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...President: Maybe you should. One fact that's not getting too much attention in these prospective deals, both at Chrysler and GM, is that they are a bit short on fairness. Just consider the plight of American taxpayers who have so far loaned $15.4 billion to GM and another $4 billion to Chrysler. As part of the latest flurry of announcements, both automakers are signaling that (a) they are not likely going to pay most of the government loans back, and (b) they will need many billions more. (See TIME's top 10 Chrysler moments...
Next, look at GM's offer. The unsecured bondholders are owed $27 billion by GM, and they are being asked to trade that IOU for a 10% equity stake. The UAW's VEBA trust, on the other hand, is trading in a $10.2 billion IOU and getting a 39% equity stake. If these were poker chips, you could say the croupier has arbitrarily decided to value bondholders' chips at 37 cents apiece and the UAW's VEBA chips at $3.90 each...
...might argue that given GM's troubled state, the market value of the bonds is not $27 billion but more like $3 billion. But if you accept that troubled-debtor logic, then it's only fair to apply the same logic to the money owed by Chrysler to the UAW's VEBA - so its chips should be marked down as well. (In fact, by law the VEBA's IOU is junior to the bondholders' IOU.) Thus, the VEBA's IOU should not translate into a 39% equity stake but a small sliver of that. (Read about Detroit's attempts...
...having to lay off workers and Harvard is not any different. “I think this is misled,” says SLAM member Remeike J.B. Forbes ’11. “It’s kind of peculiar to see Harvard as analogous to GM, because Harvard is a nonprofit institution. When GM lays off workers they also decrease in production as well. Harvard is not a for-profit institution, its purpose is to serve a public good.” According to Taj E. Tucker ’12, a protester at SLAM?...
...Pontiac brand retired on Monday by General Motors was born as the Oakland Car Co. in Pontiac, Mich., in 1907. GM acquired the company two years later. Its 1926 Pontiac model was so popular that the GM division changed the Oakland name in favor of that of the 18th century Ottawa Indian chief. And its GTOs, Firebirds and Bonnevilles were among the leaders of the pack of 1960s muscle cars. (See the 50 worst cars of all time...