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Comments

1. #1
   On February 14th, 2011 at 3:42 pm, letget said:

   Well thanks a gobs Doug for making my BP go through the roof! This makes me so mad I could spit. We are, taxpayers, paying these people bonuses and paying for their retirement account? How many other people have gotten such end of the year bonuses like this? Sure the heck not me or hubby.
   I better go calm down a tad.
   L

2. #2
   On February 14th, 2011 at 3:46 pm, Virginia Patriot said:

   When do GE employees get their bonus?

   After all, it’s only fair….

3. #3
   On February 14th, 2011 at 3:46 pm, Pasadena Phil said:

   Hey, Obama won the Nobel Peace Prize in anticipation of being effective in furthering world peace. GM is giving out bonuses to union people in anticipation of future profits. With redistributionist economics, profits and merit are obsolete principles.

4. #4
   On February 14th, 2011 at 3:47 pm, AlohaGuy said:

   Thank goodness these downtrodden workers don’t have to suffer the indignity of Obamacare.

5. #5
   On February 14th, 2011 at 3:49 pm, Doug Powers said:

   On February 14th, 2011 at 3:42 pm, letget said:

   Well thanks a gobs Doug for making my BP go through the roof!

   If your BP gets too high, remember, Obamacare is there to help.

   Wait, that probably didn’t ease the hypertension, did it?

6. #6
   On February 14th, 2011 at 3:50 pm, John Deaux said:

   GM will pay most hourly workers more than $4,000 each as compensation for its strong financial performance last year

   Because putting it away for the next rainy day wouldn’t make sense because it’s sunny out, right?

7. #7
   On February 14th, 2011 at 3:50 pm, Pasadena Phil said:

   On February 14th, 2011 at 3:42 pm, letget said:

   Well thanks a gobs Doug for making my BP go through the roof!

   There was another oil platform explosion in the Gulf? What am I always the last one to know!

8. #8
   On February 14th, 2011 at 3:54 pm, mojoe said:

   They’re more than double the previous record payment of $1,775 in 1999, at the height of the boom in sales of sport utility vehicles and pickup trucks.

   Other than government rerouting of our money, what “height of the boom” are we at today?

9. #9
   On February 14th, 2011 at 3:56 pm, hawkeye54 said:

   Other than government rerouting of our money, what “height of the boom” are we at today?

   Well I’d say, at this rate government is bringing us much more near the “height of our doom” so put fasten your seat belts, it’s going to be a bumpy ride.

10. #10
    On February 14th, 2011 at 3:58 pm, letget said:

    Sorry Doug, it’s not your fault. Sometimes the total stupidity of what is going on gets to a person. I am having a cold one and will calm down shortly!
    L

11. #11
    On February 14th, 2011 at 4:01 pm, txvet2 said:

    I suppose it was too much to expect that they would use those “profits” to pay back some of their government loans.

12. #12
    On February 14th, 2011 at 4:09 pm, EWTHeckman said:

    How likely is that fighter to win if his corner team is constantly holding him upright?

    Getting back onto your feet under your own power is a lot more praiseworthy than being picked up by someone else. Being capable of getting up on your own but laying their waiting for someone else to do it for you is absolutely pathetic.

    Reason # 8,977 why I will not own a GM product for the foreseeable future.

13. #13
    On February 14th, 2011 at 4:10 pm, hawkeye54 said:

    I suppose it was too much to expect that they would use those “profits” to pay back some of their government loans.

    Yup. Most likely, the govnernment probably didn’t expect to be paid back nor care if it wasn’t. Since the money isn’t theirs to begin with, the government figures it can always get more taxpayer money, sell more bonds, write more IOUS so it can make more loans that won’t be paid back in the future. Its all about what government wants to accomplish – redistributing money to politically favored entities is the rage and being good stewards of taxpayer money hasn’t been nor will it be in the plans of this admin.

14. #14
    On February 14th, 2011 at 4:12 pm, chapoutier said:

    Look at it this way…right now we own about 26% of GM. If they distribute that $189 million as a dividend, the government ends up with about $70 million ($49 as a direct dividend and then $21 million from the 15% dividend tax rate on the remainder).

    I often hear people complaining that the government is taking 40% of their paycheck. If that number is accurate, then the fed and states will collect $75.6 million! So how is the public losing out again?

15. #15
    On February 14th, 2011 at 4:22 pm, Hangfire said:

    Who is buying their crap anyway? There are a few pick-ups I might consider, but their cars look like a festered chancroid.

