GM posts its highest profit ever: $7.6 billion

[bigrun]

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

[DaTruth]

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.

[geeker2]

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

I say cut that bonus!

[Danzig]

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.

[geeker2]

Originally Posted by Danzig

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:-)

[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.

[Riot]

Originally Posted by dellinger63

Bottom line a $27.2 billion loss to the taxpayer.

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 Mine is pretty rosy :-) The view is great from here.

[dellinger63]

Originally Posted by Riot

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 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?

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

[dellinger63]

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?

[Thepaindispenser]

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.