jod

Bankruptcy Lets Capitalism Run Its Course

Seems more like organized crime to me.


On Apr 06 06:41 PM jod wrote:

> I read yesterday that the GM bonds are probably mostly covered by
> cds's and blind cds's. The 28 billion in bonds is estimated to be
> insured for at least 100 billion. A good portion of these are insured
> thru AIG and guaranteed by the government. The major bond holders
> are all pushing for Bankruptcy so they can collect 100 percent of
> the bond. .Thats capitalism to pay out over a 100 billion and bankrupt
> a company. All Gm's union workers together make less than 4 Billion
> a year. If GM goes bankrupt and screws the union out of a billion
> a year and the Government pays like 50 billion for the CDS's AIG
> holds how does that make common sense. The whole system seems backwards
> to me.

Bankruptcy Lets Capitalism Run Its Course

I read yesterday that the GM bonds are probably mostly covered by cds's and blind cds's. The 28 billion in bonds is estimated to be insured for at least 100 billion. A good portion of these are insured thru AIG and guaranteed by the government. The major bond holders are all pushing for Bankruptcy so they can collect 100 percent of the bond. .Thats capitalism to pay out over a 100 billion and bankrupt a company. All Gm's union workers together make less than 4 Billion a year. If GM goes bankrupt and screws the union out of a billion a year and the Government pays like 50 billion for the CDS's AIG holds how does that make common sense. The whole system seems backwards to me.

The Failure to Admit Failure

The government might as well take over the pensions and take the stock in exchange to avoid bankruptcy. When GM goes bankrupt they will be left with the pensions and no stock.


On Nov 10 09:43 PM jod1921 wrote:

> How would the foriegn automakers be doing if they had to pay out
> over 10 billion a year to retirees. Gm has 70000 employees and 350000
> retires and surviving spouses. 5 to 1 retirees to workers. Sorry
> about the spelling errors. I was in a hurry and pissed !!!!!!! Stick
> up for AMERICA

The Failure to Admit Failure

How would the foriegn automakers be doing if they had to pay out over 10 billion a year to retirees. Gm has 70000 employees and 350000 retires and surviving spouses. 5 to 1 retirees to workers. Sorry about the spelling errors. I was in a hurry and pissed !!!!!!! Stick up for AMERICA


On Nov 10 09:32 PM jod1921 wrote:

> Theres 10 non-union workers for every 1 union worker in the auto
> industry. The biggest problem for the Big 3 is the legacy costs for
> pensions and healthcare All the foriegn car companies in America
> operate without any legacy costs as well as many tax advantages given
> to them to locate their assembly lines in competing states. I find
> it very sad to watch anyone cheer for the Big 3 to go bankrupt. They
> have always paid our follow Americans well even though the don't
> have a level playing field in they own country. If the automakers
> go so do up to 2.5 million jobs. They're the largest manufacturer
> we have left. Probably 2 million of them will lose there houses and
> that will pull down the value of the millions of houses around them
> causing the government around 200 billion dollars to pay out the
> bonds. The stock market will lose another 25 % essentually costing
> us all another 2 trillion. Why don't we just take over there pensions,
> make them issue the government stock equal to the current amount,
> and toss 20 billon each for treating one of our greatest assets like
> shit. Total cost around 200 billion much if not all would be recouped
> when there stock went up. Thats a level playing field. They should
> be able to do all that in about an hour.

The Failure to Admit Failure

Theres 10 non-union workers for every 1 union worker in the auto industry. The biggest problem for the Big 3 is the legacy costs for pensions and healthcare All the foriegn car companies in America operate without any legacy costs as well as many tax advantages given to them to locate their assembly lines in competing states. I find it very sad to watch anyone cheer for the Big 3 to go bankrupt. They have always paid our follow Americans well even though the don't have a level playing field in they own country. If the automakers go so do up to 2.5 million jobs. They're the largest manufacturer we have left. Probably 2 million of them will lose there houses and that will pull down the value of the millions of houses around them causing the government around 200 billion dollars to pay out the bonds. The stock market will lose another 25 % essentually costing us all another 2 trillion. Why don't we just take over there pensions, make them issue the government stock equal to the current amount, and toss 20 billon each for treating one of our greatest assets like shit. Total cost around 200 billion much if not all would be recouped when there stock went up. Thats a level playing field. They should be able to do all that in about an hour.