Company Financials
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bubba;248920 wrote:
So moral of the story... Start a business, spend all your money and run it into the ground, and ask the government to help keep u going, because they will?Just remember to keep your wages as upper level very high through this so you don't end up broke like your company.....
Rumor has it that when they flew to Washington to ask for money, they took a private jet...
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inspector01;248922 wrote:
Just remember to keep your wages as upper level very high through this so you don't end up broke like your company.....Rumor has it that when they flew to Washington to ask for money, they took a private jet...
yep at a cost of $20k... when they couldve gotten a plane ticket for a couple hundred bucks...
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inspector01;248922 wrote:
Just remember to keep your wages as upper level very high through this so you don't end up broke like your company.....Rumor has it that when they flew to Washington to ask for money, they took a private jet...
Then they took hybrids this time to DC...so they are even.
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MisterCMK;248935 wrote:
How so? They should have done that the first time when they went to DC begging for money.True...I still dont think they should be bailed out though. Hybrids were a publicity stunt to have a positive public opinion from the back lash last time.
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Keep in mind these are LOANS they are asking for not free money. they have to pay it back (when, how and at what interest I don't know).
They should tell the Unions to go to hell. If they want to keep their jobs they'll take the wage given to them. If not, get a job elsewhere. There was a time when Union's were very necessary inorder to ensure fair business practices. that time has passed.
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Colin;248916 wrote:
I find it pretty hard to care about their poor financial situation when a unionized assembly worker in a ford/GM plant is getting 60-70 dollars an hour to create an inferior product.I agree that they are overpaid, from what I know. That said, if I wasnt a student and there was an assembly plant in ND paying $70 an hour, I would definately jump on that. I dont begrudge the workers for getting paid what they do, but I do begrudge the union and the system that allowed them to get paid what they do.
And the workers do what they are told to do. I dont consider GM products "inferior" but evidently most people do, so presuming they they are "inferior" (as the general concensus elects), the workers just assemble what they are told to assemble, even if it is crap. Im sure they would prefer to be making a quality product, but I think they are prepared to ride the $70 an hour train as long as they can, even if that consists of making a so-called "crappy" product.
And there is really no sense for the workers to let their pride get to them and quit because their toil is "inferior" because a few workers quitting will make no difference at all because there will be a long line of other people that would love to fill their spot for $70 an hour, especially in the Detroit area. From what I understand, the Detroit/Flint area is extremely poverty and unemployment stricken. Yes, probably because many are lazy, but not all.
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uman44;248946 wrote:
Keep in mind these are LOANS they are asking for not free money. they have to pay it back (when, how and at what interest I don't know).I try to keep that in mind, but there seems to be a gaping hole in that plot because if they go on to fail anyway, this "loan" idea isnt worth the bandwidth we just used up to discuss it.
uman44;248946 wrote:
They should tell the Unions to go to hell. If they want to keep their jobs they'll take the wage given to them. If not, get a job elsewhere. There was a time when Union's were very necessary inorder to ensure fair business practices. that time has passed.Fully agreed.
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DelSlow;248956 wrote:
lol even if they fail it still gets paid back...so if they fail and it doesnt get paid back, are you gonna buy us all a gumball or something?
if it was a sure thing they (we) would get their (our) money back either way, why would there even be a discussion if they should get it or not? Im asking, so tell me why if you have some time. I dont take econ classes.
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Briggs&Stratton;248962 wrote:
if it was a sure thing they (we) would get their (our) money back either way, why would there even be a discussion if they should get it or not? Im asking, so tell me why if you have some time. I dont take econ classes.Inflation. You think we are just magically sitting on a pot of money? We have to print it.
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PSiedTSi;248973 wrote:
Inflation. You think we are just magically sitting on a pot of money? We have to print it.the phrase used was "paid back". I do not consider inflation a means of getting "paid back" from defunct automakers.
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Briggs&Stratton;248976 wrote:
the phrase used was "paid back". I do not consider inflation a means of getting "paid back" from defunct automakers.No no no...thats WHY there is a discussion whether or not this happens...
If we had the money laying around, we probably would have already done it...
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I believe (I could be wrong) that in the event of bankruptcy or even complete failure all outstanding debts are paid first. A corporation filling bankruptcy means that their assets are liquidated (sold) and the money is used to pay outstanding debts first (employees, banks). The Big Three are asking for the loans because they fear they will not have the liquid assets (cash on hand) to run their day to day business. They have enough invested in equipment, land, buildings to pay these loans back even if their companies completely failed.
I am not, however, saying we should just blindly hand them a bunch of money. I'm not an economist (None of us are). Just like a bank loaning a regular joe money, they need reasonable assurance that they will get their money back (Insurance, proof of income, collateral). God help us if we were exposed to so much public scrutiny to get a mortgage.
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uman44;248987 wrote:
I believe (I could be wrong) that in the event of bankruptcy or even complete failure all outstanding debts are paid first. A corporation filling bankruptcy means that their assets are liquidated (sold) and the money is used to pay outstanding debts first (employees, banks). The Big Three are asking for the loans because they fear they will not have the liquid assets (cash on hand) to run their day to day business. They have enough invested in equipment, land, buildings to pay these loans back even if their companies completely failed.Exactly. Think of how many billions of dollars they have in assets.
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