GM

[tw]

Originally Posted by TGRR

That's a very good point. However, in the case of the sought-after bailout, I believe mgmt DID give up something.
Am I remembering this correctly?

Well yes. They gave up 30% and 50% per year salary increases. Salary increases that occurred even as GM was losing money and shorting the pension funds. Increases that occurred when GM then complained about legacy costs - because those same executives had shorted the pension fund to claim quarterly profits - and justify more executive bonuses.

Did they give up the private airplanes? No. Only a few. Why does GM need private airplanes? Because GM corporate executives are not permitted to fly on commercial airliners - that are too dangerous.

So rent a private jet when one is needed? That too would mean aanother perk denied elite executives.

So they gave up what? Did they take bonuses when the UAW gave up previous concessions? Of course. Did they surrender their hundred of $million golden parachutes? Of course not. They give up something when they surrender bonuses from past years that were never earned. UAW gave up concessions in years previous and GM executives took more bonuses.

There is only one reason why GM products are some of the worst in the world. There is good reason why the only part of GM that is productive was the part run by Louis Hughes. Hughes was then driven from GM because he was a car guy; not a bean counter. Rick Wagoner - whose history was to run only unprofitable operations - got promoted instead of Louis Hughes. What did he give up? They rewarded Wagoner for created quarterly losses.

Where are these concessions? He could not even tell Congress how much money GM would need from the government. What kind of leader is that? Typical of someone who also says GM has no internal problems; that GM's only problem is the economy. Any concession is for show. He sold off two(?) of six(?) private jets.