Are these stealing asshats gonna ‘buy back’ the bonds they paid pennies on the dollar to those premium bond investors that were raped at Obama’s request?
For some reason, all Baptist preachers are Chevy fanboys. When I hear them joke about Chevy’s divine quality, I think, “Obama Motors.”
So when GM in a few years wants another bailout can the tax payers go to the likes of these Hedge Fund managers and demand the money back? GM has $30 billion in long term debt.
Corporations tend to conduct stock buybacks when their stock price is extremely high already, but to issue shares to the market when their stock price is low. It’s literally insane.
This is an evil company, and I will never deal with GM in any way. The bankruptcy was corrupt, and those with connections used federal pressure to steal from the rightful claimants on GM assets. I will not buy any GM vehicle at any price. I will not rent a GM vehicle. I will not even ride in a GM-made taxi. That company is dead to me. Forever.
The resolution is very simple: stop structuring contracts to manufacture total vehicles.
A UAW contract is established according to production costs. If the contract is assumed to manufacture a certain amount of vehicles such that the employees are productive over that amount, then they get the contract value.
GM, as the payor of that contract is now saddled with any excessive of vehicles and must “eat” that same.
In a home environment: if a I make 15 loaves of bread because my children indicated that they cannot exist at their school with any less, what do I do with the 5 loaves left over at the end of the school year?
GM must restructure and the UAW must agree to the terms. I won’t significantly miss GM...