The axe is falling TODAY!!

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Bill McElroy

Bill McElroy

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Well...here we go again,...there's going to be a HUGE announcement at 8:30am today on BIG cuts at GM. This time it's focused on white collar managers, executives, and compensation! I fully expect to lose "something", but as long as it isn't my JOB, I'll make due! All I can say (and I'm NOT ALONE, is they better start at the TOP this time...we are sick and tired of having to pay the price for THEIR dumass decisions!! (Start holding some of them accountable for a change and start doing what's RIGHT instead of what's EASY!!)



"IF" I lose my job today...look for another post offering a LOT of fishing stuff for sale...CHEAP!:blink::(
 
Sitting here fingers crossed MacDaddy. Let us know as soon as you hear. I heard the "announcement on the radio on my way in this morning along with possibly eliminating a product "line" and cutting back on truck production. And you know the upper execs never take responsibility for the bad times, only credit for the good times. It sucks.



TOXIC
 
Mac,



Sending good thoughts your way.....I've been through it and I wouldn't wish it on anyone. Please keep us posted.



:wub::wub:



Sue
 
Mac - This happens in high tech often. It's never easy and I am sorry it is affecting your industry. Hopefully you can focus on taking care of yourself and your family even if it doesn't impact you personally.



I am hoping nothing happens to you, but if it did, I'd commission you for some Scales and Tales artwork if that helps!



Bill, the MadKayaker
 
The trick word is "accountable":angry:

You know my thoughts on these things Mac...hope all turns out well my friend.

Peace
 
Mac - Keep us posted, I read about the cuts coming online so let us know.



MAN I wish the deal for S&T with Action would have been your big time move, I still need to replace my S&T wallet I wore out after 3 years of use :-(



Get-R-Done big dog!



Trep
 
Mac I hope your not on the list. I also hope that it starts at the top. If you cut too much off the bottom, eventually the tree falls!



Randy!
 
Mac, you'll be okay. When I bought my new Silverado I told the salesman that part of the deal was that Mac keeps his job. He promised that he would make sure you did. You know car salesmen always keep their word.:lol:;)



Good luck my friend.
 
I will be calling. Lets do lunch. I think you should be good Mac. You are a hardworker that knows his ****!



Pick up your phone!
 
I saw it on the news this morning and I hope it works out for you. You definitely have the right attitude, losing a percentage is better than losing the entire package.



Good Luck!
 
Good luck Mac. Mini, being a good worker that knows your Sh$t does not help any more. The accountants don't care or know about the Good ones, they just chop. Hang in there Mac.
 
WHEW!!!......Dodged ANOTHER bullet for the moment,.....thanks for all the good thoughts and words!!



20% salaried "cost" reduction required.....will get done thru early retirements, (they may offer a "window" for the 1st time in 4 years) regular attrition and what they refer to as "other reduction tools" meaning (MAYBE they'll finally fire some of the slackers around here!!?) :angry: They also eliminated executive bonuses (SWWEEEEEEEEEET) and stock dividends (that blows, but i'll still be able to buy Mini's lunch) for the remainder of 2008 & 09.



Will have to wait and see what affect if any, this has on Wall St....but all I know for sure right now is I'm not old enough yet to retire!! If they made me an offer I couldn't refuse, I'd HAVE to get another job somewhere to make ends meet, but I can gaurantee you I'd find one doing something I LOVE and not one strictly for the money!! Anyway,..it's not over yet,....i fully expect to see and hear of a few friends getting their walking papers!!



Man......this is one stress filled, lousy time to be in the auto business in MI.!!:angry:

Again,..thanks for the well wishes,...and Sooner,...I owe you one man,..you saved my arss!!;)



Mac
 
How does it work out that GM is in the tanker and I get mac to pay for my lunches for "the remainder of 2008 & 2009"!!!!



Saweeeet!!!!!!!!!!!!!!!!!!!! :)



Call me you fool. Where are you taking me? Salvatorre Scallopini sounds good today!



BTW Our open house is this Thursday if you want to come by again.
 
keeping you fat and happy is a fixed cost,..............not subject to market fluctuations!!;)

 
I'm very glad the cuts missed you, and sad that they were made by GM. Keep your head high! You're a valued resource in your company's assets and if they don't know it another compny will. We'll keep you all in our prayers.
 
