Your Tax Dollars At Work: After Record Payouts GM Wants To INCREASE Bonuses To Hourly Workers!

You might want to think they would at least publicly summarize the debt status and the progress towards full payment.

If significant progress was shown there, then there probably would be little push back on these record bonuses to frontline workers and executives.

Right now the average tax payer knows we paid out the wazzoo to the people and now that they are on their feet they are passing out mounds of cash to themselves. At least the banking industry in general had made significant progress before they start dipping into the kitty again.

"At least five investment banks are reportedly lining up to help General Motors become a publicly-traded company again.
Bloomberg News reports Morgan Stanley and JP Morgan Chase are expected to lead GM's initial public offering. That could happen as soon as this year. Returning GM to public ownership would allow the US to reduce its ownership stake in the company and earn returns on its $50 billion investment in the automaker."



"The U.S. government should make about $13.6 billion when GM shares start trading on the New York Stock Exchange. The federal Treasury is unloading more than 400 million shares of GM, reducing its stake in the company from 61 percent to about 33 percent."

"The total bailout was $50 billion. GM has already paid or agreed to pay back $9.5 billion."

"The company closed 14 of its 47 plants, shuttered or sold off its Hummer, Saturn, Saab and Pontiac brands, and slashed its debt from about $46 billion to about $8 billion."

"GM employs 209,000 people in the U.S. today, down from 324,000 in 2004. But it's making money. Before bankruptcy, GM lost about $4,000 per car. Now it makes about $2,000 each. GM says it is poised to earn about $19 billion a year when the car market rebounds."

My company has been giving a max of 1% raises for the last 3 years and this year is giving 0%. My state is laying off only 150 out of the 45,000 state workers to help balance the budget while raising the state tax and taxing other items and goods that were previously off the list. On top of that, the state workers get their guaranteed raises.

Something just isnt right here.

Have any of you guys ever worked on an assembly line?

I see no problem in this if Managers and CEO's can have million dollar bonuses without breaking a sweat than the common man should able to get some reward for his effort as well.

I agree. At first I thought that the bonuses were wrong. But once I thought about it, I realized that they deserve whatever they can get.

The only issue is that a company that's in trouble, and had to be bailed out, shouldn't be giving out bonuses to anyone. I think they should put that money towards R&D first and worry about the bonuses later.

I just have a feeling that in a few years GM will be asking for another bail-out. It just seems like business as usual for them right now, and they haven't really done anything to improve the brand. Good Luck.