Subject: GM Chapter 7 ??
I think General Motors always thought they were beyond a Chapter Seven bankruptcy.
Remember back in the seventies when it was a joke "Don't Buy a Car made on Monday" they would come to work hi on drugs ,booze, or both.
The UAW would look the other way.
Then it was "Don't buy a car made on Tuesday" and so forth down the line.
Well that was the beginning of the end.
The American public got sick and tired of it and starting buying their cars from
any where except Detroit.
Also why GM continues year after year
Making a car with a confirmed leaky
intake manifold gasket is the height of stupidity.
After all these years they still don't know how to paint a car.
Over the years I have owned:
62 Eldo convertible
77 Eldo
85 olds 88
85 olds Cutlass
Plus other non GM cars
I'm now 100 % sold on Toyota
99 Tacoma SR-5 Extended Cab
02 Camry LE ( Best Car Ever )
So you see I don't feel sorry one bit for GM,Ford,or Chrysler.
How does it go ?
"You Reap What You Sow"
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GM Chapter 7 ??
- Thread starter W.T.McGlynn
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I thought it was Chapter 11?? Plus, I think they already had a brush with bankruptcy in the early 90s...'92? Anyone?
I'm sure you will have good luck with your Toyotas. Personally, I feel like I'm shutting the door on a tin can whenever I get into one. I'm never 100% sold on any one brand myself.
GM has been mismanaged from the 1950's on. It got really bad in the 1980's-1990's!!! THe problem as I see it is their entire overly political buracratic culture. They have so much pork that they are almost doomed to fail what ever they do. Then they have mismanaged their retirement pensions and their early retirment packages a well.
They are horable out of touch with what their competition is doing. They have no money for new rwd platforms that are sorely needed to be conpetitive. They refuse to build refined leak free power plants. Their transmission's are also rather old school. THeir interiors feel cheap and are not as quite as their competition etc.....
THey need to get rid of 50% of their executives,restructure the non-manufactureing divisons and cut their advertising back to about 1/3 it's current level.
They need to have people that know cars and love cars in more area's. Their are too many non-car people in the company. IF you lack passion then it is just another job!
Here we go again.
quote:They are so screwed up it's going to take the whole book
Originally posted by BatmanLS1: I thought it was Chapter 11??
![[Big Grin]](images/icons/grin.gif){kind=icon}
It's going to be interesting to watch GM's story play out.
quote:Agreed, but from a safe distance I might add.
Originally posted by GROUCHO MARX: It's going to be interesting to watch GM's story play out.
I fill that Ford and GM have both failed me as an American.They have a had all the resources they have ever needed to turn them selfs around! They are unable to do it though. They are so far gone then need to close their doors restructure. We have lost so much manufactureing base in the USA that we could never pull of a WWIII the way we did WWII!!
I also would never ask anyone to bail out a company that can not help themselfs! They consistently make the wrong decision and I can only imagine
quote:Whose fault is that? GM and Ford? Is that what you're saying?
Originally posted by JohnBrowning: We have lost so much manufactureing base in the USA that we could never pull of a WWIII the way we did WWII!!
I have wondered if the super-large salaries paid to top management harmed the BIG corporations.
They earn enough in ONE year to live on for the rest of their lives in a style the vast majority of Americans will never attain, even after a life-time of work.
What incentive is there when next year doesn't matter at the personal level?
Let's see, Volkswagon/Audi, Nissan(now French), Mazda - much of Fords, Mitsubishi much of Chrysler/Daimler, ALL of English car brands, Saab bought out by GM, Volvo bought out by Ford, Chrysler bought out, Jaguar bought out by Ford, Aston Martin bought out bt Ford, Rolls Royce bought out, Bentley bought out, Ferrari bought out, Fiat failing miserably - all companies that were on the brink of failure or basically had failed had not another company bought them out.
And GM is such a problem compared to the rest of the pathetic automotive industry?
BMW and Porsche are quite profitable. Not sure if there are any others ![[LOL!]](/forums/graemlins/lol.gif)
quote:Sounds like GM and Ford need to concentrate on their core business and sell off the interests in other automobile manufacturers.
Originally posted by Kernel Potter: Let's see, Volkswagon/Audi, Nissan(now French), Mazda - much of Fords, Mitsubishi much of Chrysler/Daimler, ALL of English car brands, Saab bought out by GM, Volvo bought out by Ford, Chrysler bought out, Jaguar bought out by Ford, Aston Martin bought out bt Ford, Rolls Royce bought out, Bentley bought out, Ferrari bought out, Fiat failing miserably - all companies that were on the brink of failure or basically had failed had not another company bought them out. And GM is such a problem compared to the rest of the pathetic automotive industry?
quote:The good news is, they won't listen to you.
Originally posted by michaelc80: Sounds like GM and Ford need to concentrate on their core business and sell off the interests in other automobile manufacturers.
The main issue is GM continues to lose its market share. In attempts to deal with profits they continue to let go of employees through early retirement, etc. The real problem with that is they still pay a pention and insurance to those retired folks. There are 2.5 GM retirees to every 1 active GM worker, Chrysler is closer to 1:1, not sure aobut Ford. An agressive run at increasing market share is necessary--now how do they go aobut this--that is the multi-billion dollar question.
Man, This sounds so much like what happened to British Leyland in the U.K., Fat management, 'Don't give a chit' work force, A Product line nobody wants selling mainly to fleets at discount, acquiring other manufacturers and then culling them after they are infected with the corporate disease!
Looks like it's just a matter of time. Even if they changed their act over night, it would be Years before they bought the confidence of the consumer.
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Folks ...(shaking head at how nobody seems to see the lines of ownership and alliances) ...this IS AN INTERNATIONAL JOBS PROGRAM. It's brokered all over the globe ..and it's time for a technical correction.
Concerns me when the blame gets pointed to pension and insurance benefits of retired people.
I agree the cost's are high but those are probably the people that are still buying their vehicle with loyalty? So you might say they are somewhat subsidising their own pensions?
It's been said that gmac financing is where all the money is, the cars are just a tool to create debt.
quote:Ch 11 is protection from creditors to reorganize. Ch 7 is out of business. GM is in serious trouble. Those laid off still receive 95% of their base pay. Also, they have twice as many on pension as those working, not to mention falling sales.
Originally posted by BatmanLS1: I thought it was Chapter 11?? Plus, I think they already had a brush with bankruptcy in the early 90s...'92? Anyone?
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