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If a bailout of the auto industry does occur in the next 2 weeks as seems likely, what do you want in the deal?
Ford and GM stocks are surging upwards as investors anticipate their management not blowing the government bailout request a second time. The consensus among economists is that economy is too shaky to have the big 3 try reorganizational bankruptcy, so they will bail them out.
What do you want your elected officials to insist upon if they do it? Salary cuts? To what %? management? Workers?
Please don't waste our time with just saying, "no bailouts". You can express that but give us more. If they do bail them out, what would you want your local officials to insist upon.
I'd even be OK with the government creating a new temporary "non-bankruptcy" bankruptcy they could go through.
(P.S. when you are done posting here, write your legislators!)
A lot of great responses here so far. The idea of us getting a new car or at least a huge discount on one for the bailout is inspired. Firing management and cuttting the salaries for those positions are nice. Anyone have an idea how deep they want to cut? I want to see 50+% management paycuts 25% line worker paycuts, but I do want the company to have to make their insurance a little better quality than it is today and I do want them to retain their pension burden rather than slough it off to us via bankruptcy.
As a taxpayer I am OK with loaning them money, but I don't want to have to pay their committments for them.
A lot of folks think that if they cut salaries they could produce profitable, cost competitive smaller/green cars. I am among those who share that view.
6 Answers
- Anonymous1 decade agoFavorite Answer
A new car.
And get rid of every single CEO.
- don1862Lv 41 decade ago
Fire and replace current managers. Cap management salaries at $100,000 per year. Allow bonuses to kick in only after a company has had five straight years of profit and five years positive operating cash flow. Also the agreement must require rigid and increasing fuel economy and measureable quality standards to be met before bonuses kick in.
UAW workers would have to take major wage and benefit cuts, probably about a 30% cut.
Stockholders would give up any chance of a dividend, stock buyback or any other cash from the company until profitability and cash flow is positive and until all government funds are repaid with interest.
- 1 decade ago
For starters, union wages of $35 an hour plus full medical/dental benefits for the average assembly line worker has got to go. Next, CEO compensation should be tied to the companies performance.
I'd really just prefer they go into bankruptcy so they can negotiate a fresh deal with the industry killing UAW.
- 1 decade ago
a real plan for how they're going to produce more efficient and attractive cars. The cars they've been producing are so generic. They're not as efficient as cars over seas and I don't want to bail them out to keep seeing the same ugly cars forever.
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- angeloLv 41 decade ago
Nancy Pelose might just be able to bail them out secretly so that there will not be thousands of others who want bailouts, and getting them.
- tabbi8407Lv 61 decade ago
If they bail them out, i expect for our government to freeze all the ceo's accounts and take back teh 28 million dollar sallaries, and take back the billions of dollars in bonuses, and throw their asses in jail. And no more private jets for them and their wives....
coming to dc in 3 seperate private jets, spending $60,000 on one trip....and begging for money, is just insane.
these ceo's can save their own companies, they just choose not to.
