69dejavue Posted April 1, 2009 Report Share Posted April 1, 2009 Since obama fired the CEO of GM will he consider firing the President of the UAW? After all it was the UAW that bankrupt GM. Link to comment Share on other sites More sharing options...
David Hawkins Posted April 1, 2009 Report Share Posted April 1, 2009 Since obama fired the CEO of GM will he consider firing the President of the UAW? After all it was the UAW that bankrupt GM. Actually.....IMO, It was every GM Employee and the Dealers that Bankrupted GM. Link to comment Share on other sites More sharing options...
DDT Posted April 1, 2009 Report Share Posted April 1, 2009 Actually it is making cars that won't sell for profit???????????????? Link to comment Share on other sites More sharing options...
svttim Posted April 1, 2009 Report Share Posted April 1, 2009 Actually it is making cars that won't sell for profit???????????????? Agree with you although that is a simple view. Toyota has taken the lead from the domestic automakers and, they lost a ton too. Being the number one seller does not make you the number one profit maker Link to comment Share on other sites More sharing options...
DDT Posted April 1, 2009 Report Share Posted April 1, 2009 Agree with you although that is a simple view. Toyota has taken the lead from the domestic automakers and, they lost a ton too. Being the number one seller does not make you the number one profit maker When you add everything up it does????????? Parts, Service, Repeat Business???????? Link to comment Share on other sites More sharing options...
svttim Posted April 1, 2009 Report Share Posted April 1, 2009 When you add everything up it does????????? Parts, Service, Repeat Business???????? They made too many cars and trucks\. to get rid of them, they do deep discounts. Too deep, actually loosing money on cars. Unlike Honda who, has no interest in being the best selling, just profitable Link to comment Share on other sites More sharing options...
DDT Posted April 1, 2009 Report Share Posted April 1, 2009 They made too many cars and trucks\. to get rid of them, they do deep discounts. Too deep, actually loosing money on cars. Unlike Honda who, has no interest in being the best selling, just profitable Could have made the same amount if it was what people wanted?????????? Design, Quality,Mileage, Dependability............Gotta be the best?????????? Link to comment Share on other sites More sharing options...
David Hawkins Posted April 1, 2009 Report Share Posted April 1, 2009 SINGAPORE — President Barack Obama has determined that a prepackaged bankruptcy is the best way for General Motors Corp. to restructure and become a competitive automaker, Bloomberg reported, quoting people familiar with the matter. Obama also is prepared to let Chrysler LLC go bankrupt and be sold off piecemeal if the third-largest U.S. automaker can't form an alliance with Fiat SpA, Bloomberg said, citing members of Congress who have been briefed on the subject and two other people familiar with the administration's deliberations. Obama on Monday gave GM 60 days to come up with deeper cost and debt reductions than the biggest U.S. automaker had proposed in a viability plan submitted last month. But a "quick and surgical" bankruptcy the Obama administration described as an option appears to be inevitable, the people familiar with the matter said in the Bloomberg report. Looks like Obama does not like Chrysler Products..................................... Maybe Chrysler did not contribute enough to his Campain. Link to comment Share on other sites More sharing options...
David Hawkins Posted April 1, 2009 Report Share Posted April 1, 2009 DETROIT — He doesn't know exactly what the Obama administration wants him to cut, but Fritz Henderson, the new CEO of General Motors Corp., isn't waiting around to find out. Cut deeper. Work harder. Move faster. That's how he described the ailing automaker's urgent effort to meet a June 1 deadline to fix its debt-ridden balance sheet, cut billions in costs and take other steps to transform itself into a profitable entity. It's the same government-imposed race that Chrysler LLC is running, only GM's smaller neighbor has to cover more distance in half the time. The Auburn Hills, Mich., automaker must make the same cuts as GM, and sign up Fiat Group SpA as a partner, all in 30 days. Fiat's CEO jetted to Detroit for intense negotiations, but if Chrysler doesn't meet the deadline, it's almost certainly destined for the auction house. For GM, failing to take quick action means surrendering to court supervision in bankruptcy. The company has resisted bankruptcy talk in the past, but Henderson said Tuesday it is now "certainly more probable." The companies have yet to receive specifics from the task force on how much more they must cut and where, but Henderson is proceeding with deeper cuts and pulling previously announced measures forward. "We need to reinvent General Motors, and we need to do it in a very, very abbreviated time frame here in 2009 so that we're not spending our time careening from crisis to crisis in the future," he told reporters at GM's headquarters complex in downtown Detroit. There are formidable obstacles, though. Even with less demanding hurdles in the government's original loan terms, GM's bondholders have been reluctant to settle their $28 billion for what may be pennies on the dollar. The company still hasn't reached a deal with the United Auto Workers on funding a union-run trust that will take over retiree