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OT - General Motors Solution

Discussion in 'Off Topic Threads' started by gold40, Dec 15, 2008.

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  1. gold40

    gold40 Member

    Joined:
    Jan 29, 1998
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    The GM 25% Solution


    There is a very simple and straightforward solution to the GM crisis, and the enabling legislation can be written on one page:

    1. The U.S. government will loan GM $25 billion, and receive $25 billion of new priority cumulative preferred stock in exchange. The stock will pay a 5% annual dividend for 5 years, and then increase to 9% annually thereafter. GM may repurchase the stock at any time.

    2. GM will file a pre-packaged bankruptcy before receiving these funds; including the following conditions:

    3. The interest rate an all existing GM bonds and debentures will be reduced by 25% as of the next payment or dividend date.

    4. GM will reduce the number of product lines and models by 25% within 6 months. At least two divisions will be sold or terminated.

    5. GM will close 25% of its manufacturing plants and 25% of its offices or office rental space.

    6. No GM common stock dividends will be paid for next five years.

    7. GM will immediately reduce the salary, and total compensation of EACH of its employees and/or contractors by 25%, effective for the next 5 five years.

    8. The UAW will agree to an immediate 25% reduction in its wage and benefit programs, effective for the next 5 five years.

    9. All GM retirement payments will be reduced by 25% for the next five years.

    10. GM will reduce the number of dealership franchises by 25% within 6 months; and this law will supersede any applicable state law limitations.

    11. All states and municipalities agree to reduce GM’s real estate taxes by 25% for the next five years.

    12. When GM repays the government loan, and repurchases the preferred stock, all of the above conditions and limitations would expire.
     
  2. letts

    letts TS Member

    Joined:
    Oct 31, 2006
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    Whats the logic behind this? Are you trolling?


    Letts
     
  3. spritc

    spritc Active Member

    Joined:
    Jan 29, 1998
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    Location:
    Indiana
    Republican Corker from TN said several debt holders were willing to reduce their debt by two thirds. With their current debt structure, a 25% reduction would not take them where they need to be, however the rest of the proposal could potentially work. As much as I hate to say it, bankrupcty may be their only solution.

    Steve
     
  4. melie

    melie Guest

    <a href="http://s207.photobucket.com/albums/bb109/melie1946/?action=view&current=pelosicar.jpg" target="_blank">[​IMG]</a>

    It's in the way you dress. The way you boogie down. The way you sign your unemployment check. You're a man who likes to do things your own way. And on those special odd-numbered Saturdays when driving is permitted, you want it in your car. It's that special feeling of a zero-emissions wind at your back and a road ahead meandering with possibilities. The kind of feeling you get behind the wheel of the Pelosi GTxi SS/Rt Sport Edition from Congressional Motors.

    All new for 2012, the Pelosi GTxi SS/Rt Sport Edition is the mandatory American car so advanced it took $100 billion and an entire Congress to design it. We started with same reliable 7-way hybrid ethanol-biodiesel-electric-clean coal-wind-solar-pedal power plant behind the base model Pelosi, but packed it with extra oomph and the sassy styling pizzazz that tells the world that 1974 Detroit is back again -- with a vengeance.

    We've subsidized the features you want and taxed away the rest. With its advanced Al Gore-designed V-3 under the hood pumping out 22.5 thumping, carbon-neutral ponies of Detroit muscle, you'll never be late for the Disco or the Day Labor Shelter. Engage the pedal drive or strap on the optional jumbo mizzenmast, and the GTxi SS/Rt Sport Edition easily exceeds 2016 CAFE mileage standards. At an estimated 268 MPG, that's a savings of nearly $1800 per week in fuel cost over the 2011 Pelosi.

    Even with increased performance we didn't skimp on safety. With 11-point passenger racing harnesses, 15-way airbags, and mandatory hockey helmet, you'll have the security knowing that you could survive a 45 MPH collision even if the GTxi SS/Rt were capable of that kind of illegal speed.

    But the changes don't stop there. Sporty mag-style hubcaps and an all-new aggressive wedge shape designed by CM's Chief Stylist Ted Kennedy slices through the wind like an omnibus spending bill. It even features an airtight undercarriage to keep you and a passenger afloat up to 15 minutes -- even in the choppy waters of a Cape Cod inlet. Available a rainbow of color choices to match any wardrobe, from Harvest Avocado to French Mustard.
    Inside, a luxurious all-velour interior designed by Barney Frank features thoughtful appointments. A special high capacity hatchback holds up to 300 aluminum cans, meaning fewer trips to the redemption center. And the standard 3 speaker Fairness ActoPhonic FM low-band sound system means you'll never miss a segment of NPR again.

    With an MSRP starting at only $149,999.99, it's affordable too. Don't forget to ask about dealer incentives, rebates, tax credits, and wealth redistribution plans for customers from dozens of qualifying special interest groups. Plus easy-pay financing programs from Fannie Mae.

    So take the light rail to your local CM dealer today and find out why the Pelosi GTxi SS/Rt Sport Edition is the only car endorsed by President Barack Obama. One test drive will convince you that you'd choose it over the import brands. Even if they were still legal.
     
  5. wolfram

    wolfram Well-Known Member

    Joined:
    Jul 17, 2007
    Messages:
    6,266
    That was great Melie - LMAO
     
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