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bucheon bum
Joined: 16 Jan 2003
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 Posted: Thu Nov 20, 2008 4:28 pm Post subject: |
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| Big surprise that it Congress looks like it is postponing any bailout for them right now. |
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Bigfeet
Joined: 29 May 2008
Location: Grrrrr.....
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| Posted: Thu Nov 20, 2008 6:30 pm Post subject: |
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| They're waiting until the Obama admin. takes over. |
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Jandar
Joined: 11 Jun 2008
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| Posted: Thu Nov 20, 2008 7:30 pm Post subject: |
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Seriously I think the only real answer for the Big three is to create a big 10 or 12, split those gigantic companies up.
Split up the union (UAW) as well, there is no reason for a Union to have complete control over an industry. (Same for AFL/CIO and all other Unions).
Nationalize the pension funds for the Autoworkers, cancel the pension agreement going forward, those that are in are frozen at X can continue to contribute at some new Nationalized standard, those currently drawing pensions continue.
Let's face if these guys are so big that they require private Jets to travel securely, then they are too big, the PM of the UK travels commercial for cryin' out loud.
Retire all board members over 65. Slash all non-union salaries by 15% upto 50% for top executives. Cancel all bonuses.
Set a buy price for stock, have the treasury buy a % of stock when they hit that price offer sell backs at 15% of the buy mark, once the Gov owns 50% of stock, close all plants and sell off the assets.
I think my measures are extreme except for the pension and split up part.
The pensions are killing the profit margins, plow back for R&D sucks. |
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Kikomom
Joined: 24 Jun 2008
Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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| Posted: Thu Nov 20, 2008 7:52 pm Post subject: |
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Guess we can see what Waxman has in store for them, now that their lord protector Dingell won't be in charge anymore:
Waxman Dethrones Dingell As Energy/Commerce Chairman
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| The ascension of Waxman, a wily environmentalist, recasts a committee that Dingell has chaired since 1981 with an eye toward protecting the domestic auto industry in his native Michigan. The Energy and Commerce Committee has principal jurisdiction over many of President-elect Barack Obama's top legislative priorities, including energy, the environment and health care. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Fri Nov 28, 2008 5:34 pm Post subject: |
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| mises wrote: |
They are just trying to shake down Washington because the climate is ripe for free money. Ignore the propaganda.
They have made very little effort to raise capital outside of the government. GM sold their remaining shares of Suzuki etc (3%) but that is it. Until they exhaust all options, and even then, failed firms should fail. The role of the government is not to keep shitty firms in business. Sure, clean up around the edges (unemployment benefits and retraining) but there is the industrial base for an auto industry with or without GM, Ford and Chrysler. |
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aG4DMF2aEKWA
Brushed away from an easy bailout, they're now doing what they should have done. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sat Nov 29, 2008 7:33 am Post subject: |
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The people running GM are entitled and arrogant.
http://businesssheet.alleyinsider.com/2008/11/gm-to-keep-flying-but-doesn-t-want-anybody-to-know-about-it
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After last week's corporate jet debacle, GM said Wednesday that they'd like the FAA to stop tracking one of their plane's flight patterns. (The FAA info may have been what first revealed that Rick Wagoner took a private jet to Washington.)
So, in other words, GM, which is giving up four of its planes, has basically said they're not going to get rid of the rest of them, they'd just like the FAA to stop following them so nobody will know when they use one of them.
Um, that's not really the right way to handle this scandal.
Bloomberg: General Motors Corp., criticized by U.S. lawmakers for its use of corporate jets, asked aviation regulators to block the public�s ability to track a plane it uses.
�We availed ourselves of the option as others do to have the aircraft removed� from a Federal Aviation Administration tracking service, a GM spokesman, Greg Martin, said yesterday in an interview. He declined to discuss why GM made the request.
Flight data show that the leased Gulfstream Aerospace G-IV jet flew Nov. 18 from Detroit to Washington, where Chief Executive Officer Richard Wagoner Jr. spoke to a Senate committee that day and a House panel the next day on behalf of a $25 billion auto-industry rescue plan.
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Kuros
Joined: 27 Apr 2004
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| Posted: Sat Nov 29, 2008 9:18 am Post subject: |
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| mises wrote: |
The people running GM are entitled and arrogant.
http://businesssheet.alleyinsider.com/2008/11/gm-to-keep-flying-but-doesn-t-want-anybody-to-know-about-it
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After last week's corporate jet debacle, GM said Wednesday that they'd like the FAA to stop tracking one of their plane's flight patterns. (The FAA info may have been what first revealed that Rick Wagoner took a private jet to Washington.)