16. #16
    On February 14th, 2011 at 4:25 pm, Hangfire said:

    On February 14th, 2011 at 4:12 pm, chapoutier said:
    So how is the public losing out again?

    What would the government do with the taxes it collected? Blow it on stuff the country doesn’t need, like security updates for the U.N., or subway trains for Gorst, Washington.

    I controlled my money on liberty in Bangkok better than the U.S. government does.

17. #17
    On February 14th, 2011 at 4:27 pm, Flyoverman said:

    So how is the public losing out again?

    See the former GM bond holders for details……..

    P.S. You might want to calculate what percentage of the “take” of the stock owned by the UAW ends up in Obama’s campaign coffers.

18. #18
    On February 14th, 2011 at 4:28 pm, Flyoverman said:

    I controlled my money on liberty in Bangkok…..

    I assume all evidence related to that liberty has been destroyed.

19. #19
    On February 14th, 2011 at 4:30 pm, Truesoldier said:

    I am waiting for Obama to be outraged over bonuses being paid to a company that received a bailout in 3…2…1….oh wait these are union employees never mind…

20. #20
    On February 14th, 2011 at 4:33 pm, Flyoverman said:

    So how is the public losing out again?

    “Since the taxpayers helped these companies out of bankruptcy, the taxpayers should be repaid before bonuses go out,” Sen. Charles Grassley, R-Iowa, said in a statement. “It sends a message that those in charge take shareholders, in this case the taxpayers, for a sucker.”

21. #21
    On February 14th, 2011 at 4:43 pm, hawkeye54 said:

    “It sends a message that those in charge take shareholders, in this case the taxpayers, for a sucker.”

    We already know that to be so obviously true, and those in charge don’t care if we know it to be true.

22. #22
    On February 14th, 2011 at 4:47 pm, Truesoldier said:

    Sen. Charles Grassley, R-Iowa, said in a statement. “It sends a message that those in charge take shareholders, in this case the taxpayers, for a sucker.”

    The sad thing is that this can be said of how many in the Republican leadership also view the American people.

23. #23
    On February 14th, 2011 at 4:49 pm, Hangfire said:

    On February 14th, 2011 at 4:28 pm, Flyoverman said:
    I assume all evidence related to that liberty has been destroyed

    Destroyed, or over the age of 18 by now.

24. #24
    On February 14th, 2011 at 4:54 pm, walterc said:

    I controlled my money on liberty in Bangkok…..

    Well sailor, what did you do will all your money on shore leave? “well sir, I spent some on booze, I spent some on women, and the rest I just frittered away foolishly.”

    Spending money like a sober demonrat.

25. #25
    On February 14th, 2011 at 4:58 pm, hawkeye54 said:

    The sad thing is that this can be said of how many in the Republican leadership also view the American people

    Yup, saps to be manipulated, used and abused by our political elitist betters in both parties. They are of the opinion that they are just so much more knowledgeable, intelligent, and just plain better than us. It infuriates them to no end that many of us won’t accept them and the way they want to run the country and that we are working to rid DC and everywhere else of them.

26. #26
    On February 14th, 2011 at 5:08 pm, FirstSkirt said:

    Exactly what did any of these managers and union workers at GM do to EARN these bonuses? This is so bogus. I am hoping Americans are getting the message…we cannot and we will not be suckers for these corrupt politicians, union officials, lobbyists, ad naseum.

27. #27
    On February 14th, 2011 at 5:23 pm, SpeakEasy said:

    On February 14th, 2011 at 4:12 pm, chapoutier said:
    So how is the public losing out again?

    I am part of the public, I paid into the bailout in taxes, I am not getting a check for reimbursement. That’s how.

28. #28
    On February 14th, 2011 at 5:35 pm, dtestard said:

    I am part of the public, I paid into the bailout in taxes, I am not getting a check for reimbursement. That’s how.

    Umm, no you didn’t. Your taxes were spent long before GM. We either borrowed the money from China or printed it up lickity-split while no one was watching.

    (Yes, you may pay the interest from China in the future if they let us remain sovereign, or you may pay higher prices with devalued dollars due to the monetized debt, but all that has yet to hit the fan. No one has paid for the bailout yet. We didn’t and don’t have the money. We’re just running up the debt right now.)

