Posted on 11/30/2018 12:46:27 PM PST by ZeroToHero
Hundreds of General Motors workers and their families have gathered in Ohio for an emotional prayer vigil over the closure of their plant and the loss of 15,000 jobs across the company.
The solemn prayer vigil took place outside the General Motors plant in Lordstown on Thursday.
It is among the five GM plants across North America that are set to close next year.
Emotional co-workers hugged each other and wiped away tears as they prayed together.
(Excerpt) Read more at dailymail.co.uk ...
GM could have waited until after Christmas/New Years to announce. This was way too sudden so something doesn’t pass the smell test, maybe. IMHO. PS: Where’s the taxpayers bailout money GM?
So much for women CEOs being more empathetic. Firing 15,000 workers before Christmas is terrible. President Trump should immediately take every dime of government subsidy and tax breaks and divert that money to the unemployed workers fund.
My BIL, who worked for GM for a number of years, had a slightly different take. He pointed out that the union contracts will need to be negotiated next year, and what better way to convince them you are serious than to announce closings?
That sounds cynical, but Big Auto and the UAW have a long and difficult history.
Been there, done that. Worked at a doomed GMAD plant many decades ago. Not a fun thing.
I would imagine that there’s no way Trump is going to allow this without making GM think twice. As I understand it, GM still has plants in other countries?
This was all coordinated thru the Left’s contacts to hurt Trump in the worst way possible. These workers are being used to further a political agenda and they don’t even realize it.
The Left does not care whom they hurt or how much in the process of gaining power.....................
Could not had said it better.
Mary Barra’s not that great at running big companies. She’s got the sociopath thing down pat though.
A sincere question: Is GM still majority American owned?
If most of their stocks and securities are held outside the United States, that many explain this apparent lack of empathy so close to Christmas.
Both using employees as bargaining chips?
I remember a former new CEO of GM said he thought he was hired to run a car company. When he got there, he realized he was running a pension and medical plan. The unions killed GM. It is dying a slow death.
GM “chose poorly.”
My guess is the UAW and the Never Trump CEO crowd have joined forces to make Trump look bad. This didn’t happen ‘all of a sudden’ for no good reason. This time of year and these particular places in the swing states all have their purposes. They are hurting peoples’ families for the political gain it will bring them...............
General Motors Company (NYSE: GM) is closing five plants in 2019 as part of
plans to cut $4.5 billion in costs and lower capital expenditures by $1.5 billion
by 2020, the automaker said Monday.
Assembly lines in Oshawa, Ontario; Detroit; and Warren, Ohio, and propulsion
plants in White Marsh, Maryland and Warren, Michigan are set to go dark in 2019,
as well as two unnamed international plants.
Some jackhole probably thought pulling the trigger late November would help the 4Q or EOY reports. Or maybe the stock price.
This story resonates with me on a few levels. As someone who was laid off earlier this year (I’m working now), as the Son of a GM retiree who no longer has the healthcare he expected, and as a Christian who will pray for his brothers and sisters in Ohio who need to be uplifted.
That's a reasonable way to look at it.
Another interesting thing about GM is that, before the bailout, the shareholders truly were residual claimants. Most of the company was owned by the pension fund. A company that big, with that long a history, isn't very much like a young, growing, profitable new enterprise. It's close to, but not quite, a social/socialist enterprise where the government has a very large say.
I wouldn’t swear to it but this would seem to indicate there isn’t any amount due back to us, the taxpayers - paid in full? I wonder why the president is asking the question..
“”Chrysler entered bankruptcy on April 3, 2009. GM followed on June 1. By the end of July, they emerged from bankruptcy reorganization. GM became two separate companies and spun off GMAC into Allied Financial. Chrysler became a brand owned mostly by Fiat. The Treasury Department began selling off its ownership of GM in 2010. Chrysler paid off the last of its loans by 2011.
On December 18, 2014, the Treasury Department ended the bailout. That’s when it sold its last remaining shares of Ally Financial, formerly known as General Motors Acceptance Corporation. It had bought them for $17.2 billion to infuse cash into the failing GM subsidiary. The Treasury Department sold the shares for $19.6 billion, making a $2.4 billion profit for taxpayers.””
https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670
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