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Originally Posted by bloomautomatic
Ok, 3,500 people at $31/hour for 2080 hours per year, that's $225 million. Even if it's only 90% of that, it's still $203 million.
On the radio today, a financial guy stated that all the privately held stock of GM and Ford only adds up to about $5.5 billion. He didn't have the numbers for Chrysler, but he figured maybe another $1.5 billion or so. If the gov't wants to be in control of how the companies are run, instead of giving them $25 billion, they could take $7 billion and basically own them. I don't know how accurate those figures are, but if they are anywhere close to that, it really puts things in perspective.
I think we need a bailout to help us shooters out with the rising cost of ammunition. At $15 or more for a brick of .22's, my kids may go hungry.
Vince
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Sure, maybe you could buy the outstanding stock for that price, but you certainly are not buying up their debt and future obligations (e.g. pensions and other retiree benefits) that comes along with it. According to
this recent article, GM alone has $43 billion in debt, and various articles put their pension deficit (what they've promised their people vs what is actually in the account to pay out) at over $30 billion... add to that the fact that they are bleeding cash (more debt) every quarter and it's getting tougher to find new loans is why many economists are saying they should declare bankruptcy. $25 billion doesn't even begin to "fix" GM.