Posts Tagged ‘General’
U.S. Postal Service Near Default – Chapter 11 Bankruptcy
U.S. Postal Service Near Default – Chapter 11 Bankruptcy
The U.S. Postal Service does not have the money to meet an obligation to a retiree health care trust fund coming due at the end of the month, but if there’s a default, officials promise no interruption in the mail, the payroll, or payments to suppliers.
Commenting in response to a New York Times article Monday suggesting the Postal Service may have to shut down within months, spokeswoman Yvonne Yoerger told CNN there’s “nothing actually new in the Postal Service’s position.”
“We are required to make this $5.5 billion dollar payment into the future retiree health benefits fund, and probably won’t be able to make it when it comes due September 30th.”
The fund was mandated by a 2006 postal reform act that postal officials today believe does not match the reality of declining revenues and a smaller workforce. Tuesday, congressional lawmakers will address the matter in a hearing on postal operations.
Yoerger said at that hearing, Postmaster General Patrick Donahoe will insist that the fund be re-scaled from the days when there were 900,000 people on the payroll. The mandated funding level has not changed in the years since then, although the Postal Service has trimmed 250,000 jobs.
She said “the fact is, no other government agency, and few corporations in the private sector are required to fund retiree health benefits 75 years out.”
The newspaper quoted U.S. Sen. Thomas Carper, D-Delaware, as saying the financial problems are so dire the Postal Service may close later this year.
Full article at: http://www.cnn.com/2011/US/09/05/postal.default/
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video U.S. Postal Service Default Chapter 11 Bankruptcy billion dollar trust fund bailout fail health care unions september 30 2011 post master general postmaster lay offs unemployment trend
Duration : 0:2:36
Michael Moore on GM Bankruptcy: “We Own a Car Company”
“We need to protect our industrial infrastructure, as I’ve said many times before, so that we are using these factories to built the things that we need — bullet trains, light rail, alternative energy, cleaner buses — things that society needs in the 21st century. … We have to kill GM in order to save it. … They’ve planned their own obsolescence by helping to destroy the middle class …” — Michael Moore on Countdown with Keith Olbermann, Monday, June 1st, 2009
Duration : 0:6:30
NBR | Valuing the New GM | PBS
http://www.pbs.org/nbr/site/research/learnmore/valuing_the_new_gm_090602/ Original PBS Airdate: June 2, 2009 Just what is the value of General Motors — a company, you the taxpayer, own? Nightly Business Report’s Darren Gersh asks Finance Professor Anant Sundaram of Dartmouth’s Tuck School to value GM as it heads into chapter 11 bankruptcy. For more information visit:
http://www.pbs.org/nbr/site/research/learnmore/valuing_the_new_gm_090602/
Duration : 0:2:51
General Motors Re:invent
COMMENTS WILL NOT censored, SO COMMENTS
GM at the end of url add &fmt=18 to see in HQ
New General Motors
Only 4 brands in new Gm: Cadillac, GMC, Buick & Chevy
There are lots of places you can find official information about what’s happening to General Motors right now. In addition to www.gm.com/restructuring, GM has also launched a new website called re:invention. Already stocked with announcements and explanations regarding the company’s filing for Chapter 11 bankruptcy this morning, the website also features a handy, dandy commercial that boils down the essentials to bite-sized, bumper sticker slogans.
The minute-long commercial, which can be viewed after the jump, admits right off the bat that “No company wants to go through this,” and goes on to frame the situation like this: “GM needs to start over in order to get stronger.” Amidst a siezure-inducing barrage of scenes from Americana, the narrator explains in a nutshell that the old way wasn’t working and the new way will be “Leaner, Greener, Faster, Smarter.”
Follow the jump to view the video for yourself and let us know if it gets the right message across about “New GM”.
hope for new GM: http://www.autobloggreen.com/2009/06/01/gm-volt-will-survive-our-bankruptcy/
Duration : 0:1:3
Commercial that GM made when they filled bankruptcy
