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GM's Akerson on federal rescue: "The facts are the facts and it was a success"

http://www.freep.com/article/20120221/COL06/120221010/GM-s-Akerson-on-federal-rescue-The-facts-are-the-facts-and-it-was-a-success-?odyssey=nav|head

"I thought it was great that President Bush , in the middle of all this last week or the week before, came out and said if he had it to do over again, he’d do it over again. That speaks to a broader audience beyond the electorate in Detroit or Michigan."

There are numerous salient points in this write up; a good read.
 

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"“You know what? Our job is not to be politically oriented. Our job is to make the best of our second chance and we’re trying as hard as we can.”

To me that sums up GM top management's philosophy quite nicely. Now we have to make sure the middle management executes it.
 

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Would GM still be around if it hadn't taken the bailout? I think so, they would have went through bankruptcy, voided all their contracts and kept making cars and trucks. The only thing the bailout was save union jobs. Look at Ford, although they didn't go bankrupt, they did renegotiate their contracts to stay competitive. Would it put the Volt off into the future, we'll never know. The gov't made that decision and not the stockholders/owners. Now the gov't (all of us) are stuck with the unpaid loan just so some union workers and their bosses wouldn't lose their salaries.
 

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The auto bailout issues faced by candidates is, to me, critical to see how they will "manage" the economy going into a new term.

1 in 8 jobs in the USA is associated with the auto industry. Sure, some of it is building foreign-brands like Toyota, Honda and others. But you cannot just let these companies fail and the foreign firms who have "free access" to the marketplace without tariffs and just "take over" the industry because of our own politics. Let's not give the keys to the kingdom away. How many of our congressmen and senators drive foreign cars?

Heck, Obama toured the country a few months back in a big black bus - made in Canada.

Good for GM, Chrysler and of course Ford for pushing forward and staying in good health.
 

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Would GM still be around if it hadn't taken the bailout? I think so, they would have went through bankruptcy, voided all their contracts and kept making cars and trucks. The only thing the bailout was save union jobs. Look at Ford, although they didn't go bankrupt, they did renegotiate their contracts to stay competitive. Would it put the Volt off into the future, we'll never know. The gov't made that decision and not the stockholders/owners. Now the gov't (all of us) are stuck with the unpaid loan just so some union workers and their bosses wouldn't lose their salaries.
The people who speak with small voices have to ban together to keep from getting drowned out by the powerful. If some had their way, only the people with the most money would wright the law. Uncle Rollo, when ya gona buy that Volt?:confused:
 

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Would GM still be around if it hadn't taken the bailout? I think so, they would have went through bankruptcy, voided all their contracts and kept making cars and trucks. The only thing the bailout was save union jobs. Look at Ford, although they didn't go bankrupt, they did renegotiate their contracts to stay competitive. Would it put the Volt off into the future, we'll never know. The gov't made that decision and not the stockholders/owners. Now the gov't (all of us) are stuck with the unpaid loan just so some union workers and their bosses wouldn't lose their salaries.
I think it is important to note that GM went to the government asking for assistance, the government didn't pursue a take over of GM. The domestic auto companies benefit from mutual negotiations with the UAW. Typically what one company negotiates, the others also will incorporate the new concepts into their contracts. That is why the UAW would select one of the companies (on a rotating basis) to be the lead as a possible strike target. So Ford benefited from what the UAW was faced with at GM, and quite honestly so do the non-union workers at Toyota, Nissan & Mercedes. As far as the “bailout” is concerned, the story isn’t over yet, and I think that we owe it to GM to allow them to finish their efforts to renew their culture.
 

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Would GM still be around if it hadn't taken the bailout? I think so, they would have went through bankruptcy, voided all their contracts and kept making cars and trucks. The only thing the bailout was save union jobs. Look at Ford, although they didn't go bankrupt, they did renegotiate their contracts to stay competitive. Would it put the Volt off into the future, we'll never know. The gov't made that decision and not the stockholders/owners. Now the gov't (all of us) are stuck with the unpaid loan just so some union workers and their bosses wouldn't lose their salaries.
In the middle of a credit freeze, no bank lending, the whole of Europe looking to see if we would set the example to keep our industry from flowing down the tubes, GM and Chrysler still be around? Not a chance. Europe would have cut Ireland loose, the Balkan states would collapse, Greece and Spain would follow, while the death clock ticked for GM and Chrysler. No paychecks for autoworkers and their suppliers, job losses that never come back, no Government money for debtor in possession transactions for industry bankruptcies. Financial failures in Europe would magnify the thousands of Bank failures that occurred in the US, with the death clock ticking faster for GM, Chrysler their suppliers and Ford's suppliers.
 

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Or execute the middle management that refuses to evolve (in an employment sense, not the literal one).
Take a look at the retirements from GM's executive ranks in the last 3 years and it's pretty obvious that upper management is serious about making money. Which is a welcome change for me. I've been with GM since 1985 and watched stock price, market share, whatever financial measure you want to use, go downhill for my entire career.

Am I disapointed that we made a much larger profit than last year but my variable pay went down? Sure! But the new GM can't loose money on every car we sell and make it up on trucks! It's just not sustainable.
 

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Would GM still be around if it hadn't taken the bailout? I think so, they would have went through bankruptcy, voided all their contracts and kept making cars and trucks. The only thing the bailout was save union jobs. Look at Ford, although they didn't go bankrupt, they did renegotiate their contracts to stay competitive. Would it put the Volt off into the future, we'll never know. The gov't made that decision and not the stockholders/owners. Now the gov't (all of us) are stuck with the unpaid loan just so some union workers and their bosses wouldn't lose their salaries.
Please explain how this would have happened. And drop the ridiculous, "it was all done for the unions" nonsense. GM and Chrysler (and Ford btw) came to the gov't hat in hand. Not the other way around. And they did it because they had no other options other than liquidation, not bankruptcy. Mkay!
 
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