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...General Motors
General Motors is about to make a lot of its 48,000 hourly workers very very happy. These workers will be receiving bonus checks of $4,000 dollars. Engineers and managers will be receiving a bonus of 4 to 16 percent of their salary and the top bosses will get up to 50% of their salaries as a bonus. In all GM will be handing out bonuses totalling more than $400 million. Last year the company made $4.2 billion in profit through the 1st 9 months, and they are expected to post a profit for the last quarter of the year as well. I would love to give this a Digit Up, but I cannot. GM was given $49.5 billion in those auto bailouts and they have only paid back $23 billion. Before they go handing out money so willy-nilly they should pay off their loans. Yes the workers could help jump start the economy in Detroit, which could use it, this is just not a smart move. The Associated Press calculated that the white-collar bonuses could total more than $200 million, so they will be giving out over $600 million for 1 good year of business, 1 good year and they are still in major debt. They are not alone though. Chrysler plans on giving out bonuses, even though they also took a $12.5 billion bailout and they lost $652 million last year. Ford is also handing out bonuses, which I approve. They did not take any government money and posted a profit of $6.6 billion last year. Adding to this the United Auto Workers union (UAW) runs out this year and they will certainly have an issue with the white-collar bonuses. GM has a large pension plan for ts workers and these current bonus grabbing workers will be future pension grabbers in no time. GM needs to prepare for the future and save as much mo
ney as they can. Obviously history escapes them because it was this same lack of financial responsibility that landed them on Capital Hill begging for bucks 2 years ago. At this point I see them bankrupt again but this time being bought by the Chinese government, they really like Buicks over there. I am giving General Motors a Digit Down.
General Motors is about to make a lot of its 48,000 hourly workers very very happy. These workers will be receiving bonus checks of $4,000 dollars. Engineers and managers will be receiving a bonus of 4 to 16 percent of their salary and the top bosses will get up to 50% of their salaries as a bonus. In all GM will be handing out bonuses totalling more than $400 million. Last year the company made $4.2 billion in profit through the 1st 9 months, and they are expected to post a profit for the last quarter of the year as well. I would love to give this a Digit Up, but I cannot. GM was given $49.5 billion in those auto bailouts and they have only paid back $23 billion. Before they go handing out money so willy-nilly they should pay off their loans. Yes the workers could help jump start the economy in Detroit, which could use it, this is just not a smart move. The Associated Press calculated that the white-collar bonuses could total more than $200 million, so they will be giving out over $600 million for 1 good year of business, 1 good year and they are still in major debt. They are not alone though. Chrysler plans on giving out bonuses, even though they also took a $12.5 billion bailout and they lost $652 million last year. Ford is also handing out bonuses, which I approve. They did not take any government money and posted a profit of $6.6 billion last year. Adding to this the United Auto Workers union (UAW) runs out this year and they will certainly have an issue with the white-collar bonuses. GM has a large pension plan for ts workers and these current bonus grabbing workers will be future pension grabbers in no time. GM needs to prepare for the future and save as much mo
ney as they can. Obviously history escapes them because it was this same lack of financial responsibility that landed them on Capital Hill begging for bucks 2 years ago. At this point I see them bankrupt again but this time being bought by the Chinese government, they really like Buicks over there. I am giving General Motors a Digit Down.
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