SAD, SAD Times. GM Stock shares down to $0.75 each. Watching Charlie Gibson here in Northern Illinois @ 5:35PM. 
Marty
Marty
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Re: GM
Almost as sad as watching Charlie Gibson. Ed
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Re: GM
That may be the last quoted price on the "old" GM stock you ever see.
Many recent big corporation bankruptcy filings occurred on Sunday. I would make an even odds bet that GM will file this Sunday, so there will be no trading of the stock on Monday, and the shares will likely end up worthless.
Various meetings are scheduled through Saturday, but I doubt if they will result in any revelations.
Corporations are like people. They are born but tenuous, sometimes grow to powerful adults, but always end up in declining old age, and then die. History is full of them.
Look at the steel companies and most of the US railroads from the early days of GM. They were the big players in the Dow Jones Industrial and Transportation (actually back then it was the "Railroad Index") indices for most of the twentieth century, but most of them are now long gone.
Look at the computer industry after it went through its first consolidation stage circa 1990 - like the auto industry in the twenties and thirties. Anyone remember DEC? Compaq? I actually worked for DEC back when they were number two in the industry going after IBM? Who would have ever guessed!
I can now say that three of the four companies I worked for during my proferssional career (not counting the USAF) are out of business, and this includes GM. The only one left of my "old four" is IBM. The other one that went out of business was a small CAD/CAM company that none of you likely ever heard of. Fortunately IBM is the only one where I earned a pension, and it is currently paying.
Sometimes I think we'd all be better off if we were stone age hunter-gatherers. Think of native Americans before the arrival of Europeans. They actually had a pretty good life - as long as they were healthy and Buffalo roamed the plains, they had ultimate freedom!
DukeLast edited by Duke W.; May 29, 2009, 08:22 PM.Comment
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Re: GM
What is it they say in Marketing 101; every product has it's life cycle - a sort of Bell curve.
I outlived Young Radiator Company (YRC), Pacific Technical Analysts (PTAI), Control Data (CDC), and now Electro-Motive Division of GMC (EMD) - although the latter still barely exists as Electro-Motive Diesel (EMD) - a mear insignificant image of it's former self under GM. They used to control a vast majority of the Locomotive market, and now only exist to fill the orders that GE turns away. When JeffreyI. gets all of Obama's green business (partnership), EMD will be history.
Stu FoxComment
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I read a financial story this morning that also predicted Monday is the day.
It told how Treasury and GM planned to split up the company. UAW health care trust ends up owning 17.5 percent of the corporation. The article said initially the plan was to allow existing shareholders to keep 1%, but later that was reduced to zero...the shares will, in fact, be worthless after bankruptcy is declared. They'll probably reissue "new" GM shares, but I would beware of those unless you have money to throw away.
The article said that, after reorganization, there will be two companies: a "good" GM with the best performing assets, that is ultimately slated to survive and prosper, and a "bad" GM consisting of all the poor performing assets that will essentially be liquidated amongst the creditors. (Sound familiar?...this was the idea that was to be used on the big banks, but it just kind of faded away.) I'm glad I ended my GM investment when I did.Comment
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Buy Buy Miss American Pie... Who would have ever thought!
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I read where the UAW is ratifying new labor contracts that put them in line with the Japanese competitors. I just hope when the dust settles and the tears have been cried, that the US auto industry is like the proverbial "sleeping giant" and is able to put out world class products able to compete with anybody in the world. Is this wishful thinking?Comment
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In my biased opinion, I believe GM is making cars equal to or better than the axis countries. The bad economy and high legacy costs have made it near impossible to produce these vehicles profitably. GM has no one to blame but itself for these costs as they caved into the UAW contract after contract. Even now, the disparity between UAW benefits and the salaried workforce is atrocious - current employees and retirees. Being in the latter catagory, in retrospect, I might have better gone to work on the line instead of waisting my time and money going to school just to wear a clean dress shirt and do interesting work. Guess I have to settle for years of having a sense of accomplishment and not having a lot of money to blow on smoking and booze to boost my self-esteem.
That's why here in Florida you can tell a Union GM retiree from a salaried GM retiree very easily; they now drive the new Cadillacs (Lexus and Infinities) and we're in the old "happy" Chevy's.
Stu FoxComment
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OK....with GM potentially filing CHapter 11 by Monday, where does that put the Corvette plant in Bowling Green? Are we out of business or still producing Corvettes? We can't let the Japs take over that !!!! THe headlights are already slanted enough!Comment
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What the hell is everbody worrying about? the majority voted for change and the change is here, there, everywhere even our pockets. Our President wants no American (illegal or otherwise) driving a typical american car. Don't be surprised if we finance a plant in Kenya!! 01-19-13 if there is anything left of us.Comment
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Makes ya wonder don't it Chris?
If the Corvette dies (which I'm starting to think it may happen) will our Vettes be worth more or will we be shund and criticized by eveyone else for having gas guzzlers and "usless" machines? After all, it is just a hobby, right???
MartyComment
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Funny no one in the know is complaining about all of the mansions that the beautiful people keep running night and day in the event that they want to have a democratic fund raising for free abortions in our schools. But drive by in a family car or god forbid a Hummer and you are an enemy of the planet.Comment
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Those people that voted these jokers in wonted CHANGE , and your getting IT (GM's new CEO's and money man), but those that dint are on the same bus sitting in the back of the bus!
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