The United Auto Workers has walked away from concession talks with General Motors Corp. (GM) over a dispute on payments to a retiree health-care fund, according to a report published Saturday.
According to an earlier report in The Wall Street Journal, GM plans to tell the government in that update that it requires billions more in bailout money, or else it may have to file for bankruptcy protection.
Bankruptcy is EXACTLY what should have happened back in December, now three months later they have spent the $13.4 billion and now want another $5 billion. WOW, no one could have predicted that. This gives a whole new meaning to the phrase “Corporate Welfare”. Nice strategy leaking the bankruptcy rumors immediately after the stimulus was passed!
14 hours after (GM) got their last Government handout, (GM) announced 0% financing for up to 60 months on select models. Quite the awesome business model you have going there. Sometimes I think they want to fail. I say let (GM) file for bankruptcy and have them restructure. They have to change their ways to make themselves more competitive. The more money they receive from Uncle Sam the more they will procrastinate. It is time be more innovative BOYS!
This alone is the main reason that Wagoner should be fired and GM should file bankruptcy.The current structure is not working and it’s not only the overpaid white and blue collar workers it is retirees that is really costing GM.