GM posts its highest profit ever: $7.6 billion

[Danzig]

Originally Posted by geeker2

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.

[Honu]

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.

[dellinger63]

Originally Posted by Danzig

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.

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/

[Antitrust32]

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.

[Clip-Clop]

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.

[bigrun]

Originally Posted by Antitrust32

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.

It's not just you....

[Riot]

Originally Posted by Antitrust32

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.

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.

[dellinger63]

Originally Posted by Riot

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.

[Riot]

Originally Posted by dellinger63

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

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

[dellinger63]

Originally Posted by Riot

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

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.