ZL-1

It seems common sense prevailed since an agreement was reached. Now let's hope the workers' vote goes well too. Paying 70% of the $51bn unfunded healthcare liablilities would mean paying roughly $36bn, a large amount of money. But hopefully, once this is paid for, GM can once more be a car manufacturer instead of a healthcare and retirement pension provider.

had to google that one K.C., but here goes my response: sweet 16

sorry about your car... glad you're not seriously injured

Bugs Bunny excitement?

Maybe there's no final answer to that question K.C., but I'd opt for the prudent route. On a different note, I think I may have experienced Global Warming this evening while talking to a university colleague of mine... Beautiful blue eyes!

friction

If that's true, then I am the Pope

assemble

Hopefully there will be.Here's my :twocents:: This is actually significant news IMHO: it shows that GM can leverage global resources and still offer US-built models elsewhere. I think the UAW should be looking at this more than at the VEBA issue, because it shows that it can be done and that GM is not on some conspiracy-theory-delirium to remove all its plants from US soil.

My US example wasn't meant to attack the US system. I think the US is the country where there's more separation between Legislative and Executive branches of Government. It was meant to say that even in the US, with its tradition of separation of branches of Government, there's still room for improvement, and that Democracy is not a finished process. If they plan to be on strike for a whole year there won't be a GM for those workers to return to.

the 3 door looks ok

Tuesday Tuesday's Gone = Lynyrd Skynyrd song

Democracy is still incomplete and always will be. As an example, you guys still don't elect a President by direct voting, which means that from time to time ou have a President elected with less than 50% of popular vote :AH-HA_wink:I think unions are useful and sometimes needed to balance power. However, they have to understand that negotiation means creating trust/confidence, and it means proposing and reaching win-win situations. The us-versus-them mentality is of the 19th and 20th centuries and it should stay in History where it belongs.

You just reminded me of my nephew. He actually did extra work for chemistry class because 'you get to blow up stuff'

There are several stories my cousin tells about the time she did ER duty that revolve around people going to hospital with strange objects stuck down there 'where the Sun don't shine'...

yuck i am so happy i don't work in audit

I think Obama is trying to show he stands beside American workers, but he may have shot himself in the foot.

beer

More USD for me when I visit!

I was talking about long-term liabilities, which were USD111bn at the end of 2006, with USD62bn being Postretirement Benefits and Pension entries, and that's where immediate impact would be if the VEBA deal goes ahead. Current liabilities are small in comparison, and roughly 30% of those are trade payables. Here's the link to GM Q4 2006 consolidated financial statements (page 3 - Balance Sheet).A couple of interesting issues with this VEBA thing is how much cash GM is willing/able to inject in there, and where that money will come from. @ Smallchevy: you might want to check with someone who works in insurance. Actuary stuff (not sure if that's the expression in English) is not one of my strengths. But I think the liabilities are PV of future cash ouflows (makes financial sense), assuming factors such as life expectancy: IIRC GM has lowered what it records as pension/healthcare liabilities before by changing the discount rate. But assuming USD51bn are wisely invested today, then they should offset more than USD51bn in liabilities. I tried giving too many serious replies in one go. I think I should go and watch Conan O'Brien now

Why doesn't he disclose the real reason? Maybe because he's... trying to arm-wrestle GM?I was looking at GM's Q4 2006 balance sheet. Funny how if you remove $51bn in liabilities (GM's target with the VEBA plan), GM's long-term liabilities are cut almost by half...

I stil think it's going to be moving sideways for a while

I'm just glad I had the quietest day ever at the office: I got to rewrite the 2nd part of my assignment and tomorrow at the first set of presentations I'll see if I need to correct anything or if my work's just a pile of dung (in which case I'll dump the course and take the case-study course instead).

Check the intra-day chart again :AH-HA_wink:EDIT: it's up a little rigth now. maybe it will move sideways until we know if this is a long-term strike or not...

Investors can take their money elsewhere, UAW workers cannot.