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 - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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