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GM likely to spend $500M on worker bonuses

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posted on Feb, 28 2012 @ 06:13 PM
GM, which made a record profit in 2011, will pay bonuses of at least $182 million to white-collar workers such as engineers, car designers and managers on Wednesday, according to a formula obtained by The Associated Press. That's on top of $332.5 million in profit-sharing it already agreed to pay factory workers.

Later in the article...

The U.S. spent nearly $50 billion to save GM three years ago, and some Republicans think the government should get its money back before bonuses are paid. The company nearly ran out of cash when auto sales dried up in the middle of the financial crisis. With little or no private loans available, GM needed a bailout to make it through bankruptcy protection.

The government agreed to take stock in GM in exchange for most of the debt. So far it has recouped more than $22 billion. Taxpayers still own 500 million shares of GM, or 26.5 percent of the company. If the government sold those shares at the current price of around $26, it would get about $13.2 billion. But it's waiting for the stock price to rise before selling. Shares would have to sell for more than $53 each for the government to get all its money back, which is unlikely.

Funny how the article states that "The Tax Payers" still own 500 million shares of stock. We in the hell is my bonus...I'm a tax payer...Write my check soon also GM.
What a bunch of s&*t.

Check out the full article if you

posted on Feb, 28 2012 @ 08:47 PM
reply to post by wolf241e

They also gave workers an extra 5 days of vacation for the year. In addition to the record profit GM is having issues keeping up with product demand. They are suppose to be adding jobs, mainly overnight shifts, which I guess is better than laying people off.
edit on 28-2-2012 by Xcathdra because: (no reason given)

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