Aug. 10, 2010: GM Reports $2.5 BILLION Q1 + Q2 profits -- & continues to rachet down wages

[Hannah Bell]

Aug. 12 (Bloomberg) -- General Motors Co., 61 percent owned by the U.S. government, reported second-quarter net income of $1.54 billion on increased vehicle sales and production as the Detroit automaker prepares for an initial public offering.

Profit rose 44 percent from $1.07 billion in the first three months of the year. Revenue increased 44 percent from a year ago to $33.2 billion on growing sales of the Buick Excelle in China and Chevrolet Equinox in the U.S., the company said today in a statement. Operations in Europe will continue to improve, the company said.

http://www.businessweek.com/news/2010-08-12/gm-profit-rises-to-1-54-billion-on-auto-sales-gains.html


Even after the bailouts & the cuts to wages & benefits, they're still trying to cut ALL WORKERS WAGES TO $14/hour.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9278351

This is planned, not an accident.

Meanwhile, the collaborationist leadership of the International voted themselves RAISES, & GM's bosses got RAISES AS WELL.

Posted: Wed Oct 06, 2010 12:15 am Post subject:

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wheatie wrote:

lets see, GM posted profits the first two quarters. just shy of a billion dollars first quarter, over a billion the second quarter. the international got raises and they negotiate to slash our wages in half, sorry but that don't set to well...

You forgot to mention the whopping pay packages given to the top brass. Ol' Ed made out pretty sweet...$6.4 million in stock and salary for his eight months as CEO.. or what amounts to 205 years worth for a tier worker making $15.

Didnt he just get cut a check for $30 MILLION??? Oh, wait that was Wagner. Thats right, it would take 946 years to make that much as a tier worker...

that doesnt include what he made while working, ummm, I mean wearing the crown.

Poor CEO Daniel Akerson is only getting a mere $9 Million, jeez that must be rough, I just dont know how he could live with so little... I know, they must be trying to catch up with the crooked bankers on Wall Street...

http://www.factoryrat.com/factoryrat/modules.php?name=Forums&file=viewtopic&t=13274
And that means all production/manufacturing wages are targeted in every industry.

[Hannah Bell]

1. kik

[Hannah Bell]

2. kik