I second what Larry in Michigan said. My next new car/truck will NOT be a GM or a Chrysler. And those are the only 2 I've bought from over the last 40 yrs.
Unlike Spook, I get no pension or health care in retirement, so my GM stock was supposed to tide me over when I retired at 67 or so. Not anymore. Shareholders lost everything. There are many more like me who had stock or bonds who were wiped out. Plus, Spook has obviously retired in his fifties with health care and a supplemental pension. One of the reasons that the Big 3 can't compete is because of these legacy costs on both the salaried and hourly side of the business.
A company cannot pay people to leave (six figure buyouts plus a car) in their fifties and them pay them for 40-50 yrs with pensions, health care, life insurance, etc. and expect to be competitive.
I'm not saying this is the only reason. It always boggled my mind when the company would not show a profit and the executives and other managers just went to work like business as usual. When I had a business, if I didn't show a profit, I cut expenses and took drastic action until I did. The problem is that the execs of these public companies don't treat the money like it's their own. The Boards of Directors should fire the top guys the first time they show a loss.
On the original topic, if you look at all the stakeholders involved in GM (shareholders, bondholders, banks, suppliers, dealers, salaried & hourly workers), it is the UAW that made out the best in the deal. Sure, Spook is concerned about the VEBA 5 years down the road. But in a normal bankruptcy, the VEBA would have been canceled and they would have been in line with other creditors, not given 17.5% of the new company.
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 - Product Review: Black Tire Paint - by Staff. I have been fortunate in that two of my tractors have had rear tires that were in great shape when I bought the tractor. My model "H" even had the old style fronts with plenty of tread. My "L" fronts were mismatched Sears Guardsman snow tires, which I promptly tossed. Well, although these tires were in good shape as far as tread was concerned, they looked real sad. All were flat, but new tubes fixed that. In addition to years and years of scuffing and fading, they had paint splattered on
... [Read Article]
Latest Ad:
2022 John Deere 5045E, 4wd, front end loader and 3rd function with grapple. 120 hrs, 55k new, must sell
[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.
