What happens when GM goes bankrupt?

Do the blue collar workers lose their pensions and their benefits? We know the white collar folks and the VPs will be fine, but what about the regular people?

Asked By: hotpinkKITTY - 5/27/2009
Best Answer - Chosen by Asker
If GM is left to crash and burn WE WOULD ALL GET A FIRST HAND VIEW OF HOW DESTRUCTIVE CAPITALISM IS, and it would jeopardize the ENTIRE system, and more importantly, the status quo. So they privatize the profits and socialize the losses instead... More
Answered By: Anonymous User94210 - 5/27/2009
Additional Answers (21)
No, we all pay for them.
Answered By: Dr Hook! - 5/27/2009
That is why THEY get the big piece of the pie. [that, and the fact that THEY build the cars] And the right is SCREAMING about it.
Answered By: Seldon Surak - 5/27/2009
The taxpayers will be stuck with the tab.
Answered By: Chuck G - 5/27/2009
Basically yes... More
Answered By: Thomas R - 5/27/2009
When we let businesses go bankrupt, it hurts the economy in the short term, but the market corrects itself and things get better fundamentally and permanently. Unions learn the lesson that when they suck too much blood from their host, that it's not good for them either b/c the comapy ends up gone... More
Answered By: TJTB - 5/27/2009
Retired workers are already losing benifits. I think Obama wants people to lose their health care insurance cause he thinks it will help him pass his socialist health care plan- for govt to control all health care and destroy it.
Answered By: Pelosi & Lefts Ruined California - 5/27/2009
Well we have already payed for them once
Answered By: Luke G - 5/27/2009
Their assets will be divided amongst their various creditors, who will each get pennies to the dollar on what they are owed. The creditors with the best lobbyists and lawyers will get more than the others.
Answered By: David Carrington Jr. - 5/27/2009
we all die aaaaaaaaaahhhhhhhhhhhhhhhhhhhhhhhh.
Answered By: Kait - 5/27/2009
No, I don't think so. GM is in debt to many people - including the workers who have contracts for pensions and benefits. The bankruptcy court will determine what part of each debt will be paid. They certainly won't get 100% of what is owed to them - but neither will anyone else... More
Answered By: smellyfoot ™ - 5/27/2009
They restructure and start producing cars again, this time for a profit.
Answered By: bzimms - 5/27/2009
the world will explode from lack of gas guzzlers
Answered By: Connor - 5/27/2009
We'll toss out all of the Libs into the ocean, and the Unions along with them.
Answered By: TexasGuy - 5/27/2009
they may but GM isn't going to go away. they will rebuild themselves in a way that will allow them to make a profit. they won't have any choice but to do that. the people running GM want it to be profitable but they have weighed themselves down with pensions and wages that have become too high to allow GM to be... More
Answered By: Michael D - 5/27/2009
we all pay for their unemployment and no more GM cars. at least there is one good thing that comes out of it.
Answered By: Ulrich53 - 5/27/2009
No, their "rights" will be funded by you, the tax payer.
Answered By: Tired Trucker - 5/27/2009
Hopefully... More
Answered By: thewon4 - 5/27/2009
all the stockholders lose all their money, and all the money the taxpayers gave them goes up in smoke like a cheap Miami cigar
Answered By: Mark K - 5/27/2009
GM would be dumping its defined pension plan on the government agency set up to cover the pensions of companies going bankrupt, but they don't have to cover 100% of the pension amount. So instead of getting their present pension, they could see a reduction. For future retirees, the rules will mean even less or maybe... More
Answered By: justagrandma - 5/27/2009
The "regular people", just like in War are expendable, time for a revolution, no pun intended :)
Answered By: Dr. D - 5/27/2009
They won't go bankrupt,( just restructure instead) and stop making gas guzzling Cadillac's and SUV's .They will have to build more fuel efficient cars (i mean its not rocket science is it?) ,as part of that restructuring they should sack all the directors ,the CEO and hire monkeys instead`
Answered By: Dee Zon of Yowsie - 5/28/2009
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