GM posts its highest profit ever: $7.6 billion
 

Workers to get 7K bonus....to help offset paycuts and benefits cuts...stock up 2 points....China big customer...


http://news.yahoo.com/gm-posts-highe...224153178.html

That is good to hear. The GM plant here was shut down recently, and my neighbor and a friend, who were both in high level positions at the plant, had to pull up roots and move their families in order to continue working for GM.

It is nice that after paying back the taxpayers, GM had enough left over to hand out bonuses.

Don't we the tax payers still own like 25% of GM?

I say cut that bonus!

read the article.
gm hasn't paid back all the bailout money. the govt (us) still owns a huge amount of shares. it says the stock price would have to double for the govt (again, us) can be 'repaid'.
now, big profits can help that price. this news certainly doesn't hurt.

Uh I did "read the article "but what does that have to do with paying a bonus. My point is give me back my tax payer monies before we start dolling out a bonus.

Buy maybe I am just cheap with my hard earned money:-)

i said read it since you asked what percentage the govt owns...

you'd probably have to go back and read the details of the deal. i'm not sure if they have to buy back the stock, or pay back money. the govt may just end up holding onto their shares. i certainly don't see them selling it until the price is right...so, if that's the only way they/we can be paid back, bonuses are a moot point.

Moving out of WI and putting a plant in China......training a couple of 100 new Chinese people to run the show. Love the job growth that this administration is pushing. 115 yr old plant packing up and moving out.

Moral of the story...


You can be incompetent when you're in a gang.

Good News: the taxpayer gets even when GM hits around $134/share

Bad News: GM current price $27.52, all time high $93 (12 years ago)

Real Bad News: the taxpayer holds more than 300 million shares.

and they're paying bonuses?


http://www.msnbc.msn.com/id/39316448...even-price-gm/

It may just be me. But I don't have a problems with regular blue collar workers getting a 7k bonus. Especially if they had pay cuts.

Now if the exec's are getting 6 figure bonuses on the tax payer dime.. I do have a big problem with that.

When you still technically owe people about 27 billion dollars, you really aren't profitable.
This is proof that when you have the opportunity to renegotiate a union contract that has been bleeding your company dry and driving it into the earth to more reasonable terms because the alternative was death, you are also bound to make more money. I am glad they did well, I just would have rather it been on other terms and would certainly preferred this be kept quieter like the bonuses that will go to the white collar workers will be until someone finds out.
They are also abandoning the untenable pension deal in lieu of a 401K like normal people have. Another good call.

It's not just you....:tro:

Not just you. Pay cuts for all, especially starting sals, and pension cuts, benefit cuts. And all those jobs saved, the company reopening 2 plants, the supply chain jobs saved, the industry saved.

I'm tired of the whiners bitching. The President saved the US auto industry. Just say thank you. And if you don't like it, too bad, it's done, and it WORKED.

Good News: $7.6 Billion profit, $7K checks to 47,500 workers $332.5 million (four percent of profits)

Bad News: $27.2 billion still owed on $49.5 billion to the American taxpayer, divided per taxpayer $181 bucks.

Reality: $27.2 billion divided by 47,500 workers comes to $570,000 per job. Heck there are only some 10 million and some unemployed. At $570K a head we’re only talking about $5.7 trillion.

More Reality: This of course secures at least 47,500 union votes come November.

You Can’t Handle the Reality: We’re celebrating a $7.6 billion GM profit on a $27.2 billion Taxpayer loss?

My hope is at least a good portion of the 150 million taxpayers judge ‘WORKED’ much differently than you do.

No. We're celebrating the reality of the auto industry still existing in the United States, GM currently being number one in the world again, and hundreds of thousands of workers in the auto industry and supply chains not being unemployed, homeless and starving in the streets.

But you keep whining about it :D

Was Ford going to quit out of respect?

You keep telling yourself it was worth it.

Bottom line a $27.2 billion loss to the taxpayer.

With the record profits on the books and the stock price still needing to double the future doesn't look too bright either.

Bottom line American automobile industry still here, hundreds of thousands of jobs saved, huge manufacturing base saved. A raging success.

We have a different view. Good luck with yours :tro: Mine is pretty rosy :-) The view is great from here.

FYI GM employs under 60K in the U.S.

And again I hope the majority don't see a $27.2 billion dollar loss to the taxpayer so a failing corporation can reap a $7 billion profit as rosy. In fact I hope they see it for what it is, a ripoff of the people.

If it had been a Private Equity firm that signed onto this deal there would people in jail, with investors screaming for their heads, yet you cheer on? :zz:

You do realiize that had GM actually gone out of business the demand for vehicles would have not decreased by a single one?

Ouch!

Just over 6 mos. later we're at $20.21 a share. Another $8 billion to the taxpayer. And we were debating the 'bonus' checks to 47K GM workers?

We got f'd not once or twice but a bunch of times.

