Yeah me. I own 1400 shares of GM HGM series notes. (I basically will get some new GM common stock in place of it) Basically GM is defaulting on $27 billion in bonds due to they *issed away the $27BB on over paid salaries, bonuses, company cars and running their business like *hit.
Think about this for a minute...If I took out a home equity loan for $50,000 and then paid the interest on it for 5 years and I was supposed to pay the $50K back in a ballon payment in 10 years but I defaulted on it and said to the bank----Sorry you were dumb enough to loan me the money, I can only pay you back $5k. (too bad) This is what GM has done to the bondholders and the common stock holders are left with nothing.
GM shot themselves in the foot by screwing the shareholders and bondholders. Who would buy GM common stock even after the bankruptcy? (no-one)
GM was dumb enough to allow the UAW, salaried employees and the executives to dictate their own salaries, bonuses and work rules.
The UAW got most of everything they wanted.....which finally did the company in.
And of course the salaried engineers and technicians said "me too" we want more pay, bonuses, blah, blah, blah. (recipe for failure)
GM should have declared Bankruptcy last October and not taken any gov. money. Once they take gov. money it means that they are bankrupt.
I think GM makes great cars and trucks, but the the company has been managed by idiots and the executives should hang from ropes for allowing it to come to this.
It sickens me to see this.
How is that old saying that GM had. "as GM goes so does the USA" I guess the USA is bankrupt too.
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Today's Featured Article - The Nuts and Bolts of Fasteners - Part 2 - by Curtis Von Fange. In our previous article we discussed capscrews, bolts, and nuts along with their relative hardness and thread sizes. In this segment we will finish up on our fasteners and then work with ways to keep them from loosening up in the field. Capscrews, bolts and nuts are not the only means of holding two parts together. When dealing with thinner metals like sheet tin, a long bolt and
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