The publisher of the Bond Buyer, Mike Stanton, said in a tweet, "This fact will stand up: Speed of filing took bond creditors by surprise."
These proceedings can take up to two years or longer and the bond holders can find they lost between 20 and 85 percent.
A judge is stating it violates the Michigan State Constitution. Why does that not surprise me.
GM's CEO believes it was the decline of the auto industry that caused the decline in Detroit. No doubt that played into the current problems of Detroit, but, they need not blame the unions. There were many cities dependent on the tax base provided by union workers. GM abandoned the American worker. It ought to reflect on that rather than blaming unions. It was the loss of employment to the American workforce when GM outsourced that impacted these cities and towns.
The unions had nothing to do with outsourcing. Those were decisions by CEOs seeking to close the wealth gap between themselves and the 1 percent.
It was Detroit that was irresponsible and corrupt to cause all this? I don't think so. I would think GM would have learned a lesson about their employees and that link to their success. Do I remember right? The American people closed the real gap to GM's success. I think I have that correct.
Greed instead of real insight to macroeconomics of a country devoted to the Middle Class is what impacted the auto industry. Greed, consumer products outdated, multi-national interests and lousy management finally returned GM to the bargaining table. Over two decades of impoverished corporate priorities brought Detroit to where it is today. Some of us have a long memory, it doesn't seem to be the case in the Board Room of GM.
These proceedings can take up to two years or longer and the bond holders can find they lost between 20 and 85 percent.
A judge is stating it violates the Michigan State Constitution. Why does that not surprise me.
GM's CEO believes it was the decline of the auto industry that caused the decline in Detroit. No doubt that played into the current problems of Detroit, but, they need not blame the unions. There were many cities dependent on the tax base provided by union workers. GM abandoned the American worker. It ought to reflect on that rather than blaming unions. It was the loss of employment to the American workforce when GM outsourced that impacted these cities and towns.
The unions had nothing to do with outsourcing. Those were decisions by CEOs seeking to close the wealth gap between themselves and the 1 percent.
It was Detroit that was irresponsible and corrupt to cause all this? I don't think so. I would think GM would have learned a lesson about their employees and that link to their success. Do I remember right? The American people closed the real gap to GM's success. I think I have that correct.
Greed instead of real insight to macroeconomics of a country devoted to the Middle Class is what impacted the auto industry. Greed, consumer products outdated, multi-national interests and lousy management finally returned GM to the bargaining table. Over two decades of impoverished corporate priorities brought Detroit to where it is today. Some of us have a long memory, it doesn't seem to be the case in the Board Room of GM.
