08-19-2012, 08:46 AM
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#2
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5000 POSTS! +
Join Date: Jan 2012
Posts: 6,776
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Re: Obama’s GM ‘Success Story’ Headed for Bankruptcy?
Originally Posted by SmashMouth
Maybe this time will the charm as far as redoing all UAW contracts under bankruptcy protection, as should have happened long ago?
Yes, and hopefully they will be allowed to pursue a normal, structured bankruptcy without the use of taxpayer dollars and dump the Opel Division as they were prepared to do in '08/'09 before Obama's "new" Board of Directors stepped in and turned the whole deal into such a farce.
Keeping the Opel Division in Europe afloat is what's dragging GM & their stock price down ... in '08/'09, they had a deal on the table to sell that failing division to Magna, a global parts supplier that has bought up many of the struggling Tier I & II suppliers the past few decades and done wonderfully, but the "new" Board & the UAW squashed the deal.
What a fiasco this whole deal has been ... estimated losses to the American taxpayer = $26 - $42billion, depending on wether you want to include the GMAC losses under General Motors or not.
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