GM needs to have a bankruptcy, It sickens me to say it.
My sister works there, and so does her husband.
Guess what----My sister makes $130k/year. (no she is not an executive) I have not heard that she received a pay cut. Get this---My sister actually received a bonus 5 years ago when GM actually lost money one year. I sum it up to bad management and no one watching the bank account.
GM now needs to go through a quick bankruptcy to allow the following to happen.
1. Throw the over paid execs out---A judge needs to do it.
2. ALL the retirees need to be off the payroll---It sickens me to say it but GM cannot keep paying out the money to the union retirees/salaried retirees and the exec. retirees. Some of the retiree benefits are covered under insurance policies---I have no specifics or details. Maybe offer a buyout like $50k if you dont take it then you get nothing after the fact.
3. Pay cuts for ALL employees, minimum 20%
4. Sell Saturn and Saab.
5. Allow more stockholder input to restructure the company.
6. Hang Rick Wagoner and other execs from a rope for allowing stock holder equity to be wrecked along with wrecking the company. This would destroy the good-ole-boy mentality in the company. 7. Lots of praying.
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