It's pretty simple, stop giving the president and CEO's $30,000,000 - $50,000,000 per year plus millions in bonuses every year, even though they are losing money.

A $4.45 per share loss...Uhh the stock is only trading at about $3.00. In all my years of analyzing stocks, I have never seen a balance sheet so troubled. Funny, but Doutch bank, and many other analysts, just came out and rated the stock to be worth zero. Nice they finally figured it out now. Wasn't like many were telling you this 6 months ago.

Well said Raine. People need to deal with reality and work to save Janesville.

I think everyone is being childish. GM is closing and I know it really sucks, my whole family is affected by this everyone from my grandparents down works for GM or Lear. There really is not anything any of us can do about it so I do not see the point in fighting with each other. We all have to look towards the future and try to make that better. Everyone is worried about what will happen, I worry about what Janesville will be like without GM, Lear and all the other plants. I worry about my family and others. It will be a huge lose for Wisconsin, and hopefully we can all find a way to recoup.

GM management (Ford and Chrysler, too), its stockholders and its unions have nearly killed this goose that lays the golden eggs.
Between 8 figure compensations and golden parachutes for the big shots, stockholders and pension fund operators clamoring for ever increasing short term profits at the expense of the long term for the sake of higher stock prices, and unions demanding what they considered to be their fair share this corporation is on life support and fading fast. Bankruptcy may be its only option unless the Congress and the President step in with a rescue plan that will only relieve these “partners in crime" of their well earned consequences.
What will bankruptcy entail? I suspect that the labor contracts will likely be voided as will all future pension and benefit obligations, the stocks won’t be worth the paper they’re printed on and (hopefully) the rip cords on those golden parachutes will be cut (I don’t count on this though, as corporate executives have high priced legal talent and political friends in Congress).

Workingpoor - The problem is a lot of people like to stomp on GM and it's workers here in Janesville. Too much pettiness anger for who knows what reason. Don't know who they will gripe about when the plant is gone. But they will find someone, it's in their nature.
We had a good workforce that built world class vehicles. We make very good money and spent that money locally when possible, and were involved with many charitable events. Instead of being happy to have such people/jobs here, some choose to put a black eye on Janesville with their childish antics. Too bad, because this is a nice place to live otherwise.

there is alot of fighting on these blogs I don't understand it. we are all having to tighten our belts and we all have to deal with the economy in the best way we know how.. fighting each other won't help.. we will survive by helping one another.

SHOPIEREHUH.......You are the one blowing smoke !!!
You said your dad worked at GM from 1920-1960 ??
Well your dad was one of the spoiled cry-babies then ??
Give yourself a pat on the back for that one.
IF !!!

IF your dad really did work at/for GM then he was part of the big sit-down in 1936 !!!!
Thank him very much from all of us for making the work place better,safer and most of all a living wage !!!!!!!

RUSerious...As always you are right:) The retired worker(in our case) pays $22.00
Because I'm younger than my husband we pay/lost $186.00 from his penison check.Or how anyone would like to say it.

"We're convinced that the consequences of bankruptcy would be dire and extend far beyond GM," Chief Executive Rick Wagoner said. "We are going to take every action we possibly can to avoid it, and we are going to use every source of funding." The only option for GM is to hope Uncle Sam will throw Rick Wagoner a lifeline of (as of yet an unknown amount) of billions and billions of dollars. Or maybe Wallmart can buy GM and operate it profitably. It doesn't matter how many cars GM produces if nobody has the credit worthiness to buy them. We're all in pretty deep doo doo.

Just for the record-this is not one side or the other-GM retirees do have a small amount taken from their pensions for "medical coverage".

chad-vader I was in a fight with the ritus brothers by the way Arthur won some years back, and the special herb tea that i drink is good for the pain .

I really didn't retire from GM ,but i was a Petroleum Transfer Technition and i do get free air for my tires .

Shopierehuh

Paid health Insurance or free doesn't really matter it was the workers who paid for it in place of increased wages and still are to this day.

blowing smoke? I think you have been inhaling smoke, shopierehuh.
you probably are interested in this article
http://gazettextra.com/weblogs/latest-ne...

you must be president of the Labelers!

