Article

2009-07-26 Economy

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Posted by Fred 2009-07-26 00:00|| || Front Page|| [9 views ] Top

#1 The retirement offers include $20,000 cash and a $25,000 vehicle voucher. Workers with more than 20 years are eligible for $115,000 in cash and a $25,000 voucher to quit early. Overall, GM said it needs to cut its hourly work force by 21,000 jobs by the end of the year.

Sounds more like sweetening the retirement pot than "cutting" workers. Seeing as how it's GM I suppose "workers" should be in quotes too.

Posted by regular joe 2009-07-26 10:51|| 2009-07-26 10:51|| Front Page Top

#2 Reduces a big backlog of inventory they can't sell ... and then they take the full value (not current discounted price) as a tax deduction.

Posted by lotp 2009-07-26 12:49|| 2009-07-26 12:49|| Front Page Top

#3 In these situations the first offer is the best. GM will not last till the Volt arrives and it is not clear the Volt could save it if it arrived tomorrow. The smart move is to re-mortgage, accept the offer, move to Costa Rico, mail the keys to the bank.

Posted by Nimble Spemble 2009-07-26 12:57|| 2009-07-26 12:57|| Front Page Top

#4 This slightly relates to GM,

I once worked making airplane piston engines(Continental) we got a new Vice Pres formerly with GM, he didn't know shit about either engines or union, when he finally left he had rebuilt the entire assembly line, and damn near ruined Continental doing it, we used to have a max capacity of 54 complete engines a day, His new machinery couldn't make more than 16, admitted they were damn fine engines, but we now have a far smaller overall output.

End result, when I was there stock was selling around 54 bucks, now I can't even find the stock symbol(I suspect Bankruptcy)

He left around the time Continental had a huge recall, Crankshafts were Breaking at the front flange (Where the propeller bolts on) something that had NEVER occurred with the old machinery.

If he's an example of GM "Leadership" they badly need to flush the whole leadership. from President to Supervisor and hire the first 100 folks off the street, they'd do a far better job.

Posted by Redneck Jim 2009-07-26 13:07|| 2009-07-26 13:07|| Front Page Top

#5 Perhaps if GM would fire *all* the workers and stop making cars, they could reach profitability. Plow up the parking lots and grow cabbages, I say!

Posted by SteveS 2009-07-26 13:20|| 2009-07-26 13:20|| Front Page Top

#6 Perhaps if GM would fire *all* the workers and stop making cars, they could reach profitability.

Which is essentially how many corporations were able to report 2nd quarter profits.

Posted by Pappy 2009-07-26 14:36|| 2009-07-26 14:36|| Front Page Top

#7 Plow up the parking lots and grow cabbages, I say!

Can't do that. It's both profitable and against union rules.

Posted by gorb 2009-07-26 23:39|| 2009-07-26 23:39|| Front Page Top

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