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GM ‘Workers’ To Get Record Bonuses!

From the Wall Street Journal:

GM Workers to Get Cut of Profits

By SHARON TERLEP
FEBRUARY 8, 2011

DETROIT—General Motors Co. is planning to pay its hourly workers in the U.S. at least $3,000 each in profit-sharing payouts, the largest amount ever, after the company’s return to profitability in 2010, people familiar with the matter said.

GM in the next week is expected to disclose the size of profit-sharing checks that go to 45,000 workers as part if [sic] the auto maker’s contract with the United Auto Workers union. The figures are still being finalized, the people familiar with the matter said…

Chrysler Group LLC did not make money in 2010 but still paid its hourly workers $750 each in recognition of their contribution’s to the company’s progress toward recovery last year.

After all, the UAW has done so much for Chrysler over the years.

GM’s largest payout was $1,775 in 1999.

So this bonus will not only be a record, it will be nearly twice as much as the previous record. Apparently, it’s handy to be your own boss.

The auto maker is on track to post its first annual profit since 2004 when it reports financial results for 2010 later this month.

GM made $4.2 billion through September and is expected to report around $1 billion in net income for the fourth quarter.

Giving new meaning to the term ‘creative accounting.’

Still, where is the outrage? Will Code Pink, the SEIU and ANSWER be out in the streets demanding that these bonuses be stopped?

This article was posted by Steve on Tuesday, February 8th, 2011. Comments are currently closed.

12 Responses to “GM ‘Workers’ To Get Record Bonuses!”

  1. bill says:

    The unions own GM … I will never buy another.

    • River0 says:

      So, our fellow citizens aren’t yet aware that GM still owes taxpayers billions, but they’re paying out bonuses! A nation of such suckers – it must be said – deserve the shaft they’ll be sucking on for the rest of their days on earth.

  2. Rusty Shackleford says:

    It’s ok. They are now the architects of their own fate. They will fail. They will spend themselves into destruction, just like every single other socialist-operated mechanism. All you have to do is look around to see it. “What’s good for Detroit, is good for GM”.

    They will run out of other people’s money soon enough.

    And by the way, 45,000 x $3,000=$135,000,000.

    • TerryAnne says:

      Keep in mind that the total is probably closer to $250,000,000, as it said “at least $3,000″. I’m assuming that amount was for the new kids and janitors; the average employee is probably afforded (haha) closer to $5,000 and those dreaded bosses getting at least $10,000.

      Funny how the union bosses getting high pay is perfectly fine, huh? Just like Congress and their $220,000/year salaries that doesn’t even begin to reflect all of the perks they receive on top of that.

  3. TerryAnne says:

    It would be so nice if the socialists running this country would let this work it’s way through for another year so we can all witness the collapse of a company that pays its profits directly into the already overpaid workers’ pockets versus modernizing and R&D…and before it is forced on everyone else.

    This comment being in reference to Zero’s lecture to the Chamber of Commerce yesterday, saying how he wanted to know the companies who were turning a profit and not hiring employees. While it was nice to finally hear him uttering true socialist/communist phrases, it’s a shame that there’s no grace period between what falls out of his mouth and when it hits the floor.

    • bill says:

      Planning never was the big thing with central planners. It’s why the most important job in the old Soviet Union was waiting in lines for stuff that never comes.

      Obozo talking to the chamber just shows, he doesn’t know which end is up.

  4. proreason says:

    Redistribution.

    I wonder what the racial breakdown of the UAW is.

    btw, GM would not be reporting a profit without MASSIVE taxpayer funding, in many forms (in addition to the fraudulent reporting itself, for which the company would be sued if it were private). For example, the government and government contolled companies (i.e., GE) are purchasing virtually all of the disastrous VOLT car. And who knows how many billions of subsidies are hidden from view for the entire company.

    This country is now a full-blown fascist state.

  5. merkelerk says:

    “The unions own GM … I will never buy another.”

    Bill, I hate to tell you this but…
    If you are a tax payer (you follow this site so I assume you are), you have probably bought a Volt or two already.

  6. Liberals Demise says:

    “GM…….Rust never sleeps”

  7. Mae says:

    And these people have the audacity to speak of greed on Wall Street! How about the moral decline in honesty, honor, decency and truthfulness at GM. GM and its employees seem to have no conscience about stealing money from the taxpayer by the acceptance of these bribes…oh, excuse me…bonuses. It is not their money. They have no right to it. One thing about socialists, they always take care of themselves first and foremost. The rest of the citizenry live on crumbs that the rulers throw their way. Defeating Obama in 2012 is the highest priority so that this kind of socialist takeover of the private sector does not continue.

  8. bobdog says:

    I wonder what will happen the next time the UAW contract comes up for renewal.

    I’m betting they’ll strike for higher wages, job security, “decent” pensions and better health benefits.

    Anybody want to bet? Hello? Hello? Anybody? Beuhler?


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