Here's where GM layoffs stand after stunning blow to factory workers

[Yo_Mama_Been_Loggin]

On Nov. 26, General Motors delivered life-altering news to thousands of workers on its factory floors.

It said it would indefinitely idle four factories in the United States and one in Canada by the end of 2019. At risk were some 2,800 "active" hourly jobs in the United States. At the moment, about 500 of those workers are without jobs, with two of the plants still operating to some extent.

Two of the targeted plants were Warren Transmission in suburban Detroit and Detroit-Hamtramck Assembly, where Dnitra Landon and Robert VanOrden worked. Both said they were blindsided by the news.

"It came as a lightning bolt," said VanOrden.

VanOrden, 52, a contract worker who maintained the plant's heating and cooling system for seven years, was first told he might get to stick around after GM idles the assembly line.

"GM wouldn't let the pipes freeze," he said. But that hope was crushed on Feb. 28, when he was laid off.

"I was devastated," said VanOrden. "I sat on my porch for hours, pondering life and what I would do. I'm a smart guy and I don't drink or do drugs. So I focused and said, 'Here I am, at my age, and I'll have to rebuild myself from ground zero.' "

https://www.msn.com/en-us/money/companies/heres-where-gm-layoffs-stand-after-stunning-blow-to-factory-workers/ar-AAAYZNm?li=BBnbfcN

[KatyMan]

1. Gotta pay those shareholders!

Because without them, where would labor be?

[pangaia]

3. CAPITALISM at its best, or worst, ...

[PoindexterOglethorpe]

2. For several decades now I've been reading stuff

that says the typical American will have three or four different careers -- not jobs, careers -- in their lifetime. Unfortunately, everybody and their college counselors still behaves as if the average worker will get a job upon graduation, be it from high school, college, or a trade school, and stay in that job until retirement. That scenario was never very common, and it's become far less common (and acceleratingly so) in the past 50 years.

[Wellstone ruled]

4. When your Emplorer is a Hedge Fund,

which btw,owns most of GM's stock,well,if you get to punch in,well,you might get 4 hours notice for your lay off.

Think about it,it is the new reality for our manufacturing sector.

[A HERETIC I AM]

5. I'm curious where you got that tidbit.

When your Emplorer (sic) is a Hedge Fund, which btw,owns most of GM's stock

Because I can find nothing that supports that claim.

While almost 79% of the outstanding shares are held by "Institutional Investors", the largest of those holds a mere 7.31% and is the parent company of American Funds, which is "Capital World Investors". They are ANYTHING but a "hedge fund".

So where did you get the idea that General Motors largest shareholder is a Hedge Fund?

What they are doing certainly sucks and I absolutely sympathize with the workers affected by these layoffs and plant closings, but let's be honest here.

And accurate.

https://finance.yahoo.com/quote/GM/holders/

[Wellstone ruled]

7. Cerbus Capital

JP Morgan and others were the Financing arms for Debtor in Possession operating Capital. In return they were given a special new GM shares which would or could be converted once a IPO happened. And yes these folks still are sitting on tons of Stock.

[A HERETIC I AM]

9. Again, do you have a source for this?

This subject is of interest to me and I am curious where you got this information from.

Can you point me to an Annual Report or a Proxy Statement or 10K or a Schedule 13D or 13G or anything which backs up your claim that most of General Motors Stock is owned by a hedge fund?

Because I am not finding it, and trust me, I know where to look.

JP Morgan and others were the Financing arms for Debtor in Possession operating Capital. In return they were given a special new GM shares which would or could be converted once a IPO happened. And yes these folks still are sitting on tons of Stock.

This is a wonderfully written statement, and to the layman, would probably assuage all concerns, but to me it has the distinct feel of eloquent gobblydegook.

Please post a source.

[suffragette]

8. Too many sectors of our economy are being run into the ground by vulture investors.

How many times must this be repeated before people realize they are at the core of so many problems?

[keithbvadu2]

6. Good thing they trusted the Trump economy. Right?