29. #29
    On February 14th, 2011 at 5:45 pm, txvet2 said:

    On February 14th, 2011 at 4:12 pm, chapoutier said:

    The “public” loses out on the difference between collecting 70-79 million, vs. about 189 million, or about 110-120 millions dollars (which only includes hourly employees – the actual total is estimated at around 224 million). Try pulling that one on your bank and see what they think of it. Anyway, this is nothing but a continuing payoff to the labor unions.

30. #30
    On February 14th, 2011 at 6:40 pm, 123upnorth said:

    Someone once asked me if I had ever tried anal play and I responded that I experience such everyday; only it is involuntary and takes the form of the government bending me over and screwing me ten way ’til Tuesday.

31. #31
    On February 14th, 2011 at 7:30 pm, RyanInSanJose said:

    The “public” loses out on the difference between collecting 70-79 million, vs. about 189 million, or about 110-120 millions dollars (which only includes hourly employees – the actual total is estimated at around 224 million). Try pulling that one on your bank and see what they think of it. Anyway, this is nothing but a continuing payoff to the labor unions.

    Not only that, but if you use the $189 million example, $47.25 million would be collected as federal income tax, and if all employees had their tax state as Michigan, $8.22 million would go to the state, followed by $7.94 million for social security (assuming no one had reached their annual limit), and $2.74 million to medicare.

    So the “public” would be getting around $120 million less back, and if you think of the fed, state, soc sec, medi as separate accounts, it would be placed in accounts not of the public’s choosing.

    Michigan might choose to use their share to improve Joe Louis Arena. And we can’t allow that

32. #32
    On February 14th, 2011 at 7:49 pm, Member-VRWC said:

    On February 14th, 2011 at 4:09 pm, EWTHeckman said:
    Reason # 8,977 why I will not own a GM product for the foreseeable future ever.

    Fixed it for me.

33. #33
    On February 14th, 2011 at 8:00 pm, MacEamonn said:

    If you’re in the market for a new vehicle and you want one from a traditional American automaker then remember one name…FORD. If you don’t have to have an American name on the vehicle then there’s Toyota, Nissan, KIA, and others. GM and Chrysler won’t be seeing any of my money while still in their current financial position.

34. #34
    On February 14th, 2011 at 8:13 pm, EWTHeckman said:

    Fixed it for me.

    I didn’t want to rule out “ever” because it is possible for GM to become a different company if they get rid of the current leadership, get leadership which rejects government control and “support” to stand on its own two feet, and gets rid of the unions. If that were to happen, I would take them off my “do not want” list. But that’s a mighty big and unlikely “if.”

35. #35
    On February 14th, 2011 at 8:21 pm, BlameAmericaLast said:

    This is why I have never bought an American car. Don’t plan to anytime soon either.

36. #36
    On February 14th, 2011 at 8:29 pm, bjc said:

    it is possible for GM to become a different company

    *Not for me; They are tainted forever, like a woman who sleeps with her boss for a raise, then expects her husband to be happy for the increased income; They are a company lacking a moral compass, or any semblance of principle; And in that, they are just like the current administration, no friend to free market principles and values.
    *As to the UAW, like I always say, “join a union, and leave your personal responsibility at the door”; Freedom comes with independence, and unions steal that from your very soul!

37. #37
    On February 14th, 2011 at 8:59 pm, TooMuchTime said:

    …like a woman who sleeps with her boss for a raise, then expects her husband to be happy for the increased income…

    A very good analogy. And remember, it’s not just about cleaning up their act. They actually have to make cars better than their competition. Unfortunately, the “Big Three” act as thought their competition is with each other. Lexus, Infinity, and Diamler Benz make better luxury cars. Porsche, Nissan, and Mazda make better sports cars. Honda, Toyota, and Hyundai make better family cars. And as far as I know, none of them have the albatross of the UAW around their necks.

38. #38
    On February 14th, 2011 at 9:05 pm, chapoutier said:

    No it doesn’t. See if you can figure out why.

39. #39
    On February 14th, 2011 at 10:20 pm, Republicanvet said:

    On February 14th, 2011 at 4:09 pm, EWTHeckman said:

    Reason # 8,977 why I will not own a GM product for the foreseeable future.

    Based on their treatment of Delphi employees and greedy UAW pig comments like:

    FLINT, Michigan — A local union official said today that potentially record-breaking profit-sharing checks from General Motors would mean a lot to workers, but wouldn’t make up for contract concessions taken over the past few years.

    and:

    UAW president Bob King wants to “reclaim some of the $7,000 to $30,000 in concessions each worker gave up since 2005 to help the U.S. automakers survive.” This would, of course, kill the auto companies again in fairly short order, requiring another massive taxpayer resurrection.

    among MANY others made by them, I will never own another GM product and vow to walk first.

