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.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
