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Discussion Starter · #1 · (Edited)
The end is near for my beloved GM, like a death of a loved one I am shocked into disbelief,...how can it be FIAT picking up the European operations of GM...all of them, and CHRYSLER at the same time. Thousands more US jobs still to be demolished...yet the execs, even the "great one" lutz do a final bailout at the last second to further pad their already overflowing filthy pockets as the destruction of the greatest corporation in US history comes to a final cataclysmic end.

Farewell GM, you will be missed by all the families who remember the years of our lives spent in one of the finest of endevors, the creation of automobiles . This once wonderful company supported so many Americans dreams.

Damm the greedy robber barons that ushered in its destruction

6 GM execs dump more than 200,000 shares
Associated Press • May 11, 2009

Six General Motors Corp. executives have sold more than 200,000 shares of stock as the company moves toward issuing new equity to give large stakes to the U.S. government and a United Auto Workers retiree health care trust fund.

Four group vice presidents and two vice chairmen sold the stock Friday and Monday at prices ranging from $1.45 to $1.61 per share.

Spokeswoman Julie Gibson says the sales don’t show a lack of faith in the company. She says GM has disclosed publicly that shareholders run the risk of significant dilution or possibly losing their investments in a potential bankruptcy filing.

GM plans to issue 62 billion new shares and then do a 100-for-1 reverse stock split. The new shares must be issued because the government and UAW trust are being offered equity to erase billions in debt.

GM Vice Chairman Bob Lutz and North America President Troy Clarke sold all their holdings in the Detroit-based automaker, Bloomberg News reported
 

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I'm not sure that the GM execs are lining their pockets. 200,000 shares at just over a buck and a half a share isn't exactly big money divided by 6 execs... I'm pretty sure that toilet tissue is worth more.

If GM declares bancrupcy, all their existing shares will be worth zero. Stock will be re-issued. A brand new day, stock wise. I'm sure the new paper will be worth much more than $1.65.
 

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Discussion Starter · #4 ·
I'm not sure that the GM execs are lining their pockets. 200,000 shares at just over a buck and a half a share isn't exactly big money divided by 6 execs... I'm pretty sure that toilet tissue is worth more.

If GM declares bancrupcy, all their existing shares will be worth zero. Stock will be re-issued. A brand new day, stock wise. I'm sure the new paper will be worth much more than $1.65.
agreed, but the significance of it is as a statement that they are taking their last final plunder from the company before it is declared dead. NONE of them ever ran the company as if it was their own money they were spending on themselves, or their lamebrained ideas like buying FIAT for 7 Billion, rather they ran it like it was their own personal fifedom.

Now the result for the employees of GM and the future of our once great industral base are in peril. AND dont dorget that these GREEDY incompetant aholes already have plundered the treasury of GM for so many years and along with the HUGE pensions will be set for life.

everyone else, employees, shareholders, suppliers is screwed.
 

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While we probably need to hold the execs of GM as responsible for the troubles with the automobile manufacturing giant, there are other factors, such as government regulation (CAFE, OSHA, EEO, EPA, and a host of others that literally bomb "big business" like GM), fuel costs that directly effected sales, a bloated dealership network (supported by the manufacturer), and of course, the big elephant in the roon -- the union and the retirement program that they have slammed down GM (and all the other domestic manufacturers) throats.

I work for another of the "big business" firms (Sodexo) who hire in excess of 320,000 people worldwide. The level of government interference in our efforts is astounding. As a mid-level manager, I am required to take multiple training days each year just to grasp the lingo surrounding things like EEO, EPA, etc., and we have a huge legal department that is staffed just for answering questions that can get us in troubles. In my particular application, I cannot even fire a deadbeat (and we're non-union) unless I can COMPLETELY document the fact that this individual has, on at least four occaisions, violated some tenet of government standards or corporate responsibilities.

It is worse in union-run shops like our automobile manufacturers. There people are on the payroll, making big $$$ that will not take a step away from their job classification no matter what. In a previous employment situation, I often had to do R&D work at the final assembler of production equipment. I always carried my own tools, but at times, the manufacturer had some assembly that only they carried the tools to adjust or repair. If I asked the wrong person (or even asked) for a wrench, the "red coat" union official was johnny on the spot asking the worker if her or she needed to file a greivence. I once made the mistake of picking up a broom to push some floor dry out of my way. My gosh, you'd of thought that Russia was about to drop an A-bomb on the plant. People came running from all over, including armed security, ordering me to set the broom right back in its spot and to call for a foreman who would then issue a work order for the proper union official to sweep the floor dry aside so I could work. How I wish I were joking with this, but I'm not...

With those sort of practices going on in the shops, it is no wonder that ALL the American manufacturers are in trouble, and it isn't JUST from top management being greedy...
 

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Discussion Starter · #6 · (Edited)
With those sort of practices going on in the shops, it is no wonder that ALL the American manufacturers are in trouble, and it isn't JUST from top management being greedy...
I completely agree, however I must say after 14 years with GM, installling tools and processes on multiple vehicle program launches in over 20 different assembly plants, AND a management assignment directly responsible for production in a plant producing 66 trucks each hour, one fact stands out from my experience:

95% of the UAW workers were good or even great employees, doing jobs, day after day that wrecks their bodies after 20 years of ergonomic stress. They support their families and show up to work a full day every day. They deserve EVERY penny they earn

The other 5% take advantage of an archaic union management sttructure that rewards good for nothings and keeps corrupt union committeemen and Shop Stewards (again a minority...most know the score the company needs to make money) in 90 hour weeks and garages full of Corvettes. Its bad politics that let the 5% give the entire workforce a bad name...

But lets not forget what allows the 5% to do their thing...look at the robber barons at the top spending the shareholders money like it was water...and making 5 Billion dollar asine decisions like Rick Wagoner did buying FIAT! And HE didnt lose his job until Obama fired him. Could You or I get away with that and keep our Jobs?

The CAFE and the unions did not Kill GM. The management did...and I mean the EXECS.
 
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