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General Motors Company Message Board

  • rhomolka10 rhomolka10 Dec 24, 2011 8:56 AM Flag

    Who bought this in the 30's?

    Just wondering who bought into the hype earlier this year? Certainly the market didn't, they don't call it Government Motors for nothing, and the share price reflects it. Has this company paid it's total debt off, products seem somewhat better except for the Obama car the Volt which has disappointing sales to say the least. What major concessions have the unions made? Will we be bailing out this company 5 or 10 years from now? I need to see more results from a turnaround before I will lay any money down on this one, should have gone to bankruptcy and restructured totally.

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    • Unless the Congress bails it out again, the company will have to bankrupt again in 2-3 years.

      Look out for "backdoor bailouts" like buying up fleets that just end up sitting in govt storage lots.

    • <<What major concessions have the unions made? Will we be bailing out this company 5 or 10 years from now? I need to see more results from a turnaround before I will lay any money down on this one, should have gone to bankruptcy and restructured totally. >>

      Some of us find facts while others still post their hate.

      Detroit 3 Salaried Labor Costs to Overtake UAW Hourly Costs, Researcher Says
      Automotive News
      November 29, 2011
      by David Barkholz and Christina Rogers

      For the first time in modern history, overall salaried labor costs next year
      at the Detroit 3 are expected to exceed those of all UAW-represented factory
      workers, says Sean McAlinden, chief economist for the Center for Automotive
      Research.

      The center estimates that the Detroit 3's 66,000 salaried U.S. employees
      next year, earning on average at least $122,500 in cash compensation, will
      bring in slightly more total income than the carmakers' estimated 115,000
      hourly workers earning about $69,000 each, McAlinden says.

      Until 2009, hourly employment vastly exceeded salaried employment at the
      Detroit 3, said McAlinden, speaking on the sidelines of a CAR conference
      today on automotive labor in suburban Detroit. But plant closings and hourly
      attrition now has salaried employment accounting for about 37 percent of
      total U.S. employment at the Detroit 3, he said.

      McAlinden said a recent pledge by General Motors CEO Dan Akerson to cut
      vehicle platforms by half and consolidate advertising with fewer agencies
      recognized that salaried labor costs are mounting.
      http://www.gminsidenews.com/forums/f12/detroit-3-salaried-labor-costs-overtake-uaw-hourly-costs-researcher-says-107233/

 
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