[DeTomaso] allowing detroit to fail MY SOLUTION

[Ken Green]

I don't know if these are correct numbers, but it looks like there are 600 million shares of GM???  At $4 a share, that's 1.2 billion (seems way too low, feel free to correct me).  If I'm not way off, why doesn't the UAW just buy GM, take a pay cut, and make a killing on the stock?
 
It would seem to be a lot better if the employees had a stake in the company and best if they owned the company.  Best of all, they could fire the people at the top making millions.
 
Ken

--- On Sat, 12/13/08, JDeRyke at aol.com <JDeRyke at aol.com> wrote:

From: JDeRyke at aol.com <JDeRyke at aol.com>
Subject: Re: [DeTomaso] allowing detroit to fail
To: detomaso at realbig.com
Date: Saturday, December 13, 2008, 12:00 PM

Well, it appears that Congress is still more intent on scoring points against 
the other party than actually governing for public good; the $14 billion loan 
package for GM and Chrysler failed in the Senate. For the younger guys, this 
is not a brand-new concept. In the mid-'60s, Lockheed deperately needed a 
bridge loan as gov't contracts had fallen off in the aircraft & defense

industries. The loan, after some finger-wagging and posturing, was granted.
Then in the 
'80s, Chrysler fell on hard times , and Lee Iacocca went to D.C. to ask for
a 
loan... which was eventually granted. This was a few years before Daimler-Benz 
bought Chrysler.

Note also that both these LOANS were repaid to the Feds, with interest. Not a 
bad deal for us- the public actually made a few bucks for a change. Perhaps 
this unfamiliar concept is why the Senate rejected the proposal? FWIW- J Deryke



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