Is Gm being paid to lay off workers ? and still seeking more bailout funds

@ronnyb (6120)
Jamaica
February 18, 2009 11:14am CST
I know this sounds weird but after Gm was given a sizable chunk of the 17.4 Billion bailout package ,they are now reporting that they are laying off 47 000 workers and could be requesting extra funds. I am no financial wizard and maybe I am thinking like a layman but I thought the aim of the bailout package was to stem the loss of job cuts and to put the company on a better financial footing. No I understand that the funds may not be sufficient to take them form the severe financial hole they have dug but are they justified in laying off so many workers .In addition what guarantee do the taxpayers have that if they gave them additional funds they would stop cutting workers . What do you say, give them extra funds or only with the condition of no layoffs ?
3 people like this
8 responses
@suzzy3 (8357)
19 Feb 09
I suppose it is better to have some jobs and keep the place going for better times,but we have that in England with the banks for example billions of bale out money,and they are laying people off,good money after bad is what I call it,our kids will have to pay such high taxes to pay back all this money the government is borrowing,out government were deep in the red before this lot took off,now we are sinking under a shower of debt that will take my sons generation twenty years to repay.All this is down to greed by the employers who put nothing away for a rainy day and know expect the tax payer to finance it all.Some of the big companies are still giving out huge bonuses to the staff that sold us all down the river,I wish I could put my money in the mattress but that is not possible,as it would mean going back before the days of direct debit,taking a wad of cash down town treking around to pay everyone in cash.We would get mugged no matter what method we use.It is is such a mess no one will win,chucking money at it will help in the short term but will bring us all to our knees in the future.xxx
1 person likes this
@ronnyb (6120)
• Jamaica
19 Feb 09
That is what I ma thinking too Suzzy that youshould keep persons on just in case things get better but these organizations are just in one mode and that is to fire .And the worst part is we are giving them money to fire us and this is money liek you say that we and our children will have to pay back .Another thing to consider too is that some of our children may not even be able to getjobs with these companies at the rate they are going I agree too that it is greed and where was the money that they were making when these companies were doing well..Why did they cut all those bonuses and are they still holding on to the bonuses and still cutting menial jobs when these bonses could pay four workers wages.Thank you for you answer Suzzy
• United States
18 Feb 09
Maybe they are hiring a guy for 17.4 Billion dollars, and his job is to lay everybody off.
1 person likes this
@faith210 (11233)
• Philippines
19 Feb 09
Hi ronnyb! Oh my, 17.4 billion is more than enough to retain their workers I think. I am not an expert on this but why should they accept that bailout package and then will lay off 47,000 workers? I think those workers that will be laid off should be the one who should receive the package instead. Take care and have a great day! lovelots..faith
• United States
19 Feb 09
The layoffs are affecting so many people, my family included. A major problem that GM is having is with the union. They are not willing to concede much of anything and they will let the company go under before they are willing to. Thank goodness that they are finally getting rid of the jobs bank. That has been ridiculous for a long time and has cost GM a ton of money. Who knows how this will all unfold, but it is scary, and I don't know the answer. There are positives and negatives to both sides of a bailout.
@Arkie69 (2156)
• United States
18 Feb 09
Sounds the same way to me too. I'll put it a little stronger than you did. It sounds a lot like blackmail to me. If you don't give is a bunch more money we will lay off a bunch of workers. We will wait and see if they come up with a larger figure that would keep then from having to lay off workers. That will tell the tail. If that is the case Obama and his hand pick crew are just stupid enough to do it. All three auto makers are in the mess they are in for the simple reason they priced their cares right off the market. Far too many bells and whistles and computerized junk on them. If they don't change styles and come up with some smaller, simpler, cheaper cars a bail out won't help them. The public simply can't afford their cars. Art
@iriscot (1290)
• United States
18 Feb 09
Not being in the position to know what is coming up with GM, I don't have an opinion. I saw where the union has made some concessions, but didn't hear what they were. I read where management was wanting the worker's wages to match with the wages of the workers in the Toyota and other foreign auto makers in the states. I don't know what their wages are either. GM screwed up when they killed the electric car they were testing several years ago.
• United States
18 Feb 09
There are no guearantees, but something has to be done to keep the economy viable! Many more layoffs would certainly come if there were no bailout. In fact, loss of the American auto industry could cause financial disaster, even if the rest of our economy were going well. Of course, it isn't. Are you one of those people who sees a conspiracy around every corner? People have found it too easy to become rich by "leaking" information forr conspiracies to remain secret.
• United States
18 Feb 09
yep that is correct. THey want more money all the while addding to our economy problems instead of helping fix them. They are going to lay off close to 50,000 people. Yet they want us to give them more money. I hope washington does not give it to them.