33 thoughts on “General Motors work under bad conditions

  1. Taxpayers likely to face initial loss on GM IPO-sources

    http://uk.reuters.com/article/idUKN0315109920100903

    A decision to price the initial GM shares below the cost to taxpayers would follow the usual Wall Street practice of giving the first investors in a new stock a discount, but it could also help allay investor concern in the face of the slow recovery of the U.S. economy and flat auto sales.

    The U.S. government pumped $49.5 billion worth of taxpayer money into the automaker and took nearly 61 percent of its common stock.

    But IPOs typically price at a discount of 10 percent to 15 percent to theoretical fair value to reward investors for taking a risk on a new issue and pave the way for future stock floats. In tough market conditions, that discount can be even larger.

    Another of the sources said the discount could be as much as 20 percent on the GM IPO compared with the U.S. Treasury’s break-even point.

    This is meant to sound reasonably innocuous, how ever this is a pretty big deal.

    We own 61% of GM which would mean that once again, we the US taxpayer have the most to lose in this equation. But lets get a full perspective here first…

    In mid-August, GM began hyping the idea that they would be issuing more public shares in an attempt to pay back some of the $49.5 Billion that we let them barrow. Of course this sounds good until one realizes that the vast majority of people that are expected to invest are the very same taxpayers that already gave them money in the first place (i.e. TARP)

    Now, we are being told that our company (remember we presently own 61% of GM), is going to release discounted shares to preferred investment firms ONLY, which in turn will offer the pre-IPO to their best clients, i.e. wealthiest investors.

    This process is called consolidation of wealth, and one of the symptoms is the artificial devaluation of assets which creates a “buyers’ market” for the wealthiest. Sadly this has happened many times before and was articulated clearly in a letter written to James Monroe on January 1, 1815 by Thomas Jefferson:

    “If the American People ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers occupied. The issuing power of money should be taken from the bankers and restored to Congress and the people to whom it belongs.

    I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies. We are completely saddled and bridled, and the bank is so firmly mounted on us that we must go where they ill guide.

    The dominion which the banking institutions have obtained over the minds of our citizens…must be broken, or it will break us.”

    What was does not have to dictate what will be

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  2. Bus driver crashed after ‘little sleep’

    UNITED STATES: A bus crash that left 15 people dead last year was probably caused by a driver suffering from sleep deprivation and insufficient bus company safety oversight, the National Transportation Safety Board declared on Tuesday.

    The board said driver Ophadell Williams had almost no sleep — except for naps on the bus — in the three days leading up to the March 12 2011 accident on the way back to New York from a Connecticut gambling trip.

    Mr Williams, who worked mostly overnight shifts, has pleaded not guilty in New York to charges of manslaughter and criminally negligent homicide.

    http://www.morningstaronline.co.uk/news/content/view/full/119876

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  17. 16 January 2019

    Workers at a General Motors plant in Toledo, Ohio, say they endured racist comments, slights, and threats in their workplace. CNN’s Sara Sidner reports on those allegations that are now detailed in a new lawsuit filed against the automaker.

    It took 14 months for the noose to show up.

    Fourteen months where Marcus Boyd says he endured racist comments, slights, even threats in a hostile workplace run by General Motors.
    A workplace where people declared bathrooms were for “whites only,” where black supervisors were denounced as “boy” and ignored by their subordinates, where black employees were called “monkey,” or told to “go back to Africa.”
    A workplace where black employees were warned a white colleague’s “daddy” was in the Ku Klux Klan. Where white workers wore shirts with Nazi symbols underneath their coveralls.
    In Ohio.
    In 2018.
    All those allegations are detailed in a lawsuit filed against GM in which eight workers say managers at the Toledo Powertrain plant did little or nothing to stop racism.
    For Boyd, it began on his first day. He said he could feel the glare from white team members as if they were saying, “Who’s he to be in charge of them?”
    All the other supervisors, who were white, received training before their jobs, Boyd said. Boyd, an experienced supervisor albeit in a different industry, was given a clipboard and told to start.

    Read more at

    https://edition.cnn.com/2019/01/16/us/gm-toledo-racism-lawsuit/index.html

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  27. Last year, the CEO of General Motors made almost $22 million in compensation — nearly 300 times what the average worker at the company makes each year.

    At the same time, GM is closing a number of profitable plants and shipping those jobs overseas, including one in Lordstown, Ohio.

    I visited the Lordstown plant recently with a message for General Motors, and that is if corporations like GM think they can throw workers out on the street while they’re making billions in profits and then line up to receive even more money from federal government contracts, well… that ain’t going to happen when I am president.

    We made a short video from our visit. You need to see what is happening in Lordstown. The piece is quite powerful.

    Lordstown is an example of the horrific impact on a small town and a community when a company like General Motors gives billions of dollars in stock buybacks to make the very rich even richer while closing down plants and shipping those jobs overseas.

    I have always felt there is something profoundly wrong with people and businesses that have so much money yet still decide that they are willing to step over working people, many with families and young children, in order to get more and more.

    And what we have to decide is whether in our democracy, we are going to allow a handful of businesses on Wall Street to close down profitable plants like the one in Lordstown.

    What we have to decide is whether or not we should allow a company like GM — which received a $50 billion bailout from the taxpayers of this country — to throw thousands of productive workers out on the street.

    To say the least, that does not show a lot of love and gratitude.

    So what we are going to do on this campaign, and when I am in the White House, is tell companies like General Motors that they are going to start being good corporate citizens — that their greed is going to end.

    We are going to tell them that they will no longer continue to treat their workers with disdain and contempt.

    And that starts with spreading the word about what GM is doing in places like Lordstown.

    So please, watch our video from Lordstown and share it on your favorite social media channels like Facebook, Twitter, and YouTube.

    This is important. People need to see what is happening in Lordstown.

    Thank you for sharing their story.

    In solidarity,

    Bernie Sanders

    Sign our petition: tell Donald Trump no more federal contracts for General Motors until they stop outsourcing American jobs, including the ones in Lordstown, Ohio.

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