health care costs. It's uncertain whether they can work together to compromise on their competing interests, even though failure means they stand to lose a lot more. It was clear, though, that every scenario will include more pain for just about anyone connected with the companies. GM said in its February plan it would cut 47,000 jobs worldwide by the end of the year. Presumably those cuts will come sooner. Henderson said GM also must slash its staggering liabilities — not just the $49 billion in bond debt and secured loans, but also pension obligations and retiree health care costs. "We need to basically address all of our level of indebtedness, because in fact, what they want is a healthy balance sheet, and that healthy balance sheet needs to address each of these constituencies," he said. Henderson wouldn't say specifically if pensions or health care would change, but it's likely that GM's 400,000 U.S. retirees and spouses will see benefit cuts, along with its 244,000 active workers. He said the company probably will close more than the five factories it promised to shutter in its February restructuring plan filed with the government. More buyout and early retirement offers are likely. If GM doesn't satisfy the government in time, a short bankruptcy would allow the company to wipe out its debt, change contracts and emerge as a healthy business. The government is backing automakers' warranties and has pledged financing for GM. For Chrysler, however, Obama's auto task force has decided it has no chance to survive alone, and it would be left to get sold off in pieces. There were signs of progress, however, that a partnership could be arranged. Fiat CEO Sergio Marchionne flew to Detroit late Monday for talks, and the Italian automaker agreed to reduce its stake in Chrysler from 35 percent to 20 percent in exchange for providing small-car technology, according to a person briefed on the negotiations who was not authorized to speak publicly. Under the new terms, Fiat's share would increase in 5 percent increments every time certain milestones are met, the person said. At GM, Henderson said the 60 days should be enough time to accomplish its work, but bankruptcy could come before then if GM management and the government determine it won't be able to meet the deadline. "If it's quite clear that we're not able to accomplish what we need to do in terms of operational restructuring, reduction of debt on the balance sheet and what we need to do to accomplish these broad parameters of having a viable business, this will be a management judgment," Henderson said. Besides slashing costs, GM must start selling more cars, and the company announced Tuesday its own version of a plan that will make car payments for customers who lose their jobs through no fault of their own. It's called "Total Confidence," and its designed to pull in timid buyers who fear the economy will claim their employment. The company, Henderson said, counted on revenue for too long from trucks and sport utility vehicles. Now, every vehicle has to turn a profit. That means unprofitable cars and trucks could get the ax, and soon. "The view is everything's got to pay rent in our product portfolio," he said. GM also has to jettison unprofitable brands, including iconic Hummer. A decision on closing or selling was supposed to be revealed Tuesday, but GM is still talking with potential buyers. Henderson said an announcement will come within weeks. GM is alive today only because of $13.4 billion in government loans, and Henderson wouldn't reveal how much more money the century-old company will need to get through the 60 days. The Treasury Department has not told the company how much money it will get to sustain itself, but Henderson said he doesn't expect a dollar more than necessary. "We submit reports to them weekly in terms of our cash, both in the U.S. and on a global basis," he said. "They know exactly where we are and exactly what we are doing." Henderson, officially named CEO by the GM board on Sunday, said he isn't worried that the government will fire him like it did his predecessor, longtime CEO Rick Wagoner. "They've asked me to do the job. I'm not going to really worry about how long that's going to be," he said. "I figure if we get our job done, which is where I'm going to focus my attention, it's going to be OK. And if they want to replace me they can do it." ___ AP Business Writer Colleen Barry in Milan, Italy, contributed to this report. Link to comment Share on other sites More sharing options...
DDT Posted April 1, 2009 Report Share Posted April 1, 2009 I guess instead of the "BIG THREE"........Going to be the "BIG ONE"???????????? Link to comment Share on other sites More sharing options...
one_quik_pony Posted April 1, 2009 Report Share Posted April 1, 2009 Let Canada and Mexico bail them out! Link to comment Share on other sites More sharing options...
ilmor Posted April 1, 2009 Report Share Posted April 1, 2009 Since obama fired the CEO of GM will he consider firing the President of the UAW? After all it was the UAW that bankrupt GM. You've got to stop thinking logically like that!! Anyway, he would never blame the groups from which he is getting so many votes. Although, once again, if GM would just GO bankrupt, they could shed the Union contracts and have a chance of survival, which is what I said last year but nobody listens to me. We would've had 6 months behind us by now and been on the upswing. Link to comment Share on other sites More sharing options...