Mac..Been there and took the buy out..Never regreted a minute..lost Insurance but got my pension..Took it early lost a few $$$ but better than when they left here all together..Alot more cuts are coming down the road..It's wild they will retire you and then hire you back as a consultant for 2X the money you were making...Goood ole Generious Motors..They also made me sell them my stock..Was a good deal after all...Good Luck Buddy...JR:) P.S. I am still helping I buy 2 a year still want the camero,But the G-8 looks good also....
 
Thanks again everyone.........Mini and I had lunch together today and we both agree that GM's biggest problem right now is STILL public perception. And that fault lies with marketing and advertising......geeez...we build some of the BEST stuff we've EVER built,..in every facet including design, value, price and mileage...yet too many people simply don't know it!! All I can do is continue to do the best I can everyday and hope that things turn around before even MORE cuts are made!! They can cut 20-25% of the management around here and we wouldn't skip a beat.....infact we'd probably be further ahead.....but I can't and don't control that, so all I can do is show up here everyday, do what I do best, and hope for the best. We WILL turn this beast around!



Mac
 
Glad to hear it Mac. Every time I hear cuts for GM I think you and the family and cross my fingers. Hang in there.



Mark
 
One thing for certain... The soccer Moms, etc. may no longer drive a truck platform... But, for those of us who require a truck there has never been a better time to buy US made product. Whether you like GM/Chevy, Ford or Chrysler/Dodge, they are fantastic vehicles. Keep on keepin on... As they say; "when you are going through hell, keep on going!" Mac, you are reputed to be one of the "good people", just ask Sooner's salesman... :rolleyes:



Glad the wolf wasn't scheduled for your porch...
 
Mac, glad you made another round. Hang tough! Better days ahead.
 
Here's the plan: (and once again, the MEDIA is going way over-board in sensasionalizing this whole problem.....they love to make everything sound MUCH worse than it is....don't get me wrong..it's bad....but it's NOT the end of the world,...and GM will NOT be declaring bankruptcy...that's not even a consideration...that's Wall St. hysteria!!!)



Among the measures aimed at generating $15 billion through the end of 2009, Wagoner announced:



A 20 percent reduction in salaried worker costs through a variety of means including normal attrition, early retirement and voluntary separation programs.

Cutting health-care coverage for salaried retirees older than age 65, offset by increased pension payments.

No pay raises for salaried workers through the end of 2009.

No discretionary bonuses for executives.

Reducing truck capacity and related component capacity. GM expects to cut 300,000 units by the end of 2009, half by already announced actions and half by new steps.

Cutting and consolidating sales and marketing budgets, including motorsports activity.

Holding engineering spending to 2006-07 levels through the end of 2009.

Reducing capital spending.

"These measures will provide us with ample liquidity," Wagoner said.

 
Mac,

Hang in there man....your job performamce will see you through the mess as folks figure out the way ahead.....



Go figure....the media sensationalize something........



Hang in there Bro
 
The part that starts to sound nice is "No discretionary bonuses for executives". I guarantee that they will be showering them with some type of stock options at immensely low prices not to mention other ways of getting around these guidelines of less pay. The execs should be forced to take a pay cut and receive nothing more until the business is back in the green. They should be held primarily accountable if the employees making it happen have to give up so much. I've seen this before in large companies and its very disheartening as an employee being asked to do more in these circumstances while the execs are doubling (or more) their annual packages
 
Mac told me some execs are approaching 80% of salary from bonuses
 
It's true,.....the "bonus's" they're NOT getting range from 76-85% of their annual pay!!

So while I'm losing an annual merit (for 2009 anyway,.....already got a NICE one this year), and my dividends which i put in my 401K anyway, it's nothing compared to the 'Zec's hit.......atleast I'm not looking at a LOSS of income of 80%!!. BUT,..don't feel to sorry for them.......they'll still get by on their regular 200 grand or so,..with a few sacrifices!!:eek:
 
Yeah...he might have to give up that second "hummer":lol:
 
I would still be skeptical that the execs will really be giving up as much as they make it sound. I guarantee that they will all be getting a ton of low priced stock options amongst other things in place of the bonus they used to get.
 
