My question is, why does GM have to sell off part of the company, have the workers
take concessions? Why didn't AIG get split up? Fannie mae and Freddie mac and others. Did the workers take concessions? Why Not?
When GM employs 244,500 people in every major region of the world,
And GM has almost twice that many retirees, almost 500,000.
Who's fault is that? GM has been building cars in the USA for over 100 years. And GM has almost 500,000 pensions/health care for retirees.
Could GM turn a profit if it didn't have any retirees? You bet.
We are talking American retirees.
GM didn't allow the foreign car company's
to build plants is this country.
(Toyota has only 371 retirees in the U.S.; Honda has 2,400.)
Now Obama will demand GM built "Green" cars.
Something that will not make money and people don't want.
But they will want them when Obama makes gas prices high enough.
That is the plan, and it has been from the beginning.
Tax gas high enough so people can't afford to drive SUV's and trucks.
Mandate them to drive more expensive small "Green" cars.
I saw it coming years ago.
That is why the "Green" people wanted Obama as president.
To push their agenda. You have not seen the end of this.
More here: http://www.disillusionedwords.com/?p=1380
Obama Says GM, Chrysler Have Last Chance to Survive (Correct)
(Corrects amount of stimulus package in last paragraph.)
March 30 (Bloomberg) -- President Barack Obama said General Motors Corp. and Chrysler LLC must survive without becoming “wards of the state” and the companies have one last, limited chance to “fundamentally restructure.”
After his administration forced GM Chief Executive Officer Rick Wagoner to resign and pressed Chrysler to form a partnership with Italy’s Fiat SpA to get more taxpayer aid, Obama today said that company creditors, shareholders, workers, dealers and suppliers will be expected to make more sacrifices.
“We cannot and must not, and we will not let our auto industry simply vanish,” the president said at the White House, announcing new and final deadlines for the No. 1 and No. 3 U.S. automakers to remake themselves. “We cannot continue to excuse poor decisions. We cannot make the survival of our auto industry dependent on an unending flow of taxpayer dollars.”
If plans for automakers fail, the administration is prepared to let them slide into a structured bankruptcy that he said would make it easier GM and Chrysler to clear away old debts and emerge as smaller, leaner operations.
The administration forced the resignation of Wagoner before announcing its conditions for continued support. Fritz Henderson, GM’s president and chief operating officer becomes CEO. GM also is replacing most of its board and must increase reliance on producing more fuel-efficient vehicles, under findings of the administration’s auto task force. Chrysler CEO Robert Nardelli was allowed to keep his position.
‘New Vision’ Needed
“This is not meant as a condemnation of Mr. Wagoner, who has devoted his life to this company,” the president said. “Rather, it’s a recognition that it will take new vision and new direction to create the GM of the future.”
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