GM Deathwatch, 14 days left

GM news for the week is almost certainly guaranty bankruptcy.
Discontinuing dealerships is bound to send a flury of lawsuits GM's way that can only be stopped by a chapter 11 bankruptcy. Just another GM piece of
paper not being honored to add to the pile.
Bond holders rightfully so, think less than 1 cent on the dollar is GM theft. They are right too. If they force a 100% liquidation of GM, they will profit and geta much higher return of their moneys. Very dangerious situation GM is now in on this. GM aught to think about if it will exist, forget about chapter 11.... That $27B is going to send them under and it is due! Which means the lawyers will rush to court on June 1st to lay claim. The judge will have no choice but ot say to GM, pay these people their money or go bankrupt.
Then there is the CAW. In negotiations all week, CAW stated they were not even close and Friday was the deadline. CAW is playing with fire:
http://ca.news.finance.yahoo.com/s/16052009/2/biz-finance-caw-head-says-gm-demands-chrysler-talks-slowly.html
I figure today the CAW are playing chicken with reality and statements are being prepared as Canada's politicians were ready to sell out taxpayers $10B contingent to CAW-GM agreement. In short, GM Canada just went bankrupt because politicians and now eating the heat for the wasted taxpayers cash and squirming like roddents on a hot plate. They don't want their names associated with renaming GST to GM Sales Tax and no jobs. And it is only 7500 jobs, pretty expensive bailout no one wants to touch and is looking for a way out.
GM closed Oshawa truck plant to send CAW a message. But in fairness, living in Canada is expensive as it gets, and certainly more expensive than the USA. That means people have to make a good buck or admit they are indentured tax sheeples. But the years of voting statism and for debt ridden businesses and government is now coming back to haunt the sheep. But the next genertion will find housing in Oshawa more affordable.
Chrysler just closed out in Canada and no one noticed.
http://www.cbc.ca/canada/toronto/story/2009/05/01/chrysler-factories.html
Those part shortages will hit GM next week, no cash, no parts. While Magna got some taxpayers money, they are going overseas with it. From here on in, no cash no parts. GM is going to have to find a way to restart the accounts recievable department or they simply will be gone. But my guess is everyone knows this will not happen.
GM plays the victim, but in reality they are the perpetrator. During fat years the management and unions took what they could, GM just accumulated debt. Then a downturn, they had no reserve and now are not paying suppliers who also need to eat. In reality this devil is going down and will shortly be out of taxpayers pockets.
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You know absolutely nothing about GM ....you assume and make up things ..... you just hate anyone who tries to make a decent living in this world..you have money so you think you are better and smarter than anyone else ..kinda like conrad black....and brian mulroney .....liars and cheats
"the union-bashing and labour-trivializing that has come into vogue of late has typically been predicated on a small set of dubious assumptions:
The first is the notion, extensively debunked on this site and elsewhere, that the wages and benefits enjoyed by unionized workers are undeservedly generous, and have served only to exacerbate the economic downturn. Aided by the kinds of subtle rhetorical techniques beloved by news editors everywhere-the strategically positioned photograph, the passivized headline, the carefully selected metaphor-this perception has achieved a commonsensical flavour amongst unsuspecting readerships throughout the West. Narcotized from years of propaganda, we have been conditioned to scapegoat those who produce the wealth rather than those who have mismanaged it. The relationship between personal wealth and personal worth, we are assured, is a linear one: the more money a person has, the more he's contributed to society, so let him be. Those who have literally given their lives to their industries, by contrast-often enduring lurid occupational hazards along the way, such as daily exposure to toxins and radiation-are called overpaid parasites.
The second of these assumptions is the notion that there is a qualitative distinction between "skilled" and "unskilled" labour whereby certain kinds of activities (e.g. picking apples) inherently merit less remuneration, because one does not need special credentials to undertake them, while other kinds of activities (e.g. marking essays) merit more remuneration, because such positions do require special accreditations. I will not here examine the legitimacy of this belief. I will say, however, that the dichotomy-designed as it is to engender feelings of envy and resentment-lends itself beautifully to the managerial divide-and-conquer tactics familiar to labour organizers. When a cafeteria server's wage is perceived to be too high, the teaching assistant is supposed to gaze ruefully at her hard-earned B.Sc. diploma and become indignant. When a laboratory technician loses her job, the bricklayer is supposed to feel a frisson of delight at the revelation that education does not confer immunity. We are all supposed to seethe bitterly when those less "skilled" than we refuse to know their place, and to smirk when those more "skilled" than we are brought down a notch or two.
The third of these assumptions is the conviction that university diplomas and professional degrees confer uniqueness and irreplaceability. Janitors are, allegedly, all more or less interchangeable; PhDs are not. This is the logic upon which my friend, the administrator, was drawing in lamenting the dispensability of her position. But is this even remotely true? When a university department sets up a hiring committee in order to fill a vacant professorship, one of the first things they do is determine what kind of specialist they are looking for: someone who studies land tenure systems in East Africa, for instance, or an arctic archaeologist. A formal job search is then launched, and, for each and every one of these vacancies, hundreds of roughly identical applications pour in. For each and every professor-or lawyer, or doctor-who retires or resigns, someone equivalently qualified is waiting in the wings. Does this mean that all arctic archaeologists are interchangeable? No. What it means is that, in an economy that treats us all as utilities, formal education in itself accords neither indispensability nor individuality."

