Skip to comments.Government, UAW To Own 89% Of GM In Restructuring
Posted on 04/27/2009 2:37:46 PM PDT by Michael Eden
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Nobody but government will be buying.
How can Ford deal with the UAW now? Historically the UAW rotates which car company gets threatened with a strike to negotiate a new contract. Since it won’t be GM and probably won’t be Chrysler (depending on the choice of bankruptcy or Fiat takeover), Ford will be the one punked by the UAW every time.
The UAW and Obama get 89% of GM? Making cars will be secondary to fleecing the taxpayer.
The Soviets had their little car company, too.
It’s time for a new non-union automaker to compete with Government Motors.
Oh yeah, this will end well...
I own 3 GM cars and they will be the last GM cars I ever buy.
They won’t be selling one to me.
The people that currently own 100%, the current stock-holders,
will now get 11 cents on the dollar?
Sounds like a great deal to me. /s
That’s the deal. This is the union’s wet dream (at least until the whole thing implodes).
I think their view is that the government will keep pumping money in to pay for their baby’s incessant needs.
We can go back to the fascists of Germany. As corporations faced increasingly difficult times, many of them traded their freedom for security. And they never got their freedom back.
Why won’t Obama let the banks repay loans? CONTROL.
I bought about $400 in stock when it was trading low. But as I saw what Obama was doing, I sold it (made about a quarter per share for about a $30 total profit).
No way I’d buy stock in Obama Motors.
Btw, do you notice that saying, “OM” is a form of worshipping our messiah?
“The people that currently own 100%, the current stock-holders, will now get 11 cents on the dollar?”
No they are slated to get 1%, and the bondholders 10%.
In bankruptcy court the common stock holders rate to get 0%, and the bondholders almost everything.
Why should the bondholders agree to take less? Are they going to be sent to GITMO if they say no?
Only two things left to do:
1. Build a wall to keep taxpayers from fleeing the country
2. Invade France.
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Obama doesn’t want to INVADE France; he wants to BECOME France.
Obama is like a Fuhrer who wholeheartedly believes in the circular firing squad.
Im sorry - what did you say? Ive been too busy worrying about the Swine Flu and that Air Force One flyover in NYC.....
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No apology necessary. Given who is aboard Air Force One, I’d be worried of it being used for terrorism too.
I will not buy another GM product again if this is the case
Now the other automakers are faced with having to pay taxes to fund their competition.
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