C,....not in the houses THEY live in!! LOL.....When you're use to knockin' down 350K a year....losing 1/2 of that WILL make a dent. BUT, Paul and TEE aren't to far off.....they may have to sell the yacht! I'm GLAD to see the zec's finally take a big hit for a change....it's long over-due and quite frankly NOT enough!! They still get their free car, gas and insurance....now if they lost 1/2 their pay AND had to pay for their own gas for a year and a half...that would be significant!! The gas bills would have an immediate impact...the "bonus" $ only comes once a year and that's like a windfall. (Kinda like if Mini would buy my dinner,..pay for 18 holes AND buy a 5th of Jack and a 2Ltr of coke...all in the SAME day!!) LMAO!! :lol::p
 
mac,

rodger that one man! I did not think about how they are living in comparison to the "little people" I guess......



No kidding over the long overdue.....they sure do seem to get some really good perks, thats for sure....
 
LOL! Mac you crack me up!



you know how the saying is....



Where GM goes, so does the US Economy? Go out and by a GM car...PLEASE!!!!!
 
First let me say, I do not want to start a labor dispute. With that said, IT'S ABOUT TIME for gm to start cutting at the top and not the bottom. I've been a gm service tech

since 1990, believe me, GM has been cutting labor times ever since then. I am fairly certain labor times will continue to drop, as well as my pay.



Finally, let me say that even though I do not know you, Mac, I'm glad to hear that you have come out of this ok. Anyone who loves to fish is ok in my book. Take care and good

luck to us all in this dwindling economy.
 
Thanks KW,.....and you're right.....the "Mgt" around here is sweatin' bullets....it's long over due and they KNOW they're on the hit list this time.....we could EASILY do without 25-40% of them and we wouldn't lose a step!! Decision making around here is WAAYYY to slow and it's all because of the sheer number of managers who all want to put their stamp on everything...(as long as it's successful,...if it's not,..they'll deny any wrongdoing and all of the sudden it's the "workers' fault").



Everyone have a good weekend and try to get some fishin' in or 18 holes anyway....gotta do something to take our minds off this place!!



TTYL,

Mac
 
We (EDS) do a lot of work for GM. It is bogged completely down in excessive process. Ties right into the comments from Mac above, about making decisions.



Tex
 
Hey Mac, glad to hear you dodged the bullet again. I just came back from a week in Florida, visiting my parents. As you know, Pop is a long-retired GM supervisor. It was extremely painful sitting there watching them announce that he was losing his health care benefits. What makes it even more sad is the fact that he has never given up believing in GM. He always firmly believed that they'd take care of him for life because he had given them so many loyal years. Right! They received a letter today from GM confirming that they would be losing all health benefits. Hutch

 
Hutch - that stinks. My mom is retired from the Fed Gov't so she still has medical benefits. Dad worked different sales jobs so never stayed long enough (and most small companies didn't provide any pension/benefits) so it was good mom had them. But I learned from him in sales, that if you don't plan for yourself, no one else will. It is unfortunete that some of our parents generation were promised things from companies that now are not being delivered.



It is a lesson for us and our kids though, save more, spend less, take care of your family first, and IF, big IF, the federal government has a program when you get old to take care of your health care, its a + and more $$ for fishing, if not cover yourself! At IBM I came in at a time when there is no pension/benefits, neither did most of the other 6 companies I worked for (Norfolk Southern Railway had the best and still the financially best retirement plan in the US, but I was only there 3 years).



Good news Mac, and keep that Ranger for 5 more years and save more $$ for retirement!



Trep
 
Trep, Mom and Pop will be OK. They don't have nearly what they did when retired 28 years ago but, as far as I know, they've never touched their principal. His pension check was real money in 1980 but it hasn't increased since and doesn't amount to much in today's dollars. My Dad's handle during the CB craze was "Tightwad" and he really earned it! No way he was carrying a lunch box to work-he'd carry it in a paper bag and reuse that bag until the bottom fell out and he had to get a new one. I wish I had saved half as well as he did.

I've pounded it into my kid's heads that they need to save everything they can, as early as they can because their employers aren't going to be offering them anything. My son is poking everything away he can, but my girl just got a promotion and a big raise and is happily spending every dime. Hope she catches on soon. Hutch
 
Hutch - Good onya with the kids. I didn't put a dime away till we got married in 1991, and then Beka took over the finances!! LOL Been putting the max in the 401k for employer match at each company, and IBM did a great thing in Jan this year, they now match for me 100% up to 6%, so we are putting that away.



Great on your mom and pop, and we need to learn from our parents/grand parents who lived through the depression, take care of yourself and your family first!



Trep
 
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