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This isn't the first time secured bondholder's have been wiped out either so I really doubt it has much if any effect on overall bond yields, although if I were a Ford bondholder I'd certainly be on guard until they're out of the woods. There's probably a few others I'd be concerned about too, but not overall.
This isn't the first time secured bondholder's have been wiped out either so I really doubt it has much if any effect on overall bond yields, although if I were a Ford bondholder I'd certainly be on guard until they're out of the woods. There's probably a few others I'd be concerned about too, but not overall.
Yeah, what a rip! I think all corporate bonds will have to raise yields, at least if issued by a company that has a union workforce.
You really gotta love the UAW's "concessions" to keep GM alive.. No cut in base pay, no cut in benefits, 50% pay for a year if layed off BUT they gave up easter paid holiday and education reimbursement. Damn but they're giving up a whole bunch.
Bragging about how they "got" all of this AND are now (with the government) in control of the company.
Bankrupt once? Certainly! Bankruptcy later? Probably.
How much should they be making? Who should dictate what they make? Obama? They took pay cuts not too long ago, a newhire starts at $14/hr. Maybe we should just pay them minimum wage.
It's funny when times are bad CEO's don't take pay cuts but expect the rank and file to turn over and take it without lube. In fact in my industry the rank and file (union) took 50% pay cuts and the upper management immediately was awarded millions in bonuses for "making it happen".
How much should they be making? Who should dictate what they make? Obama? They took pay cuts not too long ago, a newhire starts at $14/hr. Maybe we should just pay them minimum wage.
It's funny when times are bad CEO's don't take pay cuts but expect the rank and file to turn over and take it without lube. In fact in my industry the rank and file (union) took 50% pay cuts and the upper management immediately was awarded millions in bonuses for "making it happen".
Did YOUR industry take bailout money? Did YOUR union help run the company into the ground? If no then you can't compare YOUR industry to the auto industry now can you?
What right does the UAW have to run anything?
What right does the UAW have to maintain their lifestyle at OUR expense?
What right does the UAW have to continue doing the same things that contributed to the companies downfall again, at our expense?
Yes management was/is incompetent and are pigs and the UAW took full advantage of that but that doesn't make it right.
Actually yes the airline industry did take Government money after 9/11.
I agree about the maintaining lifestyle thing. I support unions to get what they can however it is kinda unfair that I am paying taxes to pay someone more than I make flying a $25 million aircraft vs. working an assembly line.
I disagree that the union contributed to the companies downfall, GM was making hundreds of millions a year before the gas price runup. Their management team didn't put any effort into higher MPG cars, that is what led to the sales decline last year.
Actually yes the airline industry did take Government money after 9/11.
I agree about the maintaining lifestyle thing. I support unions to get what they can however it is kinda unfair that I am paying taxes to pay someone more than I make flying a $25 million aircraft vs. working an assembly line.
I disagree that the union contributed to the companies downfall, GM was making hundreds of millions a year before the gas price runup. Their management team didn't put any effort into higher MPG cars, that is what led to the sales decline last year.
So in a nutshell you tout the union line no matter what they do right?
my question for all unions is, "where were you when jobs were being outsourced and where were you on the massive illegal immigration issue?". they are being paid out of worker's salaries to protect american jobs and they have been pretty useless in that regard. maybe that is why unions don't get the respect they think they deserve.
here are my questions for the new GM.
why in the world are they closing down profitable dealerships?
why did they issue an order to close down some dealerships and then decide to reopen them?
WHAT IS GOING ON?
as taxpayers who have been forced by the federal government to bail out GM, i think we (as taxpayers/investors) have a right to see some balance sheets for all of the dealerships. why isn't the media getting on top of this?
we have a right to at least try and make a profit on our new GM investment.
my question for all unions is, "where were you when jobs were being outsourced and where were you on the massive illegal immigration issue?". they are being paid out of worker's salaries to protect american jobs and they have been pretty useless in that regard. maybe that is why unions don't get the respect they think they deserve.
Well the UAW tried. They tried to get scope into their current agreement however management would not sign off on it. Instead of striking they struck a compromise. They created the "job bank" program that they thought would effectively block management form outsourcing. Their reasoning was why would GM management pay a union worker to sit on his butt doing nothing and another worker in Mexico/Brazil/China/what have you to assemble the car.
Well management won again, because they outsourced their jobs and due to public outcry the UAW was forced to give up what little scope protection they had in the form of the job bank. You see it all the time on here, people talking about how jealous they are that UAW members are getting paid to not work. Yet they don't understand why they are getting paid to not work - because management outsourced their jobs. The public effectively broke the union. Nice job .
Another issue in the airline industry is cabbatage. Foreign airlines allowed to fly in the United States and deliver passengers from point A to B both in the US. This is going to happen, soon we will see Air China operating routes American Airlines used to operate. You can kiss all those relatively good paying jobs away as well. The pilots union, ALPA, has lobbied for years to block it but managements pockets are deeper than our unions.
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No cut in base pay, no cut in benefits, 50% pay for a year if layed off BUT they gave up easter paid holiday and education reimbursement. Damn but they're giving up a whole bunch.
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