GM to pay more than $400 million in worker bonuses

[Topspin]

If you don't have the fear mongering and honestly tax payer theft, you don't have the reduction in conusmer spending that actually caused the real part of the recession.

 

[PostmodernProphet]

I just don't seem the same level of indignation on here about banking bonuses, indeed Yurt said that to even suggest it marked you out as left wing. I just find it odd that you are left wing if you object to Wall Street bonuses but right wing if you do the same with GM bonuses!

Last year Wall Street paid out over $145 billion in bonuses and even the banks that have repaid their loans only made money because the cost of borrowing is so ridiculously cheap. That and much of their competition was wiped out by the banking crisis.

which wing would I be if I object to both?.....you realize of course that the Tea Party movement began before Obama was ever elected and that it's impetus came from overspending by Republicans and things like the TARP bailouts.....

 

[cancel2 2022]

which wing would I be if I object to both?.....you realize of course that the Tea Party movement began before Obama was ever elected and that it's impetus came from overspending by Republicans and things like the TARP bailouts.....

I agreed with the TARP bailouts, without them the whole financial system would have collapsed. What I find disgusting is how Wall Street, and London for that matter, have gone back to their old habits of paying obscene bonuses as if nothing has happened.

 

[Topspin]

bullshit, the yatch boys would have lost a few boats. A few more scam banks would have shut. Now we are stuck keeping some of these ponzi schemers on life support.

 

[signalmankenneth]

JPMorgan chief gets $17 million pay package??? WTF!

GM to pay more than $400 million in worker bonuses

DETROIT – Less than two years after entering bankruptcy, General Motors will extend millions of dollars in bonuses to most of its 48,000 hourly workers as a reward for the company's rapid turnaround after it was rescued by the government.

The payments, disclosed Monday in company documents, are similar to bonuses announced last week for white-collar employees. The bonuses to 76,000 American workers will probably total more than $400 million — an amount that suggests executives have increasing confidence in the automaker's comeback.

In the four years leading up to its 2009 bankruptcy, GM piled up more than $80 billion in losses and was burdened by enormous debt and costly labor contracts.

"On the whole, we made tremendous progress last year," CEO and Chairman Dan Akerson said Monday in an e-mail message to employees announcing the payments. "With our collective teamwork, this can be just the beginning."

The company made $4.2 billion in the first nine months of 2010 and is expected to announce a fourth-quarter profit soon.

Most of GM's hourly workers will get a record payment of more than $4,000 — more than double the previous record in 1999, at the height of the boom in sport utility vehicles and pickup trucks. Nearly all 28,000 white-collar workers such as engineers and managers will get 4 to 16 percent of their base pay. A few — less than 1 percent — will get 50 percent or more.

Bill Selesky, an auto industry analyst with Argus Research in New York, called the recovery "dramatic" and said the payments were needed to stop talent from jumping to other automakers, especially crosstown rival Ford.

The company, he added, is also trying to send a message: "It's the new GM."

But the bonuses drew criticism from an opponent of the auto industry bailout in Washington who said GM should repay its entire $49.5 billion loan before offering bonuses.

http://news.yahoo.com/s/ap/20110214/ap_on_re_us/us_general_motors_bonuses

You got a problem with a mere $4,000 bonus to blue collar workers? What about this bonus? Where is your outrage now?

JPMorgan chief gets $17 million pay package
Compensation for Dimon outpaces that of rival CEOs

http://www.msnbc.msn.com/id/41663618/ns/business-consumer_news