And to think Obama supporters are still celebrating this success? :zz:

It costs the taxpayers $25 billion so that Obama could bail out the UAW who bribed him with campaign contributions. Meanwhile non-union members and bond holders got screwed. This is not a success, it is a crime and a debacle.

http://www.forbes.com/sites/charlesk...of-government/

GM will be in bankruptcy again. What a success!

I say we double down - I mean we can print more money if we need to or take from the rich folks :rolleyes:

Wow almost overwhelming with all of the successes listed in one place;

Going from 28 million to 46 million equates to a 64% increase.

Despite only a 64% increase in recipients? Must be on the six meal a day diet. Are we not fat enough?

Of course they need not apply or be counted in unemployment stats.


More than 33% of Americans are unable to survive on their own? Pitiful

Who cares, they’re still rich.

Here is the direct link to the GM article.

http://www.forbes.com/sites/louiswoo...kruptcy-again/

How can this be? Ri(di)ot has listed the GM bailout amongst the Obama Adminstration successes. :rolleyes:

What is sickening with this socialist move, unlike those in the free market Obama is playing with taxpayer money. Because of that instead of admitting the colossal failure of this bailout, he is going to gamble with taxpayer money until the stock is worth nothing.

Under our free market system, GM must be allowed to fail since it is unable to place a competitive product in the market, in large part due to the absurd labor costs for which unions are responsible. Much like the airline industry, if GM exits the market, innovative startups will enter the market and replace the jobs lost by the GM failure with competitive products assuming the unions can be cut out. That is what a free market does.

Rumor has it that Obama has directed GM to hold off on bankruptcy until after the election.

the news about GM is very disheartening at least. i know when they decided to perform the bailout, that the cost of doing so was felt to be far less than the eventual cost of NOT doing a bailout. whether that will ultimately prove to be the case, i don't know. yet another example of banking issues-in this case, very, very low interest rates are killing these pension plans. they are unable to perform at what was guaranteed, so here we are.

No company, whether it be automotive, banking, or whatever, should be deemed too big to fail. If they are that big than they should be broken up by antitrust laws to encourage competition, but other than that, the government should stay out of it and let the free market and bankruptcy courts deal with the failure.

Corporations are people. PEOPLE, are you heartless?

Unless, of course, you do not think that corporations are in fact people...

As Paul Harvey would say 'and now the rest of the story.'

$10 billion loss on a $55 billion investment, Government Motors reneging on promises because the Treasury said it was OK? And now the last of the Detroit jobs going to China?

All while we bail the city out. :wf:zz:

Anyway the Obama's can host Susie Orman for a few weeks?

http://washingtonexaminer.com/examin...rticle/2537323

We're officially out with a $10.5 billion dollar loss. (120,689 times more than 1% of McDonalds' CEO's pay) and what's $500,000,000 when we're talking billions.

According to a 2012 Forbes article GM employed just under 75K in the U.S. and that comes to $133,333 per job.

For those insisting GM would have gone completely under if allowed to file bankruptcy, I challenge you to find a grocery store not selling Hostess ho-ho's or twinkies despite Hostess' bankruptcy.

Meanwhile McDonalds' CEO is criticized.

http://www.americanthinker.com/blog/...5_billion.html

Yes. They lost 10 billion or 10 million a day over the 3 years they held this stock … BUT … they saved 1 million immediate jobs and countless related jobs (parts suppliers, driver and other services) and kept a huge crater from developing in the economy at a time when we could least absorb it. Those million jobs also bought goods and services of other companies no doubt saving additional jobs. It is unbalanced to say they/we lost 10 billion. The revenue from those jobs and sales that were saved went to the Fed via taxes.

It's also unbalanced to say 1 million jobs would have been lost. America still needs cars/trucks. Whether they be GM or some other make, they all need part suppliers delivery drivers, and other services.

Demand remains the same whether there is a GM or not.

Absolutely correct.

As he overlooks the million immediate jobs that would have been lost and the countless other jobs supporting those million jobs OUTSIDE of the automotive industry. You are from the school of my job is safe for now and I am to scared to think about what could happen to the entire economy that would EVENTUALLY impact me. Whistle past the graveyard much Joey?

Just meant that he was right about demand being independent of whomever supplies the goods or services.

If Apple went out of business tomorrow, there would still be a demand for smartphones providing the kinds of services that iPhones did.

Gotcha.

i wonder tho if someone else would have bought them. that's typically what happens when a company can't right the ship. there's demand for those vehicles, that demand wouldn't have dried up.

it's just too bad that what was essentially a loan was handled like it was, which cost taxpayers plenty.

GM to invest $1.3 billion in new equipment, expansions in Michigan.

http://www.freep.com/article/2013121...tment-business

they just put a woman in charge..good luck with that..:rolleyes:

oh oh, look out!:)

should have done it years ago.