Gm bankruptcy plan calls for quick sale to gov't

[cobra de capell]

GM BANKRUPTCY PLAN CALLS FOR QUICK SALE TO GOV'T

http://www.reuters.com/article/merge...43363120090519

"In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM," the source said.

Forgive $15.4 billion? Seems like a piss poor deal to me, as a taxpayer. Basically, why did we give GM funds during the last few months and end up having to forgive $15.4 billion of that loan. Yes, now the government owns the company, but "The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans."

So, the the UAW will run Government Motors? Will anyone here buy what they will come up with?

This really stinks.

[Jamo]

Who cares, those are really nice tits!

{Mod note: Watch your language.}

Edit: Sorry.

[Rick Parker]

Yep.......nice pair, the remnants of the shirt fit just right She probably washed it in HOT water on purpose.

[427sharpe]

It's called 'Redistribution of Wealth'; an Obama fav! Just think, we haven't even STARTED giving to the 3rd world yet! Recall that Senator Obama pushed for legislation that would have the U.S. pay a % of GDP to developing countries to right the wrong of America being so successful and selfish.

[rollinggeorge]

To put it in simple terms..........

GM (Government Motors)

Government workers...employed by the Union....building Environmentalist cars

Being politically correct is so simple.......Punish the capitalist until Capitalism vanishes :

Wiping out the savings for those who invested for their retirement in GM and handing the company over to the Union should teach the selfish who worked to achieve success
This seems as logical as giving ownership of the bank the one who just robbed it.

To demonstrate how serious they are......the demise of the American Icon Corvette born in 1953 should accomplish the task.

The less we are allowed to have the bigger slice of pie for BO and the Hyprocrites.

Worse yet....the trillions being spent is to be 50% financed. Common knowledge is if the Mob loans a company more money than it can repay,it will own it.........So what power do you suppose is taking over the US of A??


When they take our Guns and Religion we may still oogle tits if we can afford the tax .

[Silverback51]

Originally Posted by Jamo

Who cares, those are really nice tits!

{Mod note: Watch your language.}

Edit: Sorry.

Can you ban yourself?

[Wayne Maybury]

Who is going to buy GM's cars and how is the company supposed to make a profit or at least break even? One of the major problems that the Big 3 have is the total cost of labor including all of the costs associated with retirees, health, etc. I have to assume that if the UAW assums ownership of a good percentage of the GM stock (in exchange for concessions) it will not be very long before the UAW will be cranking up their demands again. GM costs will continue to be out of line meaning that they will continue to lose money. They will be back in Washington in another few years with their hands out again looking for more govn't support.

Wayne

[cobra bill]

Labor costs for building cars is 10% this has not changed since they were the #1 auto manufacturer, GM problem is they got their fingers into all the same bad banking practices, GMAC financing was into mortgages auto loans as well insurance, and all other sorted banking practices, there greed demanded that they too must make a 37% growth every year, not realistic nor sustainable. So stop sucking up to the corporate troff, and drinking form the Kool-Aid it's not the labor cost.

[cobra de capell]

Originally Posted by cobra bill

Labor costs for building cars is 10% this has not changed since they were the #1 auto manufacturer, GM problem is they got their fingers into all the same bad banking practices, GMAC financing was into mortgages auto loans as well insurance, and all other sorted banking practices, there greed demanded that they too must make a 37% growth every year, not realistic nor sustainable. So stop sucking up to the corporate troff, and drinking form the Kool-Aid it's not the labor cost.

Wrong again, cobra (space) bill - GMAC was always a profitable entity when it belonged to GM, it's now a separate entity and a financial institution. Money was lost at GMAC in recent years, but GM's issues are separate and apart from GMAC.

With that said, keep on strumming and coming up with the liberal view......

[cobra bill]

It's got nothing to do with liberal or conservative, that's just your distain for me, because you know I am a liberal. From the sounds of it I would say you are in the banking industry and are trying to justify or should I say shift blame to labor, the point still stands, 10% labor cost, that's well within the norms for the auto industry.

[cobra de capell]

Originally Posted by cobra bill

It's got nothing to do with liberal or conservative, that's just your distain for me, because you know I am a liberal. From the sounds of it I would say you are in the banking industry and are trying to justify or should I say shift blame to labor, the point still stands, 10% labor cost, that's well within the norms for the auto industry.

Distain? Keep strumming.

"the point still stands" but, no one here is interested and, frankly, your points have been discounted more than CA real estate.

[427sharpe]

To be honest, I think the goal of Obamunism is to OWN GM...forever. Taxpayers dumped billions..all to be 'forgiven' when the company gets handed over to the workers who did not realize that the era of the 70% market share was over and they..yes, the WORKERS...made GM uncompetitive in the marketplace. Sorry to burst bubbles, but Toyota carries significantly less soft (human) overhead per car than GM, of Ford for that matter and it can be found in either companies financials. Since O is all about redistribution of wealth, he will just continue pumping billions into GM until he is out, and then he can rely on Pelosi and crew to continue all the while raising taxes on the evil successful capitalists to pay for it. A sad state we are in, and shows no signs of getting better. So all the investors, sorry evil speculators that stood by GM better get in line and get ready to bend over for the benefit of the workers party

[Dan40]

Ahh, yes, WE LOANED them $15+ BILLION. Now we will BUY them for ANOTHER $6 Billion AND Forgive the $15 BILLION debt. Sounds like we are paying over $21 BILLION for a company with a market cap. of under $2 BILLION. $o we pay more than 10 times what it is worth, and we get all of it? No we don't get all of it. Just 51%, the union get 40% for,,,,,,,,,,,,,,for voting Democrap.
How can politicians, Professional Bullsh!tters, with no business acumen, think they can run ANY company? Especially after making this Sweetheart deal?
Pay 10X what its worth for half interest in a dog company. Could it be worse? Besides the $15B loan we are throwing away, oops, "forgiving," PLUS the additional $6B, there is another little matter needing 'resolution.' GM has ANOTHER $80,000,000,000.00 in debt carried forward. Guess which "group" will get to pay that?
A. Taxpayers.
B. taxPayers
C. taxpayers
D. All of the above.