I never said anything about "free health insurance". I said paid health insurance. Reading is fundamental.

There is no need to try to blow smoke my way. My father worked there for over 40 years, starting in the 20s. The people from that era were not spoiled crybabies, by the way. Several other relatives have retired from there. The health insurance is paid after retirement.

A retired GM worker made a classic GM worker whine which showed why many have no use for that attitude. Now some of you are trying to do damage control so that the sympathy train doesn't get derailed. Blow smoke at someone else.

joker...Can you read ???
I have said my husband worked at GM for 42 plus years.
I did work for summer help,does that count ??
Just because I have a different opinion than yours that makes me the negative one ??
You can come clean on here we all know you are really "janesvillehero-zero"
As I told you before also...I have a very nice life.
Thanks for caring !!!!!!!!!

I Have a Life, please get a life. Why are you so negative and hateful? Are you a GM employee?

Klick, please spare me your whining about only having a $36,000 a year pension. You must be joking if you are complaining about that!

Since the auto makers are asking for taxpayer bailout, what about GM Global Operations. Is any plants in other countrys closing?

shopierehuh

Free health Insurance? No way was it free, workers gave up hourly pay increases for insurance.

Joker...Could the last laugh be on you ??
I still believe,maybe you should to !!!!!!!
Life doesn't have to be so black and white !
Would you like to have one of my witches ?
I got some real cuties this year !!!
Oh and by the way I also have a black cat !!!!!

shopierehuh.....Just for the record I'm VERY THANKFULL for our health insurance and everything else my husband recieved/gets for working for GM 42 plus years !!!
With that said we DON'T get FREE health care on retirement.
Are we blessed to have health care ?? Yes we are !!
We also PAY to have it,may not seem alot for piece of mind $186.00 a month.So no it's not free.
I just can't understand why it's everyones concern to always be in someones checkbook or bank account.
Would you or anyone else like others to be so concerned about yours ?

Well then, Shopierehuh,I will then lump you in a group like you do all autoworkers. Just for convenience I will call them the "Labelmakers" who like to group people together based on little evidence or rumors.
I think Kick was trying to say, even with our great benefits, it is still not easy to have the American Dream with the economy the way it is. And it is even harder for those who make less or have to fore go health ins just to live. Many think that all GM retiree's are out living high on the hog. That is not always the case. Plus you must realize, it is hard to expand much on these boards. I don't paint all people who are poor as crackheads just because a few might be. You and others like to paint a neat picture of GM workers with that same brush. The Labelers!

Their unemployment numbers only count the people that are drawing unemployment comp.

klick....
Some people work there whole life and never reach $36k and full benefits. Maybe now that your retired, you could volunteer to help the less-fortunate people in the area. You will learn how to make it on much less than you are making and will make you more humble.

I think this whole thing with GM is quite funny and very ironic. Bad karma is happening to GM. A few years back, GM was interested in buying Daewoo. They were in the same position as GM is currently. Daewoo was with the understanding, that GM was going to buy them as a whole and 'rescue' them. What GM did, was to wait even longer, until Daewoo was on the verge of bankruptcy, and then cherry picked their business operations, and let the rest fail. The Koreans were furious with this ruthless business dealings. I can only hope this will happen to GM. I am sure some rich person or company should wait until GM was on the verge of bankruptcy, and then swoop in and cherry pick their operations and let the rest fail. What goes around, comes around.

jimP three thing's are sure to happen Death,tax's and Jail,

noggi
The total number of unemployed is 10.1 million,

We lost 1.2 million since Jan and that number is expected to rise to 2 million by July.

As for those still working seeing no problem all I can say is very few jobs are secure in this economy.

2 million job loss is a mere 1% of the work force. We have about 6 % unemployed now. That is not a bad figure and has been seen as ideal.

Depression was 25 % unemployed. You ain`t seen nothing yet. Matter of perception. The guy who is working sees no problems.

