Official: GM's Restructuring Plan For Long Term Viability.

Discussion in 'OT Driven' started by Small Block LSX, Dec 4, 2008.

  1. Small Block LSX

    Small Block LSX BMW | N54 | LSX | Gun | PS3 | Parent | Night CREW

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    Here it is folks, the .PDF file submitted to Congress.

    http://www.gm-volt.com/g/gm_plan.pdf

    A few highlights; both good and bad:

    1. $103B spent over the past 15 years on legacy costs. Legacy costs are paying heathcare and pension funds for retired GM workers.
    2. Executives will reduce their yearly salary to $1/yr with no 2008-2009 bonuses.
    3. Company will save approximately $5B/yr starting in January 2010 due to moving legacy costs into private trust fund for retirees.
    4. GM just finally realized that the 6-speed automatic can greatly improve fuel economy overall. How did they not grasp this concept with the powerful 6-speed Corvettes and Fbodies?
    5. Average hourly employee makes $45-$50/hr on the assembly line. GM wants to reduce this salary to around $25/hr and ramp back up to $45-50/hr by 2012.

    Browse through it, it's really worth the read.
     
  2. Slick26

    Slick26 Gun|Bike|Cigar|PS3|Beer |Whisky|Night Crew

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    Sweet.
     
  3. Small Block LSX

    Small Block LSX BMW | N54 | LSX | Gun | PS3 | Parent | Night CREW

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    GM sells cars. Just hard to turn a profit on smaller vehicles under those circumstances.
     
  4. Prince of Zamunda

    Prince of Zamunda Nothing but natural berries and juices. OT Supporter

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    45 - 50?

    Line workers BE BALLIN!
     
  5. Hamburglar

    Hamburglar OT Supporter

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    at this point, ford has a better chance of pulling through.
     
  6. Delta00

    Delta00 OT Supporter

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    i love congress asking for business plans like they have any fuckin idea what they are looking at :bowrofl:
     
  7. hash browns

    hash browns lolcathlon champion OT Supporter

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    assembly line workers make more than the average engineer
     
  8. SquirtRussel

    SquirtRussel OT Supporter

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    interesting, thanks

    and is that a typo??

    execs will get ONE DOLLAR PER YEAR as an official salary with no bonuses??
     
  9. Small Block LSX

    Small Block LSX BMW | N54 | LSX | Gun | PS3 | Parent | Night CREW

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    :werd:

    Looks like GM hired some college kids to write that business plan. Not because they don't have the talent to do so, but they need to dummy it down for our elected officials.

    :rofl:
     
  10. Slick26

    Slick26 Gun|Bike|Cigar|PS3|Beer |Whisky|Night Crew

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    :werd: but I hope they both do. Couldn't care less about Chrysler.
     
  11. Small Block LSX

    Small Block LSX BMW | N54 | LSX | Gun | PS3 | Parent | Night CREW

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    It also talks about how this is a LOAN and how tax payers will not absorb the entire burden.
     
  12. Small Block LSX

    Small Block LSX BMW | N54 | LSX | Gun | PS3 | Parent | Night CREW

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    Can thank the UAW for that.
     
  13. Slick26

    Slick26 Gun|Bike|Cigar|PS3|Beer |Whisky|Night Crew

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    No typo.
     
  14. Small Block LSX

    Small Block LSX BMW | N54 | LSX | Gun | PS3 | Parent | Night CREW

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    NO TYPO. It says it in their buisiness plan. ONE FUCKING DOLLAR per year. All BIG 3 automaker executives have accepted this. The top 4 executives from each automaker to be exact.

    This isn't the first time this happened. Lee Iacocca did this during the 80s.
     
  15. hash browns

    hash browns lolcathlon champion OT Supporter

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    Executive #1: You're getting a promotion...
     
  16. Small Block LSX

    Small Block LSX BMW | N54 | LSX | Gun | PS3 | Parent | Night CREW

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    Seriously guys, it's an easy read. I went through it in like 10-15 minutes. Instead of listening to ill-informed Americans read what they have to say and what they are offering. It's good to hear it directly from them.

    Drop down dealership network, talking about shit canning Hummer for good any other ideas.
     
  17. SquirtRussel

    SquirtRussel OT Supporter

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    well im sure they have a shitload of money to live off of and can put any travel expenses on the company account... so

    :dunno:
     
  18. Small Block LSX

    Small Block LSX BMW | N54 | LSX | Gun | PS3 | Parent | Night CREW

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    Well, last year their executives made ~$300,000/wk. Talk about a pay cut. :o
     
  19. Small Block LSX

    Small Block LSX BMW | N54 | LSX | Gun | PS3 | Parent | Night CREW

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    Well, obviously they do. They made over $14M last year. They can take a pay cut for a few years. Now, they will most likely give themselves HUGE bonuses in 2010-2012 if they do infact turn their business around and become profitable again - or at least I would imagine so.
     
  20. williamwallac3

    williamwallac3 OT Supporter

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    true but ford said that if the others go bankrupt, they're fucked also :noes:
     
  21. JohnnyBeagle

    JohnnyBeagle OT Supporter

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    two years of cheap pay to ensure they continue to get pay and benefits after those 2 years is worth it
     
  22. pharmokan

    pharmokan OT Supporter

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    NO DISCONTINUATION OF SATURN/PONTIAC/BUICK/GMC, NO CARE
     
  23. hash browns

    hash browns lolcathlon champion OT Supporter

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    a pay cut when you've been overpaid for years ?
     
  24. SquirtRussel

    SquirtRussel OT Supporter

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    well i like that theyre trying to pay factory workers a realistic wage.. at least for a few years...

    should go back up to 45/hr so quickly though
     
  25. Mitchj

    Mitchj OT Supporter

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    what about getting rid of Pontiac and all that?
     

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