Topic: Government Motors

[Snowman]

No more Government Motors in Canada

http://www.theglobeandmail.com/report-on-business/canada-to-sell-final-73-4-million-shares-of-gm-from-bailout/article23814942/

[mmret]

This tidbit

By waiting to sell the shares after April 1, which is the start of the fiscal year, the government is able to record the gains as revenue in the 2015-16 fiscal year – which is when it has promised to return to a balanced budget.

Too bad they won't have another 73million shares to sell next year

[ArticSteve]

Paul Boothe, who led the Canadian negotiating team during the bailout as associate deputy minister of Industry Canada, told The Globe and Mail last year that he believes GM and Chrysler would have left Canada had the governments not participated.

GM leaving anyways.  2016 Oshawa will close and that leaves Ingersoll.

Enjoy your GMs ppl. 

[toolatecrew]

Shares of GM closed Monday at $36.66 (U.S.). At that price, the shares would be worth $2.69-billion, or about $3.4-billion (Canadian)

Auditor-General Michael Ferguson reported last November that Ontario and Ottawa had recovered $5.4-billion of the $13.7-billion they contributed as part of the bailout to save Chrysler and General Motors.

So do the math- 3.4 billion from this sale + 5.4 already recovered. makes 8.8 billion recovered.

13.7 Billion bailout minus 8.8B recovered equals 4.9 BILLION dollars in the hole

Bravo !

[Sir Osis of Liver]

Shares of GM closed Monday at $36.66 (U.S.). At that price, the shares would be worth $2.69-billion, or about $3.4-billion (Canadian)

Auditor-General Michael Ferguson reported last November that Ontario and Ottawa had recovered $5.4-billion of the $13.7-billion they contributed as part of the bailout to save Chrysler and General Motors.

So do the math- 3.4 billion from this sale + 5.4 already recovered. makes 8.8 billion recovered.

13.7 Billion bailout minus 8.8B recovered equals 4.9 BILLION dollars in the hole

Bravo !

$5B is hardly a dent in the bucket when it comes to the savings to EI and the welfare system.

[toolatecrew]

Shares of GM closed Monday at $36.66 (U.S.). At that price, the shares would be worth $2.69-billion, or about $3.4-billion (Canadian)

Auditor-General Michael Ferguson reported last November that Ontario and Ottawa had recovered $5.4-billion of the $13.7-billion they contributed as part of the bailout to save Chrysler and General Motors.

So do the math- 3.4 billion from this sale + 5.4 already recovered. makes 8.8 billion recovered.

13.7 Billion bailout minus 8.8B recovered equals 4.9 BILLION dollars in the hole

Bravo !

$5B is hardly a dent in the bucket when it comes to the savings to EI and the welfare system.

Its not a savings..at best its a deferral.


GM has gone from employing 40 K people in Canada to about 8 K and that is set to shrink further.  Lets not make it out like that 5 B saved the EI welfare etc of jobs in perpetuity. It deferred some of it to a later date but have no doubt that those job losses will be realized at some point.

[Sir Osis of Liver]

Shares of GM closed Monday at $36.66 (U.S.). At that price, the shares would be worth $2.69-billion, or about $3.4-billion (Canadian)

Auditor-General Michael Ferguson reported last November that Ontario and Ottawa had recovered $5.4-billion of the $13.7-billion they contributed as part of the bailout to save Chrysler and General Motors.

So do the math- 3.4 billion from this sale + 5.4 already recovered. makes 8.8 billion recovered.

13.7 Billion bailout minus 8.8B recovered equals 4.9 BILLION dollars in the hole

Bravo !

$5B is hardly a dent in the bucket when it comes to the savings to EI and the welfare system.

Its not a savings..at best its a deferral.


GM has gone from employing 40 K people in Canada to about 8 K and that is set to shrink further.  Lets not make it out like that 5 B saved the EI welfare etc of jobs in perpetuity. It deferred some of it to a later date but have no doubt that those job losses will be realized at some point.

You can say that about any subsidy offered to any manufacturer in Canada right now. As it stands, third world labour rates are going to win out eventually. But better then, than in the middle of the financial crisis.

[pi314]

The EI fund would have had lots of money if 57 BILLION wasn't moved out into general operating revenues 

[Snowman]

There goes the DB pension

http://www.theglobeandmail.com/report-on-business/economy/gm-pushing-unifor-to-ditch-defined-benefit-compensation-packages/article23851178/

[ArticSteve]

There goes the DB pension

http://www.theglobeandmail.com/report-on-business/economy/gm-pushing-unifor-to-ditch-defined-benefit-compensation-packages/article23851178/

Believe all 5 of the BANKS have ditched the DB.

Only sector left with DB are the CASH FOR LIFE crowd.

[pi314]

All part of the race to the bottom. Push risk and liability on whoever you can.

[rrocket]

There goes the DB pension

http://www.theglobeandmail.com/report-on-business/economy/gm-pushing-unifor-to-ditch-defined-benefit-compensation-packages/article23851178/

Funny how it seems they start pushing to get rid of it immediately after its not gov't motors anymore.  Coincidence?

[Snowman]

 

http://money.cnn.com/2015/04/15/news/companies/gm-bankruptcy/index.html?iid=HP_LN

[ArticSteve]

Just FANTASTIC.  Just like those moronic Canadian and Ontario taxpayers, 80 dead fackers and their dependants get the shaft.  Capitalistic Government at it's finest.  Whose next 

BTW, just for sh*ts and giggles, GM has a 212 supply of unsold VOLTS.  Production of course has stopped early. 

Source:  Automotive News a few days ago ... look it up, I can't be bothered.