[TenthAmendmentChampion]

Does anyone know if the workers get paid anyway?

This is not good.

[TenthAmendmentChampion]

I know the first paragraph has a typo (it’s). Arrggh, but I didn’t write it.

[al baby]

Paging Lee Iaccoca white courtesy phone please

[TexGuy]

I believe GM is paying their employees when they shut down some of their plants. I think it is in the contracts ...

[xcamel]

This is gonna suck... I have a jeep in production...

[RightWhale]

Will they ever re-open? Maybe not.

[mewzilla]

Paging Cerberus....

[MississippiMan]

Anyone understand the floor plan issue they’re talking about? In addition to Chrysler floor planning the cars for the dealers, do they also provide the equivalent of “floor planned operating cash?”

MM

[TheWasteLand]

Plant shutdowns are a typical money saving move when operating losses are occurring. I'm surprised they didn't do this earlier.

As to whether the employees get paid, I think it depends on their contract. My guess would be they do get paid, but at reduced wages.

[Yosemitest]

It's time for Atlas to shrugg.

[DoughtyOne]

They probably have an excess of inventory right now. I don’t see what the alternative is. If the media would quit playing up every tid-bit of bad news, things would turn around a lot faster. You watch. The day Obama is sworn in, there won’t be any more bad news. Soon car sales will pick up, housing will firm up and everything will be wine and roses.

[Ugot2Bkidding]

It’s not bad. Our Corporate company is doing the same thing for two weeks during the holidays. We have to use our vacation time and they will pay for usual holidays. Nothing new. I’m sure Union workers have alot of sick days and vacation days.

[TexasNative2000]

Hey dealers! Don't pull from that cash account.

Bob Nardelli needs that as part of the $200 million he plans on walking out with just like he did at Home Depot.

[ken21]

comeuppance

[BobL]

Just at the right time to turn the screws on Bush...

[VlPu]

Meanwhile oil continues to be traded under production costs...

[PISANO]

Does anyone know if the workers get paid anyway?

I don't know for sure but I would bet the farm they are being paid full wages.

[Ferndale]

UAW workers are paid 95% of their regular wages through the SUB (Supplementary Unemployment Benefit). This basically supplements the state unemployment benefit with money from the companies to reach the 95% amount. I don’t know how long it lasts but, it is a contractual obligation and has been so for a long time.

[Buckeye McFrog]

when I lived in Michigan, they were getting unemployment obviously, plus UAW sub-pay. Unemployment comp + sub pay equaled 95% of the base wage, resulting in scenarios like “hey, lay me off first, I have seniority!” Lots of guys were getting 13-week vacations at 95% of their base pay. I have no idea if that is the case at present.

[Rutles4Ever]

I suspect the others will follow suit. They may be locked into contracts, but racking up operating costs is pointless if you’re just piling up inventory.

Chrysler also said they won’t be originating any new car loans. It looks like dealership are getting sent to the scaffold in big numbers this coming year.

People really need to get prepared for 2009:

1. Pay off your debts.
2. Raise/conserve cash.
3. Pray.

[chainsaw]

You mean to tell me that the new owners of Chrysler bought a pig in a poke,,,and now want the taxpayer to help them pay for their wonderful foresight.</sarcasm>