So, in other words, GM, which is giving up four of its planes, has basically said they're not going to get rid of the rest of them, they'd just like the FAA to stop following them so nobody will know when they use one of them.
Um, that's not really the right way to handle this scandal.
Bloomberg: General Motors Corp., criticized by U.S. lawmakers for its use of corporate jets, asked aviation regulators to block the public�s ability to track a plane it uses.
�We availed ourselves of the option as others do to have the aircraft removed� from a Federal Aviation Administration tracking service, a GM spokesman, Greg Martin, said yesterday in an interview. He declined to discuss why GM made the request.
Flight data show that the leased Gulfstream Aerospace G-IV jet flew Nov. 18 from Detroit to Washington, where Chief Executive Officer Richard Wagoner Jr. spoke to a Senate committee that day and a House panel the next day on behalf of a $25 billion auto-industry rescue plan.
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Wow. Just wow.
I can see that Bush is representative of an entire class of people in the US, and those people are the ones running our corporations and industry. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sat Nov 29, 2008 9:25 am Post subject: |
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That's exactly what I thought. They see themselves as the natural leaders of the country, free to act how they please. Like careerist welfare recipients.
Reminds me of Lee Kwan Yew in Singapore. |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Sat Nov 29, 2008 5:52 pm Post subject: |
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Why are we socializing failed corporations and financial institutions without sending in a new set up professionals sponsored and employed by the Fed to take over? When a failed company or bank is taken over by the Fed, they need to relieve the officers and physically take over; not just dole out money and hope it's all good. We got into this mess due to officers only looking out for their personal interests instead of building value in the company which they were hired to do in the first place.
Why are we just throwing money at the problem instead of throwing trained career professionals to go out on site and manage to build value and return things to profitability? It's not impossible to achieve positive results if you have professionals who are held accountable for their decisions where they can't have their hand in the till or destroy value in the company by decisions made to benefit one's self only. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Sat Nov 29, 2008 9:28 pm Post subject: |
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| sojourner1 wrote: |
Why are we socializing failed corporations and financial institutions without sending in a new set up professionals sponsored and employed by the Fed to take over? When a failed company or bank is taken over by the Fed, they need to relieve the officers and physically take over; not just dole out money and hope it's all good. We got into this mess due to officers only looking out for their personal interests instead of building value in the company which they were hired to do in the first place.
Why are we just throwing money at the problem instead of throwing trained career professionals to go out on site and manage to build value and return things to profitability? It's not impossible to achieve positive results if you have professionals who are held accountable for their decisions where they can't have their hand in the till or destroy value in the company by decisions made to benefit one's self only. |
Why are we just giving out trillions of taxpayers' dollars without knowing WHO is getting them, HOW MUCH they are getting, nor WHAT COLLATERAL, if any, is being received in return?
Is it not yet obvious that this is just a blatant, rapine looting of the national treasury into the pockets of the captains of capital? And Obama is the one selected to oversee it. He said about five times in his press conference that he will do whatever it takes to save our financial system.
And where is the money going to come from? He has put into place not only the same people who have caused this financial debacle, but also all those in favor of privatizing Social Security.
It is not going to come from the rich. He has said we must scour the federal budget, looking to cut ineffective or wasteful programs. As we know from history, the translation is the cuts will come from social spending. |
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The Happy Warrior
Joined: 10 Feb 2010
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| Posted: Wed Apr 21, 2010 10:18 pm Post subject: GM pays off its gov't debt, but . . . |
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GM pays back gov't debt
Great, now the gov't is just on the hook for $50 billion in GM equity (worth about $2 billion if sold today) . . .
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In an announcement today, the U.S. Treasury said that it repaid the final $4.7 billion it owed out of the original $6.7 billion the government had lent the company. GM was expected to pay back its debt early, but not this soon. Does that mean taxpayers are off the hook? Hardly.
The Treasury still retains a great deal of GM's equity. It owns $2.1 billion in preferred shares and 60.8% of common stock. So taxpayers still own GM, they just aren't owed any debt from the firm. Until the Treasury gets rid of its stake in the company, the bailout could still result in a loss if it fails to recover. If you include equity, the GM received about $50 billion. Taxpayers have a ways to go before they can stop worrying about the automaker. |
. . . and of course all the stimulus funds funneled into Cash-for-Corporate-Welfare. But I'll take good news where I can get it. |
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mises
Joined: 05 Nov 2007
Location: retired
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