Re: chances that General Motors will file for bankruptcy are 30%


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Posted by Kevin in Ohio on Tuesday, October 11, 2005 at 0:02AM :

In Reply to: chances that General Motors will file for bankruptcy are 30% posted by Tim on Monday, October 10, 2005 at 9:17PM :

Interesting, as my brother who is in a mid level job at Delphi says they are making money on all their parts EXCEPT most of the ones supplied to GM. He works in suspension development and he told me that some things are sold to GM at below the cost of JUST the materials because of past contracts and GM's do it or else dealings. I'd like to see the source of $2 Billion to show to him.

With over 4,000 people in job banks(quoted by our local Dayton Paper) it would be hard for any company to compete. If you don't know what job banks are they are union negiotiated workers who were guarenteed work by GM before the split. They CAN NOT be retrained to do something else according to the contract so they report to work and sit idle for 8 hours, reading, playing cards and such. The catch is that the contract read if delphi goes bankrupt GM will pay the job bank workers and their pensions, see where this is going? The guy that was brought in to take them through this is being paid millions and top execs are weaseling their way to retain their current wages as well. Greed ain't pretty which ever side it is on. Delphi says it wants its workers who currently average $26.00/hour to go down to $10.00- $12.00/hour. Probably meet in the middle when all this gets sorted out. The US can't afford Delphi going away for good and I don't believe they will. They make WAY to many things and are a lot larger than you probably know. It will definitly be interesting. Kevin



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