GM's plan includes cutting 47,000 jobs.....

[marmar]

Mon dieu! :hurts:


GM seeks up to $30B in aid, to cut 47,000 jobs

By TOM KRISHER and KEN THOMAS, Associated Press Writers


DETROIT – General Motors Corp., presenting a dire outlook for the future, said Tuesday it may need $30 billion in total government financing to weather the economic downturn and would cut 47,000 jobs worldwide and shutter five more U.S. factories in a massive restructuring plan.

The automaker is already surviving on $13.4 billion in federal loans and said in a plan submitted to the Treasury Department that it would seek an additional $16.6 billion if economic conditions worsen, but it could achieve profitability in two years and fully repay its loans by 2017.

The U.S. automaker presented its turnaround plan to the Obama administration as it worked to win concessions from the United Auto Workers union and bondholders to dramatically resize the company. The UAW said it reached a tentative deal with GM, Chrysler LLC and Ford Motor Co. on contract changes but discussions were still under way about how the companies would fund union-run trust funds that will take over the companies' retiree health care obligations starting next year.

GM said it was making progress but had not yet achieved all the concessions from union workers, debt holders, dealers and suppliers that the Bush administration sough in the loan terms provided last December. .......(more)

The complete piece is at: http://news.yahoo.com/s/ap/20090217/ap_on_bi_ge/gm_bailout

[Donnachaidh]

1. how many factories do they have in the US?

I should think that -any- money given to them should be used for US plants ONLY.

[steelmania75]

2. THOSE BASTARDS!!!!

[blue_onyx]

3. Many of the jobs loses had already been announced

At first, I thought it was 45,000 addition jobs but at their press conference, they pointed out that number included already announced cuts (like the 10,000 salaried cuts announced last week). We all knew they would ask for more money. I'm disappointed that Saturn's future doesn't look good. I really like their vehicles.

[no_hypocrisy]

4. Got news for you: GM will take your 30B tax dollars to lay off 48,000 of your

compatriot taxpayers and use that money to build plants in China where ca. 48,000 workers will be put to work to build GM motor vehicles which will be shipped to this country.

[HughBeaumont]

5. Any company who gets bailout bucks should abide by TWO iron clad conditions.

1. NO Layoffs.

2. NO overseas ANYthing.

Can't meet those two conditions? FUCK you. You get SHIZnit.

And fuck your "Well, howr we gonner make-uh PRAWFIT??" crap.

Gee, I dunno. You assholes sure had the "talent" and the high pay that comes with it to send what was once the largest employer and company in America to the bankruptcy sewer in a decade's time. I'm quite positive this plan will motivate you to WORK for your money rather than just have you expect it and use it to fire workers and get the best bang for your manufacturing buck in China.

After all, tax breaks and no-payback loans didn't seem to do the trick, as you're doing worse than ever, still marketing land yachts as your bread and butter and selfishly screwed America out of a potentially viable start to electric car development, all so you could get an environmentally sound law revoked.

[OhioChick]

6. Agreed and well said, Hugh. n/t

[Norrin Radd]

7. I'll third that.