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Topic:
GM's record profits lead to UAW profit sharing, boost to the economy [Locked] |
Bowlartz  Title: Offical VN Tin Foil Hat Supplier
Posts: 221
Registered: 2006-1-4 19:59:15
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Date Posted:
1/1/00 12:00am
Subject:
GM's record profits lead to UAW profit sharing, boost to the economy |
Yukishiro1 posted:
Bjorvald posted:
It was pretty cool how Obama gave a nice big chunk of GM to the auto worker unions while wiping out secured bond holders who were first in line. But what's a little corruption between friends, eh?
How did Obama give a chunk of GM is to auto workers? And how did he wipe out their secured bond holders?
http://nlpc.org/stories/2010/12/23/gm-stock-dilution-coming-uaw-benefits
Stock dilution. He may not have wiped out the secured stock holders but he harmed them to the tune of billions in a UAW pay off.
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Brother_Tempus  Title: Patriot
Posts: 985
Registered: 2001-1-9 08:07:00
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Date Posted:
1/1/00 12:00am
Subject:
GM's record profits lead to UAW profit sharing, boost to the economy |
Bowlartz posted:
Yukishiro1 posted:
Bjorvald posted:
It was pretty cool how Obama gave a nice big chunk of GM to the auto worker unions while wiping out secured bond holders who were first in line. But what's a little corruption between friends, eh?
How did Obama give a chunk of GM is to auto workers? And how did he wipe out their secured bond holders?
http://nlpc.org/stories/2010/12/23/gm-stock-dilution-coming-uaw-benefits
Stock dilution. He may not have wiped out the secured stock holders but he harmed them to the tune of billions in a UAW pay off.
hence the numbers I reported that GM would need to pay the taxpayers off
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Kjarhall Title: The Pungent One
Posts: 915
Registered: 2002-3-1 15:47:21
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Date Posted:
1/1/00 12:00am
Subject:
GM's record profits lead to UAW profit sharing, boost to the economy |
Brother_Tempus posted:
Still can't read.
I know.
Here's a clue.
Gov't aid came in two parts. Loan and Investment. I only commented on one of them. You answered with the wrong one. The one i specifically called a loan, has had payments made back on it.
So when you said "No it isn't", you were incorrect.
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Sin_of_Onin  Posts: 1,307
Registered: 2005-6-29 08:21:12
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Date Posted:
1/1/00 12:00am
Subject:
GM's record profits lead to UAW profit sharing, boost to the economy |
Rosaria posted:
Sin_of_Onin posted:
Only a completely stupid person would not realize my statement is true.
Only a completely stupid person who thinks the USSR is a good economic role model would think that statement is true.
What I said is in no way an endorsement of the USSR. Not even a little bit.
It is an endorsement of things like not letting corporations do whatever they want.
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Lyken-P  Posts: 453
Registered: 2006-1-14 18:41:19
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Date Posted:
1/1/00 12:01am
Subject:
GM's record profits lead to UAW profit sharing, boost to the economy |
Sin_of_Onin posted:
It is an endorsement of things like letting the government do whatever they want.
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theredkay1 Posts: 611
Registered: 2008-5-16 10:37:09
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Date Posted:
1/1/00 12:01am
Subject:
GM's record profits lead to UAW profit sharing, boost to the economy |
Sansfear posted:
Bjorvald posted:
It was pretty cool how Obama gave a nice big chunk of GM to the auto worker unions while wiping out secured bond holders who were first in line. But what's a little corruption between friends, eh?
This.
It is easy to be profitable when you get rid of all that pesky secured debt that you owe.
This option is available to just about every company in America.
A nice big chunk was not really given to the auto worker unions, it was given to the retirement and healthcare accounts of those workers. GM owed lenders money. GM owed suppliers money. GM owed its former employees money.
Lenders agreed to take less than they were owed and received cash from the govt, the gov't got a majority interest as a result. Unsecured creditors received a small ownership share of the company. The unions agreed to large pay reductions and removed future healthcare and retirment costs from GM's books and received a sizable ownership share.
Each group went through basically the same process. You can argue that one received a better deal than another one...although for the unions to get a good deal the company has to be hugely successful in the future to get value out of their ownership share. Some people like to pretend that the unions were just handed a huge gift while ignoring they made concessions and were owed a ton of money.
Often in bankruptcies the company get to dump their pension obligations on the US govt...the GM deal was better in this regard
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Sin_of_Onin Posts: 1,307
Registered: 2005-6-29 08:21:12
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Date Posted:
1/1/00 12:01am
Subject:
GM's record profits lead to UAW profit sharing, boost to the economy |
Lyken-P posted:
Sin_of_Onin posted:
It is an endorsement of things like letting the government do whatever they want.
Which really comes down to the will of the people being expressed through our laws and our Democracy.
I am not sure what point you are trying to make honestly. It is so buried in your confusion and stupidity that it is hard to tell.
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"Okay... I'm with you fellas" --Delmar
F is for Fake-believe
"We apologise for the inconvenience" --God
"What Jesus fails to appreciate is that it's the meek who are the problem"--Reg
Run, Forrest! Run!
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Lyken-P Posts: 453
Registered: 2006-1-14 18:41:19
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Date Posted:
1/1/00 12:01am
Subject:
GM's record profits lead to UAW profit sharing, boost to the economy |
Sin_of_Onin posted:
Which really comes down to the will of the people being expressed through our laws and our Democracy.
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Rosaria Title: They call me Mellow Yellow, quite rightly.
Posts: 477
Registered: 2003-8-22 10:07:30
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Date Posted:
1/1/00 12:01am
Subject:
GM's record profits lead to UAW profit sharing, boost to the economy |
Sin_of_Onin posted:
Rosaria posted:
Sin_of_Onin posted:
Only a completely stupid person would not realize my statement is true.
Only a completely stupid person who thinks the USSR is a good economic role model would think that statement is true.
What I said is in no way an endorsement of the USSR. Not even a little bit.
It is an endorsement of things like not letting corporations do whatever they want.
Then explain what you meant. Corporations cannot do whatever they want unless they are well-connected to the government. GM failed for a lot of reasons, certainly one being lack of vision overall that was poorly funded. Can they fail now? Would they be allowed to fail if in fact they were repeating the same mistakes? I don't have the answers to that, do you? That was a sincere question.
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Sin_of_Onin Posts: 1,307
Registered: 2005-6-29 08:21:12
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Date Posted:
1/1/00 12:01am
Subject:
GM's record profits lead to UAW profit sharing, boost to the economy |
Rosaria posted:
Then explain what you meant. Corporations cannot do whatever they want unless they are well-connected to the government.
Corporations cannot do whatever they want because the government tells them not to.
For example Corporations have to respect property rights of others because the government tells them to. If you agree that this is important then you agree with my initial statement.
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"Okay... I'm with you fellas" --Delmar
F is for Fake-believe
"We apologise for the inconvenience" --God
"What Jesus fails to appreciate is that it's the meek who are the problem"--Reg
Run, Forrest! Run!
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