Paid health insurance and 36 thousand a year pension is very sweet. The GM retiree who whines about that is classic. That is the very reason that there is anti-GM worker sentiment.

I was very much in sympathy with these people about the loss of their jobs with the plant closing. No more sympathy after reading that bit of whine. Unskilled laborers, some don't even have high school diplomas and the person whines about 36 a year with paid health insurance. These people need a dose of the real world.

Kick..

A $36k pension with full family health benefits is a pretty sweet deal in my book.

That aside, for the moment, GM's financial problems are HUGE. Debt/Obligations of $450+ billion. Yes folks, that's billions. A large drop in sales and a massive cash burn rate could put them into bankruptcy sooner rather than later. Once under bankruptcy protection they wouldn't be paying their obligations, salaries, job banks, health ins etc. This is for working folks. The situation would be somewhat different for retirees but they too would eventually be in trouble. Either the economy needs to change or the government needs to help. The amount of help to make GM "good" would be massive.

Joker i worked for GM just about 33 years i retired and only get a little over 36,000 try living on that ,with food and everything going up it doesn't leave any thing for recreation .

Me thinks El Toro de Caca has been eating tooooooo many mooooooon pies and i still say get a bigger shovel..

This was printed on the channel 3 website, "For now it appears neither Ford nor GM expects to permanently close any factories, though some could see temporary shutdowns. Shifts could also be eliminated and overtime banned." Could they be talking about Janesville?? http://www.channel3000.com/automotive/17...

Me thinks the bull has left too many bull piles in this thread.
I shall name you El Toro de Caca instead of joker from now on.
I think everyone except one person knew that kick was making a joke. Wow!

Joker this was your post not mine.

TheJoker
Nov 7, 2008 at 2:19 p.m.
Suggest removal I just talked to my neighbor who works at GM. He told me not to worry. He talked to UAW leadership who talked to GM management and was told that the GM plant is not in danger of closing.

Joker i was just responding to your post ya see i throw the bull around to..

The Government should just hire GM and supplier workers to build roads and bridges and rail lines, instead of throwing money away trying to prop up these companies that will fail anyway. At least we'll get something out of it.

Chad, I accept your apology. Don't mess with the bull, otherwise you will get the horns.

Klick, I am not sure where you get your information from, but it is false. If you believe that GM is retooling, then some people like you on this board are really clueless.
GM is closing. It is time you faced the facts.

I cannot beleive the continued foolish thinking in this town. Wake up Janesville!

Joker the shovel your using is too small get a bigger one .

TheJoker

I just talked to my neighbor who works at GM. He told me not to worry. He talked to UAW leadership who talked to GM management and was told that the GM plant is not in danger of closing.

Joker GM is also retooling the plant for three new lines of subcompact cars and all GM employes are getting a 5.00 hr raise..yup shure is .damn straight

Wisconsin needs lower corporate taxes and Right to Work laws to attrack business and good paying jobs.

Are you positive I am negative?
I will learn from you when you become a Jedi master.
(sorry, lame joke about your lame insult)
Your wisdom is infinite. Much more than us puny humans could ever understand. My apologies, master.

Chad, why are you so negative? I am not a Republican. How do you even assume that?

I am one of the few who speak with great insight and wisdom on these boards. I suggest you read and learn from me.

The Joker - why don't you go back to playing with your Batman toys!

Ha ha! See, I can be just as intellectual as you.
Boy, I just love listening to the rantings of a bitter Republican.

Local boy, your comment made me laugh. No one can be guarantee what will happen with the plant?! What?! I think most people can, including some on this board. I will guarantee the plant will close and many people will be out of jobs. Please think before you speak, ok?

My neighbor's mentality is an example of foolish thinking and being hoodwinked by UAW and GM management. I doubt GM will even pay their laid off employees the 90% promised. Their pensions are also in trouble.

Chad, you sound really bitter and negative. I hope you can find happiness and wisdom in the future.

My remark with the goofy lady is accurate. She thinks if I help him, he will help me. She then gives an example of free gas and free mortgage. Janesvillian, your comments about her are just as goofy! What do you mean she does not have to worry about this under an Obama administration?

