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.
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