Posted by JM Ashby
Two years after Government General Motors was bailed out by the Obama Administration, the company has completely turned around and is now going to dish out record bonuses to the people who deserve them the most: hourly wage workers. These are the kind of record bonuses we should be seeing more of, not record bonuses for white-collar criminals on Wall Street.
DETROIT – General Motors Co. will pay more than $189 million in profit-sharing to 48,000 U.S. hourly workers and millions more in performance bonuses to salaried employees, according to company documents obtained by The Associated Press.
GM will pay most hourly workers more than $4,000 each as compensation for its strong financial performance last year, said a person briefed on the bonuses. The payments come less than two years after the automaker emerged from bankruptcy protection with the help of a huge government bailout. They're more than double the previous record payment of $1,775 in 1999, at the height of the boom in sales of sport utility vehicles and pickup trucks.
Profit-Sharing! Socialist Motors! Boycott! IEEEEE!
Just think how the economy would look like right now if the government had allowed GM to collapse and the endless chain of suppliers who service GM and dealerships who sell GM vehicles no longer had a business.