GM could have waited until after Christmas/New Years to announce. This was way too sudden so something doesn’t pass the smell test, maybe. IMHO. PS: Where’s the taxpayers bailout money GM?
My BIL, who worked for GM for a number of years, had a slightly different take. He pointed out that the union contracts will need to be negotiated next year, and what better way to convince them you are serious than to announce closings?
That sounds cynical, but Big Auto and the UAW have a long and difficult history.
I would imagine that there’s no way Trump is going to allow this without making GM think twice. As I understand it, GM still has plants in other countries?
This was all coordinated thru the Left’s contacts to hurt Trump in the worst way possible. These workers are being used to further a political agenda and they don’t even realize it.
The Left does not care whom they hurt or how much in the process of gaining power.....................
Could not had said it better.
Mary Barra’s not that great at running big companies. She’s got the sociopath thing down pat though.
Some jackhole probably thought pulling the trigger late November would help the 4Q or EOY reports. Or maybe the stock price.
This story resonates with me on a few levels. As someone who was laid off earlier this year (I’m working now), as the Son of a GM retiree who no longer has the healthcare he expected, and as a Christian who will pray for his brothers and sisters in Ohio who need to be uplifted.
I wouldn’t swear to it but this would seem to indicate there isn’t any amount due back to us, the taxpayers - paid in full? I wonder why the president is asking the question..
“”Chrysler entered bankruptcy on April 3, 2009. GM followed on June 1. By the end of July, they emerged from bankruptcy reorganization. GM became two separate companies and spun off GMAC into Allied Financial. Chrysler became a brand owned mostly by Fiat. The Treasury Department began selling off its ownership of GM in 2010. Chrysler paid off the last of its loans by 2011.
On December 18, 2014, the Treasury Department ended the bailout. That’s when it sold its last remaining shares of Ally Financial, formerly known as General Motors Acceptance Corporation. It had bought them for $17.2 billion to infuse cash into the failing GM subsidiary. The Treasury Department sold the shares for $19.6 billion, making a $2.4 billion profit for taxpayers.””
https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670
Meet the new GM.....
same as the old GM....
“GM could have waited until after Christmas/New Years to announce.”
I worked in H.R. for many years, and kicking employees to the curb in December is a common practice. Not sure why (bottom line figures?), but it is cruel.
We knew for about a year that it was closing but that didn't really soften the blow. Many of those who were left, including myself, were high seniority and eligible for retirement pensions. Those who didn't meet the age requirement were still vested in the plan but had to wait until age 60.
Many of the skilled trades guys were able to find jobs around the metro Detroit area but it was hard due to the economy. The hourly production workers weren't so lucky. Most of them were in their late 40's and well into their 50's so their job searches were harder. Over the years I've run into a number of them who were able to find work with places like Home Depot or small manufacturing companies......
When people think of Detroit and the auto industry, they only see Ford, GM and Chrysler. What they don't see are the small background companies that keep the Big 3 supplied with small parts. Back in the days prior to the Carter inspired recession, Detroit and suburbs were filled with family owned small job shops that ultimately spawned skilled tradesmen such as die makers who if fortunate, were ultimately hired by companies such as mine or the Big 3. Almost all of those shops are gone now, most of whom never survived the recession.
The closing of the GM assembly plant in Hamtramck is not only going to impact those specific employees but the suppliers to that plant and all the other plants that are scheduled to close.