    Seriously, I would like to reclaim the thousands of dollars I have paid in taxes over the years, but I have as much chance of that as AlGore being an accurate weather forecaster.

40. #40
    On February 15th, 2011 at 1:17 am, blizzard said:

    Meanwhile a major oil drilling company files for bankruptcy. (From American Thinker and USA Today.)

    What good are GM (Government Motors) vehicles when there is no oil to make them go?

41. #41
    On February 15th, 2011 at 8:18 am, stillontheroad said:

    Wow, and to think, I may get to keep my job another month.

42. #42
    On February 15th, 2011 at 8:42 am, Cogs said:

    Gee, when do I get my bonus for paying my mortgage, not taking any stimulus funds and not spending more than I have?

43. #43
    On February 15th, 2011 at 9:37 am, Rogue Cheddar said:

    Wheee! Another massive taxpayer resurrection up the yingyang, and I didn’t even have to leave the barcolounger and travel the backwoods of Appalachia to get it!

44. #44
    On February 15th, 2011 at 10:51 am, DougT said:

    There is nothing wrong with bonuses being paid out to employees of a well-performing company, which, at this point, it appears that GM qualifies as such. (It is rare to pay bonuses to hourly workers, though, so this is GM attempting to placate the UAW members who will be negotiating a new contract this fall.)

    Does it matter that they haven’t fully repaid the bailout funds before paying bonuses? Not really. It could be argued that investing in the work force, retaining the best and showing appreciation for profitable outcomes, is a key strategy for continued growth and faster repayment of the bailout funds. You do not want to gut your capability in an effort to eliminate debt faster. It’s a balancing act, to be sure.

    NONE of the foregoing should be taken as some sort of tacit approval of the bailout of GM. That was a huge precedent setting mistake. And no one should be patting themselves on the back for GM’s “turnaround”. It will be years, if ever, when this federal infusion of money is repaid.

    Hell, GM was one of the largest companies in the world. If you eliminate their debt burden, if you cancel the stupid contracts that they signed over the years, if you give them an influx of cash that the equities’ and lenders’ markets would not provide, then how could they NOT be successful. The better question is: why aren’t they even more successful?

    It’s a slap in the face to the creditors and investors in the old GM that this company was chosen to live.

45. #45
    On February 15th, 2011 at 11:12 am, DougT said:

    On February 14th, 2011 at 4:12 pm, chapoutier said:
    Look at it this way…right now we own about 26% of GM. If they distribute that $189 million as a dividend, the government ends up with about $70 million ($49 as a direct dividend and then $21 million from the 15% dividend tax rate on the remainder).
    I often hear people complaining that the government is taking 40% of their paycheck. If that number is accurate, then the fed and states will collect $75.6 million! So how is the public losing out again?

    I don’t often find myself at odds with what you write. But this?

    What is the return rate of a $70 million dividend for a $49.5 billion investment?

    The US government didn’t get into this for the income generation. We got into it for populist reasons. Keep Michigan alive and all that.

    The taxpayer loses out because the GM “investment” is nothing more than additional national debt. The debt service on that money far exceeds the income generating potential of the dividend payments.

    In order for this to pay off, GM would have to become far more than what it was. I don’t see that happening any time soon. I think the government will sell its shares, but we won’t recoup all the money.

    My guess is that GM is now, and will be from now on, little more than a government R&D agency for the automotive industry. Expect all the darlings of “innovation” such as the Volt to continue spilling out from GM factories for next few decades whether the American (or world) markets want them or not.

    And if you or anyone else is paying taxes at a rate of 40%, you aren’t playing the game very well.

46. #46
    On February 15th, 2011 at 11:30 am, Rogue Cheddar said:

    On February 15th, 2011 at 11:12 am, DougT said:
    And if you or anyone else is paying taxes at a rate of 40%, you aren’t playing the game very well.

    I’m open to suggestions.

47. #47
    On February 15th, 2011 at 11:31 am, swmntman said:

    This seems to be another Fannie/Freddie type setup to me. Bail them out when they fail, pay a bonus when they succeed…. socialistic-capitalism. What could possibly go wrong?

48. #48
    On February 15th, 2011 at 5:06 pm, old trooper said:

    Not to worry…It’s for the Children. In this case my Grand Children will get stuck with the Bill and they WILL HATE US FOR IT!