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General Motors is Head For Bankruptcy -- Again
Forbes ^
| 8/15/2012
| Louis Woodhill
Posted on 08/16/2012 3:55:24 PM PDT by Harley
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Pensions have been a noose around GMs neck for years, but the company is tying to address it. In June, GM said it will offer 42,000 white-collar retirees in the U.S. a lump-sum payment in lieu of their monthly pension check and will transfer pension responsibility for 76,000 others to a group annuity plan managed by Prudential Insurance. The company has yet to announce the results of the offer.
1
posted on
08/16/2012 3:55:30 PM PDT
by
Harley
To: Harley
Should have been “addressed” as part of any bailout. Of course the purpose of the bailout was to shore up the union.
To: Harley
3
posted on
08/16/2012 4:00:02 PM PDT
by
Dallas59
(President Robert Gibbs 2009-2011)
To: Harley
This is a duplicate post. Sorry. My GM Bankruptcy search didn’t reveal it to me.
4
posted on
08/16/2012 4:02:09 PM PDT
by
Harley
(Life is Tough, But it's going to get a lot Tougher if you vote for Obama in Nov.)
To: Harley
5
posted on
08/16/2012 4:03:52 PM PDT
by
max americana
(Make the world a better place by punching a liberal in the face)
To: Harley
At least they are not waiting until the first Wednesday of November.
6
posted on
08/16/2012 4:05:52 PM PDT
by
Michael.SF.
(Romney was right about the Olympics, but neither the Brits or the Dems will admit it.)
To: Harley
General Motors is Head For Bankruptcy -- Again They is be head for that?
You know, sources that fail to master English tend not to get too much credibility.
I be sorry dem suckas be head for dat, eberyone up in de gettho be sorry 2wo yo.
Who dey be head fo up in here?
7
posted on
08/16/2012 4:09:10 PM PDT
by
humblegunner
(Pablo, being wily, pities the fool.)
To: Harley
Whaaaaaaaaaaat? Thought the Chevy Volts were going gangbuster in sales. (”
8
posted on
08/16/2012 4:13:31 PM PDT
by
tflabo
(Truth or Tyranny)
To: Harley
This left the government holding $10.1 billion worth of stock I think the government is going to do the same thing I did with my GM stock a couple of years ago.
And I think it was part of the plan all along. Basically they will be giving the remainder of the company to the union. I believe the corporation still has value such as real estate, patents, and other items that can be salvaged for the benefit of the union and it's sponsors.
We are watching a great american corporation being cannibalized by looters right before our eyes.
9
posted on
08/16/2012 4:13:39 PM PDT
by
oldbrowser
(As long as Obama's records are sealed, any discussion of Romney's past is off limits.)
To: morphing libertarian
When the government was buying GM I put my money in Ford at the same time for $1.76 a share. It sold on an auto sell order during a particularly volatile day at around $12 a share.
10
posted on
08/16/2012 4:15:37 PM PDT
by
USNBandit
(sarcasm engaged at all times)
To: Harley
Right now, the federal government owns 500,000,000 shares of GM, or about 26% of the company.
Cheer up sir, we'll give it another try!
11
posted on
08/16/2012 4:17:05 PM PDT
by
EGPWS
(Trust in God, question everyone else)
To: oldbrowser
We are watching a great american corporation being cannibalized by looters right before our eyes. Isn't this what the libs accused Romney and Bain of doing?
To: Harley
I see no problem here?!
13
posted on
08/16/2012 4:21:37 PM PDT
by
Revolting cat!
(Bad things are wrong!)
To: Harley
I see no problem here?!
14
posted on
08/16/2012 4:22:03 PM PDT
by
Revolting cat!
(Bad things are wrong!)
To: Harley
GM died as a company 35 years ago ~ from that time onward about all they manufactured were the body shells for several cars and three types of SUVs. The parts were made by others towards the end.
The management, with the Board of Director's approval, was gutting the company and getting the last penny out of any productive capacity, but it wasn't being added to in any meaningful way.
Finally, it was a marketing division ~ for hire ~ by foreign auto makers.
The proper termination would have involved a sale of the assets and a total dissolution of every aspect of the corporation, right down to busting up the concrete in the parking lots for use in road building projects elsewhere.
Bond holders would still have been shorted because there simply wasn't enough to cover the debt.
The next bankruptcy is the end of the road. No more GM. And yet UAW will probably be sued by everybody and his brother over that multibillion dollar payoff they got.
They'll probably lose that too having obtained it under false pretenses.
15
posted on
08/16/2012 4:29:58 PM PDT
by
muawiyah
To: Harley
GM, Solyndra, high speed rail, etc. All of Obama’s spending is to pad pockets. None of the projects are really planned to succeed. He probably wants them to fail. All part of what has to happen to lead to the big “transformation” of America.
He has to destroy the country before he can transform it. Obama and all of his buddies should be swinging from the yardarm.
To: muawiyah
QC took a nosedive in the early 70’s that’s for sure .
17
posted on
08/16/2012 4:35:11 PM PDT
by
sushiman
To: Harley
Hey maybe they should produce nothing but Voltz!
Why give the sucker a choice? Make them buy Voltz!
With the upcoming war in Iran, it actually makes sense! Stockpile inventory, cause there's gonna be a big demand soon!
18
posted on
08/16/2012 4:37:02 PM PDT
by
rawcatslyentist
("The commands of the prophet may be performed alike, by fraud, or by force." J Q Adams)
To: Harley
Heh.
GM is going under, and I helped - by buying a Ford instead.
My family has always driven GM products. My first vehicle was a GMC 4X4 truck.
No More! I helped put Government Motors down - I'm so proud.
19
posted on
08/16/2012 4:40:47 PM PDT
by
grobdriver
(Proud Member, Party of No, Nobama, No Way, No How!)
To: humblegunner
Dang! Yesterday, you didn't give Blog Boy even half what you gave common English here.
I was expecting a Texas Blogpimp Massacre. And here I find ya moonlighting as a 9th grade English teacher.
What is the world coming to?
20
posted on
08/16/2012 4:41:47 PM PDT
by
rawcatslyentist
("The commands of the prophet may be performed alike, by fraud, or by force." J Q Adams)
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