This is excellent positioning on the part of GM management. It will call the Government's bluff about wanting to "push them into bankruptcy." Okay, here...we'll just do it for you...that is, unless you don't want us to...for some reason? And then just see what Obama says. We'll find out real quick how serious the Government is about pushing them over the edge.
On the other hand...I heard the Obama administration has retained bankruptcy counsel to advise them on how to position the taxpayers ahead of the banks as creditors, in the event GM goes that route and stiffs their creditors (now that the Government _is_ a creditor to them).
This is going to be a mighty interesting game of "chicken" over the next couple days. (Anybody want to guess what's going to happen at 9:30AM Monday morning?)
Hey - I emagine they are going to call the govermental bailout funds a "debt owed to the Gevernment" and a "priority debt" that is not dischargeable. That is assuming the Attorney general did the paper owrk correctly to start with. The rest of the creditors and stock holders will take a bath. the beav
It will take will and courage on GM boards part, but that is the only way they will stave off dissolution down the road. The interesting thing as far as I am concerned is what will Obama do now. YOu must realize that GM is a never ending pit to dump money and essentially the taxpayers will be footing the bill for UAW pensions. That is whay the unions want the bailout.
Where's the money going to come from this time,,,,America, although slow, will very soon tire of spending money on someone else's bills when they are having trouble paying their own,,,,may become interesting within the next few weeks!!!!
None of the big 3 are going anywhere though they would like everyone to think they are going to pull the plug so they can muster the sympathy vote ... Let them go BK, who cares ..? The quality and workmanship of the products they produce are so bad they can't give them shit boxes away ... WPT ... (YAC) ...
It has to do with the funding of Retirees health care. UAW pushed by their retirees will not budge on lowering the contribution and they walked away from the bargining table. So who is pushing who to the edge. A large group of retirees are making plans to protest and interrup the Monday procedings if there are any. No agreement then GM can't make the Tues. deadline to file a plan with the Treasury Dept.. Can't meet the deadline then you have bankruptcy.
I firmly believe that the union believes that Obamma will bail the UAW out. He has covered everybody else's ass who delivered large blocks of votes. Though many of you want to bust GM's chops they aren't to blame on this one. If and when you lose GM you have no idea of how many non-GM UAW jobs you will lose in addition to the 100's of thousands already lost, the suppliers go into the millions of jobs. The ripple effect on this one is so big most can't imagine.
The UAW can't figure out that 12$ to $15 an hour is better for some people than $28 an hour for NOBODY! Some guys I shoot with were talking $30.25 for some depts. They may have been living in fat city for quite a few years, but any job is better than NONE!
GM has 8 plants in China.The last one opened in Dec. 08 at a cost of $360,000,000.From the Shanghai Daily, GM has stated to Chinas central government
which has just passed their own Stimulus package,bankruptcy was not an option.
Like it or not China owns this country.They have a lot of influence in Washington and Wall Street.
Reality is going to set in. No 20 year old ,out of high school, should be makin' what they(the "UAW") makes. AND IT HAS HAPPENED....PERIOD.Now...push comes to shove and "We" want a BAILOUT ? We (the employees) say "I'm not gonna budge". We (the company) says "me either". Let's ask the taxpayers to fix this so we can ALL make the BIG BUCKS. Reality is going to set in....soner than later....it's looking like. What get's me is that I saw UAW broom pushers making $25/hr. and the union sticking up for them. Geez, times have changed.
The union knows its got its hands in Obama's pockets. That was on of the first strong backing that Obama had publicly. He cannot let it go anyother way but the Union's. If You think GM is going to win this round you are dead wrong. The Union will get all it ask for after some fake bargainning.
This must be made to look tough to the public but I believe this is all cut and dried. Just look back to last May.