This comment makes no sense. If she has debt obligations, she has to pay it. She said she does not have to worry about paying these under Obama. How does she figure? This shallow thinking is of great concern for me.

I agree spark. It's just that it's also true that for people with families & house payments it is very hard for them to go back to school and not lose everything in the process. Some need to have a decent paying, family supporting wage now, not after 2 years of tech school. Everyone's situation is different. The trouble is that Janesville has been hit hard, and the area is lacking in those kind of jobs.

vader - I can appreciate your comments, but let's not forget that there were and are good paying jobs out there, but many require a skill level. Continuing your education, etc. in order to get one of those jobs can be very much a necessity.

Good question sttldwnjvl ! The 2 years at 90% pay would be a maximum if an employee stayed in the jobs bank for that long. Unless GM completely sinks, most will probably be offered a buyout, early retirement, ect. That would cost GM a lot less. And also if one is in the job bank you are offered work at other plants. If you turn down 3 times you are basically quitting. I see a very small percent that may even go 2 years in jobs bank, if even that long. Hope this helps.

spark - maybe if there were more jobs, decent wages, and lower consumable costs for the middle and lower class then there would be less of a need for such "handouts". I am sure most people would agree that handouts to those that don't deserve it or are responsible for their own fortune are what make people mad. But as I said before, the middle class is the engine that drives this economy. Bush never changed the oil or gave it a tuneup until the sludge built up and the engine lost power.
I think most people care, but everyone has the right to care about different things. That makes them neither good or bad.

This is just a question and I don't want anyone to jump down my throat about being an anti-GMer...If GM is losing so much money; how is paying employees 90% of their pay for two years going to happen without it becoming bankrupt. Do they have this money stashed away for such emergencies or is this going to start taking away from your pensions and the actual company?

Joker, why are you so mean? ;) I remember you using that same insult to me before. Can't you afford a new joke writer? Maybe Obama can buy you one, using your ill referenced quote about that lady. And as far as the rumor train, you fell off the caboose long ago. That is an old, old rumor. Good thing others can see through your crap, makes me less worried about Janesvilles revival.

So because some people don't believe in giving "hand me outs" to the lower class, that means they don't care about anyone and that they're all rich? There's a difference and you stereotyping people that way is a little ignorant.

Ceos should be paid by how well they manage the company they run. Right now Gms' CEO should be paid minimum wage. Say no to Right to work laws!!!!!!!

TheJoker, she did not say that Obama would "pay" her gas and mortgage. She said she believed she would not have to *worry* about those bills under an Obama administration. Isn't that what we all hope for from an improved economy? Didn't McCain spend half his campaign talking about high gas prices and have his own mortgage relief plan? Her words were twisted by the right-wing media machine, which couldn't care about the concerns of the lower middle class any less than it already does.
http://www.youtube.com/watch?v=L6ikOxi9y...

By the way, since we are telling funny stories, how about this one;

I talked to my barber (who has a son-in-law who works there) and he said that Isuzu wants to buy the plant and move Flint production of the commercial truck business to Janesville and combine it all. They will make an announcement by the end of the year when they buy the business from GM.

Woa! A few months ago? Now we have clarification. People have slept since then. Things have changed rapidly, including a closed status of the plant. What ever rumor your neighbor has started, I can GUARANTEE that nobody in Janesville knows the future status of that plant, including your neighbor. He just likes to talk big. Ask your neighbor how is GM going to save a 86 year old plant (with out any money), over some of the newer ones they just announced to also close?

Local boy, no I am not kidding. My neighbor told me this a few months ago. Mike Sheridan for local dog catcher!!

Chad, please go back to playing with your Star Wars toys. Using your logic, the government should bail out any business which is failing. You sound like that goofy lady who thinks if she supports Obama, then he will pay for her gas and her mortgage.

I could of gotten a job at any time at GM. I chose not to. So spare me the "you are just jealous" argument.

Joker - you have to be kidding, as your name describes. Your neighbor doesn't know jack.

