Companies that make too many stupid decisions for too long are supposed to fail. That's a good thing. Ch 11 is the right way to handle the big 3, because it gives the courts a lot of leeway in figuring out how to restructure the companies debts, assets, existing obligations, etc.

http://www.youtube.com/watch?v=xKEXi3ZgUYs&feature=related

This senator corker guy from TN is awesome. He owns these guys during the bailout hearings.

There are a lot of good people at GM, even amongst union members. Those people are locked up in a company that is run badly. Changing out the top 1% or the bottom 20% won't fix the company. Bankruptcy (or something even more aggressive) will go a long way towards unlocking the good talent at GM and putting it to good use.

RidinRails;250793 wrote:
it would be pretty hard to get rid of the unions.... like the one congressman said, the CEO's of the company's shoould take a paycut, instead of making 60million a year, they should make $1.

Yes paycuts for CEO would be good.

slow90gsx;250642 wrote:
Do you think it would be good for a couple of these clowns to merge?

That could be a good idea...

DelSlow;250644 wrote:
i doubt any other car manufacture would want to buy any of that.

Foreign company more than likely...

slow90gsx;250631 wrote:
I believe it was a loan right.Its not like they were asking for free money.There is no good way out of this but I do think it will affect everyone of us if they go BK.I however have mixed feelings about it.Its hard to predict what exactly will happen im just thinking worst case scenario.....How do you think it will affect us...just wondering.

Loan or not it is not going to fix the profitability and value problem that they have. The products are inferior to other car companies and they do not have cash flows to spend in R&D to innovate. I say let them go under, not restructure, but get bought out by another company that will use cost controls to curb expenses, create value by being innovative, and get them out of the red. Stocks will be bought pennies on the dollar and people may lose jobs. Yes people will lose jobs...but in the long run, they could become better, bigger, and stronger.

SmitEvo;250615 wrote:
If a company is not profitable, whos fault is it? Who should be responsible for fixing it? No bailouts period...

I believe it was a loan right.Its not like they were asking for free money.There is no good way out of this but I do think it will affect everyone of us if they go BK.I however have mixed feelings about it.Its hard to predict what exactly will happen im just thinking worst case scenario.....How do you think it will affect us...just wondering.

slow90gsx;250614 wrote:
Yea dont help out the big 3, But hand out 300 billion to citi with out any conssessions at all wow thats great.This country is fucked up.Oh yea we cant forget about AIGs bailout.....and the labor is only 10% of the money going out (according to big 3) yes overpaid but not the whole problem.

If a company is not profitable, whos fault is it? Who should be responsible for fixing it? No bailouts period...

DelSlow;250592 wrote:
oh i know how it works...or what they probly will end up doing.

Chapt 11, restructure, same people in charge, cut the unions.

thats my guess.

Some people are smart, some people are not, sometimes you are not part of the some people that I was referring about earlier. :icon_rr:

Chapt 11, restructure, same people in charge, cut the unions.

thats my guess.

DelSlow;250583 wrote:
if they do fail and go 100% under, i really wonder what will happen to our economy. Thats a lot of jobs gone.

We need Cars, how the hell would they go completely under... They 100% did it to themselves... they'll figure out how to do it.

Anyway, Let em fail...

Senate Minority Leader Mitch McConnell, R-Ky., said the sticking point was the United Auto Workers union's refusal to put employees at U.S. auto manufacturers at "parity pay" with U.S. employees at nonunion plants operated by foreign automakers in the United States.

Negotiations centered around proposals from Sen. Bob Corker, R-Tenn., that would have set dates in 2009 by which the automakers receiving the loans had to reach cost cutting agreements with unions and creditors or be forced into bankruptcy. Corker said the two sides were very close to a deal and stumbled on the deadline for the union to agree to the reduced pay.

"We are about three words away from a deal," Corker said.

Currently, analysts estimate the union workers at U.S. automakers make about $3 to $4 per hour more than the non-union U.S. employees of foreign automakers like Toyota and Honda, according to the Center for Automotive Research.