Posted on 02/08/2011 5:17:30 AM PST by coaltrain
There’s word that workers will be getting some of the largest profit sharing checks in the history of the automaker.
The exact amount is not expected to be known before February 14, but a senior UAW official tells the Detroit News that he anticipates GM bonuses to top the average check of nearly $1800...
(Excerpt) Read more at detroit.cbslocal.com ...
profit...????, they are still in debt to the American tax payer for 60 billion.
Payout??? Or PayOFF?
I wonder how the bond holders feel about this?
A normal private company that had the difficulties GM had, employees would just show up one morning and be told, we are going out of business...No buy out packages, probably not even a severance package at all, even possibly no last paycheck.
Govt workers are also the minority in this country, we need to get rid of much of their benefits and lower the salaries. That`s what I think.
Also cut funding to the arts and PBS etc, even The United Nations. I think it could be a winning message. Also this candidate (hopefully Sarah Palin) might even muster the courage to tell the people of Iowa etc that subsidies for ethanol (corn) have to come to an end
2012 isn’t that far off - never too early to start passing out the “walking around” money.
I will never purchase a GM product again. I don’t how much the government subsidizes the purchase. Government Motors must die.
That sounds about right, but you forgot the Pension Liability and what the UAW is trying to extract from their stock sales to fund their "VEBA" and what they owe the Canadian Govt.
Total I think is just north of a 100 large....
In terms of all the big 3, IMHO it might be more prudent to pay down as much debt as possible before the Profit Sharing. If they give the Profit Sharing, give it as Company Stock as a one time 401(k) contribution given the maximum match is the same as the contribution i.e. 16.5k ( many do not know that ) my guess it would not max out for a lot of employees. This would make it a tax deferred event, as well as having a stake in the company and it may give them some incentive to take a pro-active role in their own retirement planning.
I heard something over the weekend about the SEIU getting ready to unionize the TSA. The govt gave permission over the weekend for it to now be part of the union. NICE PAY OFF.
“It’s possible GM could top the bonuses with incentive pay to set the tone going into contract talks this summer.”
Dream on sucker. Pure and simple this is a political move, because everything the Left does is political, and GM is under the umbrella of the Left as they are controlled by the Leftist Unions.
All three auto makers have bonused their union employees either still owing the taxpayers massive amounts of funding, or that, and having accrued huge losses as well.
The bonuses are buying Union loyalty to Obama, and the Left period. It’s all part of the buildup to the 2012 elections in which the Leftist, Socialist Democrats have already announced they will be allocating one billion dollars to his campaign for reelection.
The best part, you are more likely than not to buy a vehicle that is undefiled by unionized auto worker.
“I will never purchase a GM product again.”
My husband and I have made the same FIRM decision. We are looking for a new car with good gas mileage. We do not want a hybrid either. Any ideas?
I think most people knew all along that it was a union bailout.
And what do the ex-GM bond holders get ?
GM is making a profit?
On what?
Have the govt taxpayer bailout loans been repaid? Have the bondholders been made whole?
?
I thought all profits were evil.
Apparently paying off your debts is the new Evil.
I am very happy with a 2010 Toyota Corolla I bought new. Very affordable, great gas mileage, comfortable. I think the sudden acceleration hype was just that. A bunch of lawyers trying to get rich.
OMG!! UNIONIZED TSA workers!!!! I HATE THESE DEMOCRATS!!
This is obviously timed right after Obama’s “businesses must spread the wealth around” speech to the CoC. Now he can say “SEE...this is how you do it”. Barf, yes. But listen to CSPAN any given morning and hear how many American Sheeple buy this crap.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.