new GM ownership

[DCortez]

Did anyone catch the actual numbers? I heard something along 10 billion owed to the UAW will be exchanged for 39% ownership and 27 billion owed to bond holders for 10% ownership (can you believe that crap?).

Any info would be appreciated.

 

[M. Sage]

Wow. If the UAW owns 39% of GM, things could get interesting. I see that going one of two ways:

UAW continues being commies and vote themselves even higher wages and better benefits, while lowering wages/bennies for the guys wearing the white shirts, meaning the company is run worse and turns out worse-designed product...

UAW realizes, now that they're responsible for cutting paychecks, that being commies isn't cool. I really don't see this one happening, the first is a lot more likely IMO.

 

[DCortez]

The wife bought a new microwave a few weeks back. My son asked why she bought the Emerson instead of GE. She said, "I don't want to bring it back when your father sees who made it". Now Emerson may very well be a GE with a different name tag, I don't know.

The point is, I'll boycott GM.

 

[res1b3uq]

union

Some of you may recall, the unions shut down Eastern Air Lines, thus putting them all out of a job. They'll gut it.

 

[baboon]

G.M. Owns Ditech (leading provider of mortgage, refinance, FHA and jumbo home loans.) Just think how many sub prime loans they made to UAW member on houses in Detroit that are worth nothing. These cockroaches are paying big bonuses & flat out stealing money while you & I pay for it. I'll bet if you were to seach ACORN is tied into G.M. in a big way. Talk about buying an election

 

[308nato]

I just saw on the news that they are scrapping Pontiac and laying off
21,000 more workers.

 

[kingofwylietx]

Here is a little info....
[url]http://online.wsj.com/article/SB124083476254259049.html?ru=yahoo&mod=yahoo_hs[/URL]

 

[country_boy]

yep no more Pontiac. No more GTO and no more firebird. I wonder if saturn, hummer, buick, and saab will remain? As long as Chrysler remains Ill be ok.

 

[DCortez]

Here is a little info....
[URL="http://online.wsj.com/article/SB124083476254259049.html?ru=yahoo&mod=yahoo_hs"][url]http://online.wsj.com/article/SB124083476254259049.html?ru=yahoo&mod=yahoo_hs[/URL][/URL]

So it's only 20.4 billion for a 39% stake, the US Gov. will own 50% (or more), and bondholders 10%.

Devious.

 

[M. Sage]

yep no more Pontiac. No more GTO and no more firebird. I wonder if saturn, hummer, buick, and saab will remain? As long as Chrysler remains Ill be ok.

They should have shut down Saab years ago. What crappy cars... Hummer should die a quick death; nobody is buying those.