Bailout
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SmitEvo;250615 wrote:
If a company is not profitable, whos fault is it? Who should be responsible for fixing it? No bailouts period...I believe it was a loan right.Its not like they were asking for free money.There is no good way out of this but I do think it will affect everyone of us if they go BK.I however have mixed feelings about it.Its hard to predict what exactly will happen im just thinking worst case scenario.....How do you think it will affect us...just wondering.
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slow90gsx;250631 wrote:
I believe it was a loan right.Its not like they were asking for free money.There is no good way out of this but I do think it will affect everyone of us if they go BK.I however have mixed feelings about it.Its hard to predict what exactly will happen im just thinking worst case scenario.....How do you think it will affect us...just wondering.Loan or not it is not going to fix the profitability and value problem that they have. The products are inferior to other car companies and they do not have cash flows to spend in R&D to innovate. I say let them go under, not restructure, but get bought out by another company that will use cost controls to curb expenses, create value by being innovative, and get them out of the red. Stocks will be bought pennies on the dollar and people may lose jobs. Yes people will lose jobs...but in the long run, they could become better, bigger, and stronger.
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it would be pretty hard to get rid of the unions.... like the one congressman said, the CEO's of the company's shoould take a paycut, instead of making 60million a year, they should make $1.
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yea ceo's get paid a lot. but you know what they should. their job isnt easy. people dont realize that they dont just sit on their ass all day and do nothing. i cant believe the people bitching just becasue they fly around in a fucking jet. if you were a ceo and worked your ass off to get there. what would you think of them taking your money away. but the unions do need to go thats for sure. its all those lazy ass people that dont have an education because they can just go work at the factory for 30 bucks an hour that need a paycut.
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the point is that these companies have done a lot of things stupidly. They may have overpaid their CEOs and other executives. They definitely agreed to some stupid things with their union labor.
Companies that make too many stupid decisions for too long are supposed to fail. That's a good thing. Ch 11 is the right way to handle the big 3, because it gives the courts a lot of leeway in figuring out how to restructure the companies debts, assets, existing obligations, etc.
http://www.youtube.com/watch?v=xKEXi3ZgUYs&feature=related
This senator corker guy from TN is awesome. He owns these guys during the bailout hearings.
There are a lot of good people at GM, even amongst union members. Those people are locked up in a company that is run badly. Changing out the top 1% or the bottom 20% won't fix the company. Bankruptcy (or something even more aggressive) will go a long way towards unlocking the good talent at GM and putting it to good use.
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