Tuesday, February 17, 2009

Here is GM's case to federal government for your money to bail out its bad decisions, union greed

If you want to read GM's 117-page plan to the federal government, go to:


GM does not list which plants it will close, from my quick reading. But it says it will reduce its nameplates from 48 in 2008 to 36 by 2012 in its new plan. New car launches in its initial plan to Congress last December was 12. Now it has been reduced to five by 2012.

These numbers do not bode well for workers keeping their jobs.

It also lays out a worst-case scenario if it files for bankruptcy. I don't believe it all, but growing the fear in this nation is its only hope of getting $30 billion in your tax money for bailout.

So for you students of the auto industry, you might be able to read something from this ton of tea leaves as to whether your plant will survive the coming calamity.

But it is coming.

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