2012 Presidential Election (free for all edition)

[12thMan]

Originally Posted by firstdown

Your also assuming GM would have gone under. The bailout only made it easier on GM I don't think they would have gone belly up without gov aid.

They would have most certainly gone under.

[Slingin Sammy 33]

Originally Posted by 12thMan

They would have most certainly gone under.

No, they would've restructured under existing bankruptcy laws. With the ability to completely rework the union contracts they'd be in a stronger position than they are today.

[Giantone]

Originally Posted by Slingin Sammy 33

No, they would've restructured under existing bankruptcy laws. With the ability to completely rework the union contracts they'd be in a stronger position than they are today.

The Unions had already made offers of help in any way they could.



UAW members approve General Motors concessions - USATODAY.com

[12thMan]

Originally Posted by Giantone

The Unions had already made offers of help in any way they could.



UAW members approve General Motors concessions - USATODAY.com

Exactly. The idea that the unions got their cake and ate too is patently false. Everyone had skin in the game.

[12thMan]

Originally Posted by Slingin Sammy 33

No, they would've restructured under existing bankruptcy laws. With the ability to completely rework the union contracts they'd be in a stronger position than they are today.

No, they needed a huge injection of capital as well and no one -- I mean no one -- was giving GM money. Credit was tight as you recall.

In the end the company did undergo a restructuring and the unions made huge concessions in the process. That's how the whole thing managed to work.

[NC_Skins]