http://ca.news.finance.yahoo.com/s/16052009/2/biz-finance-caw-head-says-gm-demands-chrysler-talks-slowly.html
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GM, Government Motors. Picking taxpayers pockets like a leach. Need I say more?
Conrad Black is in jail where he belongs. Lets hope Brian Mulroney follows him. Too many of these crooks are getting away with corruption.
A decent living via extortion and selling out fellow citizens in taxation isn't an honorable living. CAW/UAW perhaps are at the bottom of the cooruption food chain, but they none the less actively support it.
And if you were a real canadian of any kind, you would be pissed off at GM, CAW & Buzz the BSer hitting on the NDP to create a coup d'etat for GM GREED. Yes, I say in my opionion they tried putzing with our government.
Now they are blood sucking on the non-auto hind.
I wonder if my business was in trouble how hard the CAW wankers would whine if we put a 5% surtax on auto pay cheques to help my business?
Supporters of this are morally and ethically corrupt bastards.
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Let GM go bankrupt. Then the trustee will have full power to restructure without worrying about getting the votes of the workers who are so used to getting $36 plus an hour for screwing on wheel nuts.
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wrote:

I have been amazed at the anger of both Canadians and Americans in regards to any bailout of the auto industry, when, in fact, what they are getting wouldn't cover the interest on what has been given to the banks, even in Canada with its support of our banking system. Seems over the top when you compare the two sectors.
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wrote in message
Well, no, actually.....to tack that in there proves you to be the asshole. A real cowardly asshole, as a matter of fact.
Get some professional help to deal with you illogical hatred towards the working middle class. Your business is obviously failing and you choose to blame others instead of looking inward. Claim Chapter 11 yourself and have your two bucks worth of assets picked clean by your employee earning the minimum wage.
Oh, I almost forgot; afterwards, do us all a favour and commit Hari Kari.
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Nice piece, pity you can't see the difference between someone with a brain and a shop floor worker.
--
Clive

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wrote:

What a snot!
People with your limited knowlege of sociology of the "working class" contributed largely to screwing up the American automobile industry.
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I don't know what that means but I expect you can't wait to enlighten me.

The English Automobile was wiped out because the government would not support it, while we have a thriving alto industry based on Toyota, Nissan etc. who gets all their parts locally driveled . You just have your head in the sand, hoping for the promised land.
--
Clive

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