Yeah me. I own 1400 shares of GM HGM series notes. (I basically will get some new GM common stock in place of it) Basically GM is defaulting on $27 billion in bonds due to they *issed away the $27BB on over paid salaries, bonuses, company cars and running their business like *hit.
Think about this for a minute...If I took out a home equity loan for $50,000 and then paid the interest on it for 5 years and I was supposed to pay the $50K back in a ballon payment in 10 years but I defaulted on it and said to the bank----Sorry you were dumb enough to loan me the money, I can only pay you back $5k. (too bad) This is what GM has done to the bondholders and the common stock holders are left with nothing.
GM shot themselves in the foot by screwing the shareholders and bondholders. Who would buy GM common stock even after the bankruptcy? (no-one)
GM was dumb enough to allow the UAW, salaried employees and the executives to dictate their own salaries, bonuses and work rules.
The UAW got most of everything they wanted.....which finally did the company in.
And of course the salaried engineers and technicians said "me too" we want more pay, bonuses, blah, blah, blah. (recipe for failure)
GM should have declared Bankruptcy last October and not taken any gov. money. Once they take gov. money it means that they are bankrupt.
I think GM makes great cars and trucks, but the the company has been managed by idiots and the executives should hang from ropes for allowing it to come to this.
It sickens me to see this.
How is that old saying that GM had. "as GM goes so does the USA" I guess the USA is bankrupt too.
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Today's Featured Article - On the Road with Dave Gohl: Auction Musings - by Dave Gohl. I was thinking the other day about all the auctions I've been to in the last few years. There've been many. Some have been very good, some have been well, disappointing to say the least. But no matter how good or bad auctions may be, we always seem to stay until the item we've come for or are interested in is on the block. I've been to some auctions near and far. I think the furthest has been the Two Cylinder 7 in the Amana Colonies last year. Lots of stuff, lots of people. I've also atten
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