GM considering bankruptcy

[cam76034]

Can't say I'm surprised by this news, but couldn't they have done this $17.4 billion ago?
http://news.yahoo.com/s/nm/20090214/bs_nm/us_gm_plan

[bnordin]

YES

[sammm]

Part of that is probably due to the fact that negotiations broke off between GM and the UAW on benefits. I hope the UAW folks are happy if/when GM files bankruptcy. Idiots.

[Ataim]

Unions had there place decades ago. But we really don't need them as much today. Don't get me wrong I'm not anti-union, but give me a freaking break. If they (both GM and UAW) don't make some sacrifices, then they wont have a f-ing job.

[gabkwong]

Actually go bankrupt may not entirely a bad thing for GM at this moment. It will give it a clean slate to start all over. No doubt the union will be sXXXed even worse. GM can write new contract and forget all the retirement and health care benefits!

I don't know of too many company still has no co-pay health care! I worked for the hospital industry for over 20 years. Each year I have to pay thousands of $$$ to keep my half-aXX insurance!

If GM really going bankrupt, do you think we can get a Vette real cheap? Not that I want one, but if the $$ is right ....

[Nails]

Chapter 11 is the only way GM will survive. Even that may not be enough now.

[Rogue]

So!
It was more important to build 20 different versions of the same SUV.
And then, the Gubment giving 40k tax credit to drive the one with the most garish body kit.

[smartmx5]

The govt will not let GM fail. At least not until after the next Presidential election. That is way too many votes for those expansion govt types to lose. Still, I don't want anybody to lose their job. I will know Monday if I have a job or not!!

[Zoomerdude]

The govt will not let GM fail. At least not until after the next Presidential election. That is way too many votes for those expansion govt types to lose. Still, I don't want anybody to lose their job. I will know Monday if I have a job or not!!

Yea...I hate to see people loose their jobs, too. But GM brought this s..tstorm on themselves, IMHO.

[trickyrix]

At least under bankruptcy they can void all the Union contracts and start fresh there...

This will probably be the best thing for GM.

[jrj512]

So, let's say that GM and Chrysler do the bankruptcy thing and each is able to fully shed the union. Let's also say that Ford is able to avoid bankruptcy and government loans. That leaves Ford in a pickle, since their labor costs could be significantly higher than GM and Chrysler.

The UAW is a big giant money machine and the people running it will not let it run out of gas so easily. If GM and Chrysler were to declare bankruptcy and try to re-establish themselves without union workers, then I think there would be a very ugly fight.

[Dave04]

I don't think there's a shred of a chance that they would re-form without the union. I just don't see it happening. But... the bankruptcy might let them shed a large number of the union workers and possibly lower some wages quickly where they would not be able to do with the current union contracts.

[smartmx5]

Yea...I hate to see people loose their jobs, too. But GM brought this s..tstorm on themselves, IMHO.

Agreed!! When you can not work and still be on payroll, something is wrong with management. If I were a participant, I would go along with and have another J.O.B. I like money!!!

[Radio-Active]

GM to cut 47,000 jobs and close 5 plants in the U.S.

[johnwag]

GM needs to get phucked.