Re: [Pen-l] labor and the auto companies

[Rudy Fichtenbaum <rudy.fichtenbaum@xxxxxxxxxx>]

It would be "cheap" to by GM but you would buy all of their debt which 
is substantial. Essentially they have hocked everything they own as I 
understand it.

Rudy

Jim Devine wrote:
> David B. Shemano wrote:
>   
> > A year ago I suggested that the UAW simply buy GM and the employees could then pay themselves whatever they wanted.  The total market capitalization of GM today is around $1.5 billion, which is essentially nothing.  A mind-boggling number for a company that had $165 billion in sales for the past year.  If $1.5 billion is too expensive for the UAW, GM could file chapter 11 and UAW could propose to exchange some claims for the equity and own the reorganized GM.  SOCIALISM NOW!<
> >     
>
> I'd bet that the UAW would rather keep a diversified portfolio instead
> of putting all their eggs into a lemon. (mixed metaphor alert!)
>   

--
Rudy Fichtenbaum
Professor of Economics
Chief Negotiator AAUP-WSU
Wright State University
Dayton, OH 45435-0001
937-775-3085

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