David Hawkins Posted April 1, 2009 Report Share Posted April 1, 2009 SINGAPORE — President Barack Obama has determined that a prepackaged bankruptcy is the best way for General Motors Corp. to restructure and become a competitive automaker, Bloomberg reported, quoting people familiar with the matter. Obama also is prepared to let Chrysler LLC go bankrupt and be sold off piecemeal if the third-largest U.S. automaker can't form an alliance with Fiat SpA, Bloomberg said, citing members of Congress who have been briefed on the subject and two other people familiar with the administration's deliberations. Obama on Monday gave GM 60 days to come up with deeper cost and debt reductions than the biggest U.S. automaker had proposed in a viability plan submitted last month. But a "quick and surgical" bankruptcy the Obama administration described as an option appears to be inevitable, the people familiar with the matter said in the Bloomberg report. Looks like Obama does not like Chrysler Products..................................... Maybe Chrysler did not contribute enough to his Campain. I would like to see what / how he designed the Package................. Link to comment Share on other sites More sharing options...
jdscooby Posted April 1, 2009 Report Share Posted April 1, 2009 The government needs to get the f k out of private enterprise. Link to comment Share on other sites More sharing options...
JeffIsHereToo Posted April 1, 2009 Report Share Posted April 1, 2009 The government needs to get the f k out of private enterprise. +10000 So why do these companies look to us taxpayers for $$$$? GM's issues are not the unions, the same union that Ford has, it's the fact t hey had too many sub-par products, too many brands selling essentially the same car, and cars and trucks people didn't want to buy! Pretty simple, let them go bankrupt and see what emerges from the ashes. I'm done with these people! No one is sending me any bailout money, no one is knocking on my door to modify my loans, no one is reducing my credit card rates. I have to take care of my own house and they should too. To hell with them all! Link to comment Share on other sites More sharing options...
Guest markham51 Posted April 1, 2009 Report Share Posted April 1, 2009 Let Canada and Mexico bail them out! Canada has already given GM and Chrysler money to bail them out (4 billion at last count) in the same proportion as the US has.... except that on a per taxpayer it is double that given by US taxpayers. More is planned to keep them afloat. Link to comment Share on other sites More sharing options...
Boss Doctor Posted April 1, 2009 Report Share Posted April 1, 2009 +10000 So why do these companies look to us taxpayers for $$$$? GM's issues are not the unions, the same union that Ford has, it's the fact t hey had too many sub-par products, too many brands selling essentially the same car, and cars and trucks people didn't want to buy! Pretty simple, let them go bankrupt and see what emerges from the ashes. I'm done with these people! No one is sending me any bailout money, no one is knocking on my door to modify my loans, no one is reducing my credit card rates. I have to take care of my own house and they should too. To hell with them all! Amen brother; preach it! Link to comment Share on other sites More sharing options...
David Hawkins Posted April 1, 2009 Report Share Posted April 1, 2009 +10000 So why do these companies look to us taxpayers for $$$$? GM's issues are not JUST the unions, the same union that Ford has, it's the fact t hey had too many sub-par products, too many brands selling essentially the same car, and cars and trucks people didn't want to buy! Pretty simple, let them go bankrupt and see what emerges from the ashes. I'm done with these people! No one is sending me any bailout money, no one is knocking on my door to modify my loans, no one is reducing my credit card rates. I have to take care of my own house and they should too. To hell with them all! There, Fixed.....NOW I agree with this. Like you said...Same Union as Ford.............. Ford is having Problems to, they just chose to handle it them selves. Link to comment Share on other sites More sharing options...
Guest markham51 Posted April 1, 2009 Report Share Posted April 1, 2009 The banking system failed. They failed because they took unnecessary risks. So has GM. Time for a change. Everyone with a half of a brain knows you dont keep firing from the bottom or blaming things on things you can't control. If Ford can fix their problems by bringing in a good CEO, then so should GM. GM needs a good enema which includes getting rid of their CEO and their utterly useless Board of Directors. They have run the company into bankruptcy and everyone knows it! Everyone in the auto industry thinks you need a "car guy" to run a car company. Thats just so much BS. What that company needs is a good flush and some smart business people who know how to run a company properly. Flush Pontiac, Hummer, Saturn and keep Chevy, Buick and Cadillac. Chrysler on the other hand should be mothballed entirely. The government is forcing their hand on the Fiat merger, its their last hope. Chrysler has rarely been viable on their own and have no significant operations anywhere else in the World. They failed under Mercedes and they will fail under Fiat. There current owners are nothing but a bunch of Wall Street opportunists who have bitten off way more than they can chew. Step 1. Stabilize the industry (government support) Step 2. Review plans presented by current management Step 3. If Step 2 looks like BS, fire management Step 4. Bring in new management who understand tax payers are not F&^%ing around Step 5. Get unions and debt holders in line by threatening government supported (organized) bankrutcy Step 6. If Step 5 doesnt work, then Step 6 is organized/govt supported bankruptcy and GM comes out of it with new management and a cleaned up balance sheet. In my opinion everything the government has done makes sense. I hope GM survives, the US Auto industry including Ford needs them to stick around to be viable long term. Link to comment Share on other sites More sharing options...