I just wish (sarcasm) Jerry would have been in charge of the Union. He would have got things done. He would have been able to save a plant by a company without any money. It would have been pure majic.

Joker- you are just hilarious! I bet you got a million jokes. How about one dealing with drunk driving deaths? or about homeless children? Just crawl back under the rock you came from.

I just talked to my neighbor who works at GM. He told me not to worry. He talked to UAW leadership who talked to GM management and was told that the GM plant is not in danger of closing.

"Even if GM implements the planned operating actions that are substantially within its control, GM's estimated liquidity during the remainder of 2008 will approach the MINIMUM AMOUNT NECESSARY TO OPERATE ITS BUSINESS. Looking into the first two quarters of 2009, even with its planned actions, the company's estimated liquidity will fall significantly short of that amount unless economic and automotive industry conditions significantly improve, it receives substantial proceeds from asset sales, takes more aggressive working capital initiatives, gains access to capital markets and other private sources of funding, receives government funding under one or more current or future programs, or some combination of the foregoing. The success of GM's plans necessarily depends on other factors, including global economic conditions and the level of automotive sales, particularly in the United States and Western Europe."
http://finance.yahoo.com/news/GM-Reports...

The next $25 billion of bailout money may go to the UAW to fund VEBA, instead of to GM, Ford or Chrysler.

I think a requirement for any bailout money should be the resignation of Rick Wagoner, at a minimum. How can this guy still have a job?

I think a normal business would fire their CEO if it was failing.

I don't think the economy is going to come back any time soon. If and when the american auto companies go under, it will crush many other companies. People won't be buying hot tubs, snowmobiles, motorcycles, travel trailers, ATVs, boats, new houses, new cars, new furniture, home improvment goods etc. I don't want to see anybody lose their job, but I think this is going to get nasty.

Two years ago I predicted General Motors would go bankrupt. Read up on the PBGC (Pension Benefit Guaranty Corporation). If GM retirees are lucky they might get up to fifty cents on the dollar of their expected pension. I predict the union run retiree health insurance will be insolvent in less than a decade. Look what is happening to the middle class in this country. If anyone thinks his or her job is secure you better think again. These times kind of remind me of what happened south of the Mason Dixon line during the Civil War. Look closely friends, our comfortable way of life is quickly dying. "Gone with the Wind."

JimP - now THAT's looking at the BIG picture. The economy is in bad shape, even though some seem to ignore all the signs of a recession. Tight credit now is squeezing the life out of the auto industry. And if that is not fixed we are in for a world of hurt.

Economists have said that a bailout of US auto companies would be far less worse than if they failed as far as the economy and government is concerned (lost taxes and all). So people like Stupidopinionsforfree like to cut off their nose to spite their face. They want to see a downfall, even if that would be the worst thing for the US. And all because they probably could not get a job at a GM plant.

Consumers didn't fail GM, Ford, or Chrysler, they failed us.

Wisconsin needs to lower corporate taxes and Right to Work laws to attrack business and good paying jobs.

GM USA may be in trouble because of how our government allows a different book keeping methods you and I are not alllowed to use but World Wide GM is healthy, they just opened a new plant in Russia and others are under construction in foriegn countries.

1.2 million job lost in 2008, and expected to grow to 2 million by July, this isn't all about GM it's about our entire economy.

I would like to mention for some level of objectivity that Ford and Chrysler are also in a world of hurt. In addition, even the foreign auto makers are reporting huge losses. Unless people want their only options to be Toyota or Honda, I think some level of support needs to be given to the domestic auto makers or they will all be gone. Even if someone favors foreign cars, it's competition that keeps them at such a high level. Take away GM, Ford, and Chrysler and you'll have essentially a monopoly on the auto market, which doesn't bode well for quality and innovation.

Why are they repainting the parking lot lines in the GM parking lot. It makes no sense to go to the effort, time and expense of making the parking lot look pretty if GM has no money and is closing the plant.

are they gonna speedy up janesville close time?

Face it GM is done

GM is in deep, deep, deep trouble.