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GM Will Spend $109 Million To Preserve 96 Michigan Jobs
And so we get another example of government efficiency at work. The still taxpayer funded General Motors has just announced it will spend $109 million to keep and add 96 jobs. This amounts to $1.135 million per employee. That's right, a carmaker is about to spend on a per worker basis, roughly what an average Goldman worker makes in base+bonus... in the hub of wage expansion, Michigan.
From Bloomberg:
General Motors will invest $109 million in its operations in Flint and Bay City , Mich., to support engine production for current and future fuel-efficient small cars produced for the U.S. market. The investment will protect or add 96 jobs at the two sites.
"This investment marks the second major increase in engine and engine component output in less than six months - a sign that GM is moving quickly to meet growing demand for more fuel-efficient cars," said Terri Burden, Flint Engine Operations plant manager.
In November 2010, GM announced plans to invest $151 million and protect 143 jobs at the Flint and Bay City plants. The latest investment is part of a $2 billion investment to create or retain more than 4,000 hourly and salaried jobs at 17 facilities in eight states.
"This additional GM investment in the Ecotec engine is a testament to all the UAW Local 599 members who have worked so hard to make the 1.4-liter engine America's first choice," said Terry Everman, chairman of UAW Local 599 at Flint Engine Operations.
Of the $109 million, $84 million will be used at Flint to increase 1.4-liter engine capacity. Bay City's investment of $25 million is for connecting rods and camshafts used in the engine.
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How can you keep _and_ add the same 96 jobs? The language is too confused to make a judgement on what GM is actually doing.
Management let it slip that they are very upset with the nickname government motors. Now we know which buttons to push.
Now, if GM could just make an alternative fuel motor that runs on bullshit, The Bernank could allow the world to not have to rely on a good chunk of oil that it currently does.
The Bernank is a vast, nearly limitless storehouse of bullshit.
At GM they are really upset about the name government motors.
Please Tyler, and everyone.
Always refer to it by its proper name, Government Motors.
I've been completely out of equities since about mid' 2007. Until the government put a gun to my head and said we're going to take your tax dollars and invest them in this piece of crap corporation that should go bankrupt but since we need the votes of their overpaid and overpensioned union labor force we're going to keep pumping blood into the corpse.
Oh, and to support TopCallingTroll... my wife and I are considering buying a new car - there's no way in hell we're going to buy a "government motors" vehicle.
Since the government is run by Goldman and other bankers-- that's really all they know in terms of wage comps-- to them it's min wage.
rods & camshafts
the japanese carmakers have the 1.5 liter, which seems to work well, but our guys are goin with the now-famous 1.4 L.
get em built and off to the dealers!
intestate commerce claws, BiCHeZ!
Please, please, please, govt. just come out with advance energy and materials technology so that the next age of man can start. They are trying to revive a dead horse and its not working. That 109 million could have been used to start a new type of technology for energy, or rocket technology, etc.. I've always said that we need to build the US infrastructure and industrial base for space industry (orbital manufacturing and development) and exploration. Because I think that will be the only way to get more creativity into an economy that is stalling or is based on debt.
Please, please, please, govt. just come out with advance energy and materials technology so that the next age of man can start. They are trying to revive a dead horse and its not working. That 109 million could have been used to start a new type of technology for energy, or rocket technology, etc.. I've always said that we need to build the US infrastructure and industrial base for space industry (orbital manufacturing and development) and exploration. Because I think that will be the only way to get more creativity into an economy that is stalling or is based on debt.
How is this salary any different from what US bankers, traders, and hedge fund managers earn? They contribute nothing. So who cares if a few automakers have decent incomes? That's the whole purpose of unions, to make the playing field somewhat more level.
"so who cares if a few automakers have decent incomes?"
no one, but psssst....they went tits up bk for a reason.