<<<<To begin with, the first $20 plus billion vanished into thin air. Many people forget in December of 2008 the Bush administration loaned GM $9.4 billion with an agreement to lend another $4 billion in February, 2009 with congressional approval. In February of 2009 the Obama administration released the agreed upon $4 billion to GM. In April of 2009 General Motors sought and received another $2 billion from the Treasury Department. In addition to the $15.4 billion infused into GM between December, 2008 and April, 2009 the government gave GMAC $5 billion in aid and gave GM a $1 billion loan to buy more equity in GMAC in an attempt to shore up the struggling financial arm of the auto manufacturer. In the middle of May, 2009 the Treasury Department gave GM an additional $4 billion to bring the total exposure of the taxpayer to $19.4 billion, not including the cash infused into GMAC.
On June 1, 2009, weeks after the last $4 billion infusion and GM worth less than $1 billion, the company filed bankruptcy--Instantly leaving the taxpayer with a negative return of 99%.
An additional $50 billion was put into the “new” GM with a combination of $8.8 billion in loans and $41.2 billion in direct investment equaling a 61% share of the company. Within a little more than six months the total taxpayers investment into the firm exceeded $70 billion.>>>>
AND I WANT IT BACK! WITH INTEREST, AS ADVERTISED!
Bob King wants to take them back in the same direction. He all but guaranteed the UAW will be coming after a big share of any future car company profits.
UAW: Screw shareholders who risk their money on the company and actually OWN the company and all its profits, we want their profits in addition to our wages.
'the younger (under 50)members of the UAW generally have an understanding of the situation and know the company has to do well in order for them to do well'
Can't argue with that. But the damage has been done with the senior members. Lots of younger members suffered from what the senior members have done. Fortunately, this is changing, but perception is hard to change. They are moving in the right direction, but IMO, the right direction is to get rid of the UAW and let these companies prosper and I guarantee you, that the company and workers will be much better off. But since we know that will never happen, senior leadership in the UAW will never vote themselves out of a cushy job for they are not qualified for anything else, it's just a dream. But I do guarantee, that both company and employee will be better off.
It's like negotiating with terrorists>
I disagree-the younger (under 50)members of the UAW generally have an understanding of the situation and know the company has to do well in order for them to do well-the elimination of doc 183 pretty much eliminated the UAW from being an issue
You cannot negotiate with a group of people that have harmful intentions. It's like negotiating with terrorists.
I agree, negotiating with the UAW is not easy, nor will it ever be, that only proves the point that they should be removed from and let GM prosper.
Any time you bring up the negotiations and the UAW, people cringe, you find anything wrong with that? We do.
when Rick put that paper out the goal was to be NO 1 in every segment by 2012-most new vehicles from GM have had excellent launches,and most experts in the press have acknowledged this-I do not expect the sap to-as for the labor agreement which was truly a breakthrough Rick will get credit for that someday-you can fault Rick for not moving sooner but I will say again that it is not the easiest thing in the world to negotiate with the UAW-and in fairness when you are talking about major givebacks that is to be expected(the trade off for this is the new profit formula which did not take effect until 2010)-I would love to see the sap negotiate with the UAW -they would eat his lunch
'The other thing that Rick deserves credit for is the insistence in 2006 that all new products be superior to any competition and nothing hit the market before the kinks worked out'
Unfortunately, it's like jeyehawky insisting the Chiefs are the youngest team in the NFL when they aren't, and that they are going to win, and then they don't.
And I doubt there is just one claim. The recent recalls of cars from GM are post 2006, so not sure the Quality message is filtering down to where it counts.
It's one thing to say you will do, but it's another to do it.
<<<'The other thing that Rick deserves credit for is the insistence in 2006 that all new products be superior to any competition and nothing hit the market before the kinks worked out'
So what is the excuse for the Caddy CTS, specifically the CTS-V model? Care to explain or maybe these were exempt from the fine QA process he put in place?
Kinks were not worked out from the CTS-V.>>>
All it takes is one exception to blow your whole claim out of the water, jeyehawky.
<<<<'The other thing that Rick deserves credit for is the insistence in 2006 that all new products be superior to any competition and nothing hit the market before the kinks worked out'>>>>
Jeyehawky, put the Night Train away for a few hours....at least if you're going to post.
All new GM products are NOT superior to any competition. No company can truthfully make that statement.