jdscooby Posted April 1, 2009 Report Share Posted April 1, 2009 +10000 So why do these companies look to us taxpayers for $$$$? GM's issues are not the unions, the same union that Ford has, it's the fact t hey had too many sub-par products, too many brands selling essentially the same car, and cars and trucks people didn't want to buy! Pretty simple, let them go bankrupt and see what emerges from the ashes. I'm done with these people! No one is sending me any bailout money, no one is knocking on my door to modify my loans, no one is reducing my credit card rates. I have to take care of my own house and they should too. To hell with them all! Wow, this may be a first. I agree with you Jeff Link to comment Share on other sites More sharing options...
69dejavue Posted April 2, 2009 Author Report Share Posted April 2, 2009 Well, maybe Chevrolet will not be allowed to make the Z-28. And that means Ford keeps a corner on performance and hopefully our SGTs will be worth more someday. The end is nigh! Link to comment Share on other sites More sharing options...
svttim Posted April 2, 2009 Report Share Posted April 2, 2009 +10000 So why do these companies look to us taxpayers for $$$$? GM's issues are not the unions, the same union that Ford has, it's the fact t hey had too many sub-par products, too many brands selling essentially the same car, and cars and trucks people didn't want to buy! Pretty simple, let them go bankrupt and see what emerges from the ashes. I'm done with these people! No one is sending me any bailout money, no one is knocking on my door to modify my loans, no one is reducing my credit card rates. I have to take care of my own house and they should too. To hell with them all! Jeff! Wow, we agree! :happy feet: Link to comment Share on other sites More sharing options...
DDT Posted April 2, 2009 Report Share Posted April 2, 2009 Imagin if all the "BAIL OUT MONEY" was distributed instead to the average Tax Payer????????? What could you do with an extra 50K/100K or 200K???????? Pay down the Mortgage or buy a new Car????? Spend some help stimulate the Economy??????? And where did the Money go????????? Greedy Self Serving ????????? Link to comment Share on other sites More sharing options...
svttim Posted April 2, 2009 Report Share Posted April 2, 2009 Imagin if all the "BAIL OUT MONEY" was distributed instead to the average Tax Payer????????? What could you do with an extra 50K/100K or 200K???????? Pay down the Mortgage or buy a new Car????? Spend some help stimulate the Economy??????? And where did the Money go????????? Greedy Self Serving ????????? Agreed, would have fixed the Economy in one fell swept move. But they dont really care about us Link to comment Share on other sites More sharing options...
DDT Posted April 2, 2009 Report Share Posted April 2, 2009 Agreed, would have fixed the Economy in one fell swept move. But they dont really care about us Sadly, I believe we would be in the same situation no matter who was elected President??????????? Link to comment Share on other sites More sharing options...
svttim Posted April 2, 2009 Report Share Posted April 2, 2009 Sadly, I believe we would be in the same situation no matter who was elected President??????????? Agreed again. But, even though I dint vote for him, I was hopeing OB would change that. I would have loved to be wrong about him Link to comment Share on other sites More sharing options...
David Hawkins Posted April 2, 2009 Report Share Posted April 2, 2009 Imagin if all the "BAIL OUT MONEY" was distributed instead to the average Tax Payer????????? What could you do with an extra 50K/100K or 200K???????? Pay down the Mortgage or buy a new Car????? Spend some help stimulate the Economy??????? And where did the Money go????????? Greedy Self Serving ????????? Agreed, would have fixed the Economy in one fell swept move. But they dont really care about us Thats what I said way back when all this started and people on here thought I was nuts............................ Link to comment Share on other sites More sharing options...
DDT Posted April 2, 2009 Report Share Posted April 2, 2009 Thats what I said way back when all this started and people on here thought I was nuts............................ You predicted it!!!!!!!! So it's your fault!!!!!!!!!!!!!! Link to comment Share on other sites More sharing options...
David Hawkins Posted April 2, 2009 Report Share Posted April 2, 2009 You predicted it!!!!!!!! So it's your fault!!!!!!!!!!!!!! Yeah........let the Feds come get my 16x80 Mobile Mansion................. Link to comment Share on other sites More sharing options...
turnsignaldelete Posted April 2, 2009 Report Share Posted April 2, 2009 Sadly, I believe we would be in the same situation no matter who was elected President??????????? :bag: ...... :bag: ....... :bag: ....... :bag: .......:bag: ..... :bag: .. ...............................OBAMA SPEAKS ........................... :bag: :bag: :bowdown: :bag: :bag: :bag: .............. :bag: ............... :bag: ................ :bag: Link to comment Share on other sites More sharing options...
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