler, fuck the unions. And if some of you leftist statists in here don't like that, well fuck you too.

If I ever buy an American car again, it will be a Ford.








PS, Fuck Nancy idiotic lying waste of San Francisco space, Pelosi as well.

Yep. I think we just bought our last Chrysler product in December. I hate it because our last 6 vehicles have been Dodge/Chrysler/Jeep. I am glad that we were able to get the Challenger before the government takeover though.

 

[RodISHI]

I really liked my Ford pickup. Looks like a Ford for us if we ever buy a new vehicle again.

 

[DavidS]

uh,,,,,,,,,,,,,,why does no one seem to care the the government is buying a private company and givinging it to the union....

You seem to be leaving out one crucial detail: The private company is going out of business.

 

[manu1959]

uh,,,,,,,,,,,,,,why does no one seem to care the the government is buying a private company and givinging it to the union....

You seem to be leaving out one crucial detail: The private company is going out of business.

so letr them...oh wait..... the government gave them billions even though they were going out of business thus becoming their prime creditor.....

the govt used the banks to "buy" the auto industry to give it to the unions....

and you guys whined about bush and haliburton.....

 

[Vel]

uh,,,,,,,,,,,,,,why does no one seem to care the the government is buying a private company and givinging it to the union....

You seem to be leaving out one crucial detail: The private company is going out of business.

so letr them...oh wait..... the government gave them billions even though they were going out of business thus becoming their prime creditor.....

the govt used the banks to "buy" the auto industry to give it to the unions....

and you guys whined about bush and haliburton.....

The question I'd like answered is.. Will GM/UAW be allowed to contribute to political campaigns? That's where the public will finally see the truth of this deal. If a political party took taxpayer money and bought YOU a company, which political party would YOU support with your cash?

 

[manu1959]

You seem to be leaving out one crucial detail: The private company is going out of business.

so letr them...oh wait..... the government gave them billions even though they were going out of business thus becoming their prime creditor.....

the govt used the banks to "buy" the auto industry to give it to the unions....

and you guys whined about bush and haliburton.....

The question I'd like answered is.. Will GM/UAW be allowed to contribute to political campaigns? That's where the public will finally see the truth of this deal. If a political party took taxpayer money and bought YOU a company, which political party would YOU support with your cash?

be allowed to .... you must be joking....where do you think you union dues go ...not to mention you are "required" to contribute personally.....

 

[RodISHI]

uh,,,,,,,,,,,,,,why does no one seem to care the the government is buying a private company and givinging it to the union....

You seem to be leaving out one crucial detail: The private company is going out of business.

so letr them...oh wait..... the government gave them billions even though they were going out of business thus becoming their prime creditor.....

the govt used the banks to "buy" the auto industry to give it to the unions....

and you guys whined about bush and haliburton.....

I recall the bitching on the news about Haliburton paying guys $300.00 a day to go into New Orleans.
That was irritating as can be. I would not go into a place that had just been devastated that now has mass confusion and destruction for $300.00 a day. I can't even imagine asking someone else to do it for that little bit of money.

 

[WillowTree]

ever notice the democwats are silent when their hands are caught in the cookie jars??

 

[Toro]

uh,,,,,,,,,,,,,,why does no one seem to care the the government is buying a private company and givinging it to the union....

United Airlines was taken out of bankruptcy by the unions. It didn't work.

The equity will be wiped out. The long-run end-game for the automakers is that they must lower costs, which are primarily labor costs. Otherwise, they will cease to exist.

 

[DavidS]

You know what's really funny is that it takes about $2500 to manufacture a car. From parts, to labor, to steel, etc.

$2500 to manufacture a $20,000 car. Isn't that amazing?

 

[editec]

uh,,,,,,,,,,,,,,why does no one seem to care the the government is buying a private company and givinging it to the union....

Well I cannot speak for anyone else but perhaps because we know that your description of what is going on is wrong.

The UAW is BUYING the company by giving up PENSIONs.

The value of those pensions far exceeds, (I'll wager) the market value of the stocks they will be recieving.

Why is the government involved?

Because the motor companies need money RIGHT NOW to keep going.

And money NOT SPENT on Pensions is not money in the hand right now. I prsume that the ownership of stock from the Gov to the unions will procede as soon as the can come to some agreement about how much giving up those pensions is worth compared to the stock itself.

So anyway, that's why I am not especially concerned about this for the same reason you are.

Our understanding of the deal is wildly different.