If they were doing it to save the auto industry, it would just be collective Government insanity. But since it is ONLY being done to get UNION votes, it becomes CORRUPTION.


And I made no comment whatsoever about Cobra[vacuum]bill's posts.

[cobra de capell]

Cobra[vacuum]bill's

I like it.

[Jamo]

Originally Posted by Silverback51

Can you ban yourself?

Yes! I did it for a day a little while ago...but the moderator in me stayed at his post.

[Wayne Maybury]

Just thinking aloud here. If the gov't keeps pouring $$$$ into GM, from Ford's point of view, can the $$$$ not be considered subsidies which then constitute unfair competition? Maybe I'm way off base but it does not seem to be a level playing field for the competition, if the gov't pours money into one company to keep it afloat while not handing out a similar amout of money to the competitors.

Wayne

[VRM]

GM is going down for one reason only: They are not selling enough cars with enough of a profit.

GM has sold over 40 million cars in a year in the past. Last time I checked they were selling under 10 million.

They were not able to hold their market share for a variety of reasons, both internal and external.

Honda and Toyota share some of the blame for doing both a real and perceived better job of building quality cars.

Management shares some of the blame for poor corporate decisions and building cars that nobody wants.

Unions share some of the blame for not being smart enough to reailse that management has to be able to run the company and control costs.

Engineering/design shares some of the blame for designing things like the Aztek and Skylark.

[cobra de capell]

Originally Posted by Wayne Maybury

Just thinking aloud here. If the gov't keeps pouring $$$$ into GM, from Ford's point of view, can the $$$$ not be considered subsidies which then constitute unfair competition? Maybe I'm way off base but it does not seem to be a level playing field for the competition, if the gov't pours money into one company to keep it afloat while not handing out a similar amout of money to the competitors.

Wayne

Ford will more than likely have a difficult time competing against a government-owned GM. With the government taking control, it is likely that it will do whatever to revive GM, no matter how much money it takes.The U.S. government has had no problem spending money now in hopes the market will recover eventually.

Competing directly against the government at the product level is unAmerican.

[VRM]

Originally Posted by Wayne Maybury

Just thinking aloud here. If the gov't keeps pouring $$$$ into GM, from Ford's point of view, can the $$$$ not be considered subsidies which then constitute unfair competition? Maybe I'm way off base but it does not seem to be a level playing field for the competition, if the gov't pours money into one company to keep it afloat while not handing out a similar amout of money to the competitors.

Wayne

Wayne,
It is actually going to be a lot easier for Ford because there will be less legitimate competition.


If the US Government were to design and build a car:

1. Thirty Federal agencies will submit designs, 8 will be approved in committee, and a combination of 11 designs will pass both the House and Senate. This process will repeat when the other party takes control a few years later.

2. When the DNC is in charge you will only be able to buy cheap economy cars with no horsepower.

3. When the GOP is in charge you will only be able to buy cars designed 80 years ago, because technological advances are too progressive.

4. GOP features include:
Bible Belts for safety devices.
Gunracks - up to 8 per vehicle.
Extra engine - just to burn even more gas.
You will only be able to go straight, unless you park it in a bathroom stall.
Jesus can be your co-pilot, but that is a weekly extra tithe option.
Cowcatcher - for getting those pesky pedestrians out of YOUR way.
AM radio that only plays the local Christian station and Rush Limbaugh.
Ten permanently mounted 'Support the Troops' emblems.
Rich Corinthian Leather made from dead baby seals and other cute animals.
Any colour can be ordered as long as it is RedState Red.

5. DNC mandatory options incllude:
Twelve point safety harnesses, multiple full body airbags, full face helmet, and Hans device.
An ultra fuel efficient engine that will run on anything, including Al Gore speeches.
Advanced electronics package to do everything for you, and including web access with the homepage permanently set to 'Move On'.
Plant/Animal Collision Avoidance system approved by PETA.
Heaters powered by global warming - air conditioners are against the law.
Any colour can be ordered as long as it is BlueState Blue or SaveThePlanet Green.

6. GOP cars will be built in Canada using slave labour because red state hillbillies are too uneducated to build cars. They will be so expensive that only the 20 richest people in the country will be able to afford one, and all profits will go to the CEOs.

7. DNC cars will be built right in America with union labour trained in the most advanced 19th century building techniques. Each employee will make up to $450 per hour, but each car will only cost $213. The taxpayers will make up the rest.

8. Nascar will race, and subsequently destroy, two GOP cars when they find out that it cannot turn at all, but can only stay the course. A French team will race the DNC car at the 24 Hours of LeMans. It will finish last in class, but will win the Index of Performance award for the highest average speed for the least fuel consumed. It will average 7mph over the entire 24 hours running on a small stale piece of French bread, and a mouldy smear of brie.

9. The GOP car will be called the Exceptional Rush of All American Patriotism, despite being built in Canada. The GOP will engage in a large propaganda campaign to convince everyone that the car really is American. The DNC car will be called The Peoples Moonbat.

10. It will take an act of Congress to make Americans buy either car.

[jhv48]

And so we are witnessing the demise of the American Auto Industry.

They may build it, but if we don't buy it they fail.

Wonder who will take over their place?