02-16-2012, 12:18 PM | #1 |
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GM earns record profits - UAW Employees to get $7000
GM reported their highest annual profits in the company's history - $7.6 Billion. Here's a link to a report from Bloomberg - click here
The report indicated that profits would have been even higher without the losses stemming from GM's European operations. The U.S. taxpayers still own 26.5% of GM and will need the GM's share price to reach $53 to break-even. GM is currently trading at $26. GM's 47,000 UAW employees in North America will receive profit sharing checks up to $7,000 paid next month. I bet it will be a good time to be a GM dealer in a "factory town." Last edited by XDCX; 02-16-2012 at 02:25 PM. Reason: Corrected mistake - Earning were "annual" not "quarterly" |
02-16-2012, 01:36 PM | #2 |
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Amazing what you can after bankruptcy wipes the slate clean!
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02-16-2012, 02:30 PM | #3 | |
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Quote:
In some ways I think it's a dangerous pattern where large U.S. corporations can go bankrupt but carry on as though nothing has happened. Just look at all of the airlines that have gone bankrupt but still remain today. On a different note, I was surprised GM only had 47,000 UAW employees in the U.S. At what point does the UAW become so small that they no longer have any political clout? |
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02-16-2012, 04:37 PM | #4 |
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02-17-2012, 09:33 AM | #5 | |
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In the terms of "shared sacrifice" it's pretty hard to figure out exactly what the UAW employees lost. |
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