Thread regarding General Motors layoffs

$6 Billion more in stock buybacks so SLT can cash in

"GM announces a new $6 billion share buyback, now expects to produce as many as 250K EVs this year"
https://finance.yahoo.com/news/gm-announces-a-new-6-billion-share-buyback-now-expects-to-produce-as-many-as-250k-evs-this-year-185955915.html


Fire thousands to save $2 billion only to spend $16 billion (!) On stock buybacks.
That way upper management can get more $ when they sell their shares.
I'm done caring about GM and the direction the company is going. I'm in it for the paycheck only. Talk about "one team" and "think customer" while they extract cash from the company, the customers and employees. IT IS SICKENING.

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| 1570 views | | 22 replies (last June 21, 2024) | Reply
Post ID: @OP+1sYxfJae

22 replies (most recent on top)

For those who are complaining, I am sure they are looking for other jobs. That’s all they can do in this environment and hope they land somewhere.

For those who are complaining about others complaining, I am sure they feel good telling others to stop complaining.

Bottom line is working level people have no power, have done what’s asked of them, but yet they have to pay the price first for poor decisions SLT makes.

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Post ID: @adsn+1sYxfJae

@9qdt+1sYxfJae

Attitude is a choice. Your attitude isn’t the employer’s responsibility. If you don’t like your job imo you should find another one or do some soul searching.

I used to complain about not being in ‘the club’ too. Pay attention enough and you will be able to tell who it is. They move up faster and follow on another on the org moves. Try to find work with these people rather it’s volunteering, side projects or even if they ask you to carry their damn dishes lol. Go above and beyond. It helps to have similar interests to talk about too.

Those are some things you can do. I understand it can be frustrating there but it’s not the issues and challenges we are faced with but how we respond that differentiates us.

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Post ID: @atqj+1sYxfJae

@9qdt+1sYxfJae
Big man on campus doesn't want to hear bi--hing so he trolls a layoff board.
It's like going to a senior center and demanding no one complain about aches and pains.
#shortbus
GM isn't sending it's best.

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Post ID: @9etq+1sYxfJae

@9qjp+1sYxfJae
Demonstrate what you would do about anything listed in @8jwc+1sYxfJae.
Show us what you've got big guy.

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Post ID: @9qdt+1sYxfJae

@9xhu+1sYxfJae

Nothing wrong with disagreeing with the status quo or voicing a different opinion. My thing is, put up or shut up. Don’t pi-s and moan then do nothing about it only to resent. You have the ability to make change so why don’t you? To be whining but doing nothing about it is just lazy and entitled behavior

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Post ID: @9qjp+1sYxfJae

GM is not in the business of making ____, GM is in the business of making _____.

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Post ID: @9icc+1sYxfJae

@9zwt+1sYxfJae
Imagine if people like you back in the slammed others for complaining about women should have the right to vote? Or recently UAW complaining about higher wages. If those complains did not happen action wouldn’t have been taken. U cannot go through life not clicking your concerns that some people may think of as complaining. SMH.

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Post ID: @9xhu+1sYxfJae

@9zzv+1sYxfJae
Do something about senior managers selling stock? Do something about neopotism and dirty floors? About Mary lying about EVs?
Were you born yesterday? SMH

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Post ID: @9zwt+1sYxfJae

Stellantis will be sh*tcanning hundreds soon. GMs next.

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Post ID: @9phn+1sYxfJae

@9zzv+1sYxfJae

Let's be clear on one thing. All changes that happen start off from complaints. Without complaints there won't be any change! Let that sink in.

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Post ID: @9ygn+1sYxfJae

8jwc+1sYxfJae

Life is and always will be filled with challenges. No one ever said working at your dream job would be easy. Every complaint you vented off has a solution and a potential response you could focus on that’s within your control. The question is are you going to do something about them or keep bi--hing about it online?

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Post ID: @9zzv+1sYxfJae

it's sad that the SLT team over the last 20 years have done nothing in the automotive space when the tech space was booming and we are now paying the price for it unfortunately. most of those old farts are all retired now or if they are still around, they have saved up enough that they won't leave the company until the su-k this cash cow dry or get kicked out.

with apple guys in power now, they know all of this because they understand how human greed works and they have already decided that to transform GM to a software company they want full control and want their own people. game over!!!!

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Post ID: @9ldg+1sYxfJae

TBH I no long care in any way about my job or what I do. I dreamed of working for GM my entire life and they have fully demoralized me. Congratulations, it worked.
They can sign your check, but they can't make you care. But they will talk endlessly about engagement, safety, inclusion etc. while they constantly threaten you. They tell you how to behave and what to think and do while they rug-pull people who aren't in the club. IDK... Then they preach for years about zero zero zero while having no intentions of following through. Does it all seem super phony and disingenuous to you?

Finding out that Mark and Mary are bleeding the company dry for their gains isn't a big surprise and we should be hammering that point home. Have courage to bring this up to your colleagues: If Mark and Mary care or believe in the company, why spend $16 billion on stock buybacks with GM's cash while cashing in their tens of millions in GM shares? GM will not survive another downturn without that cash. Don't be a bit surprised when average Americans hate GM when they take another bailout because the cash is gone.

In the meantime, forcing us all back in a dirty, sticky office. No cashiers in the cafeteria. Same of nepotism and sacred cows who make a profession of doing nothing while others carry the load for them. Can't find a toilet or a parking space. Can't concentrate in open seating with all of the noise. It's almost madness. Can't leave either - have you seen the job market??? We are all stuck in the same situation. The only logical answer is to accept it, make the best of it and do as little as possible while not giving a hoot about anything. I seriously hope Mary reads this. Someone needs to tell her for real what is going on.

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Post ID: @8jwc+1sYxfJae

What, ya’ll didn’t cash in on you own stock options yet?

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Post ID: @1vmr+1sYxfJae

Burn Mary burn….disco inferno

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Post ID: @1ify+1sYxfJae

If you've been around here long enough you come to realize it has never been an innovative or rewarding place to hang your hat, it's always been bailed out one way or another, and yes you are all correct - the last thing they really care much about are the folks who come through the gate every day. It is, at the end of the day, nothing more than a paycheck. Don't make it out to be more than that and you've cracked the code. If you manage to be in the right places at the right times during your stint here you will get to enjoy a decent retirement. If not, meh, it was/is just a paycheck and if you plan modestly, you still get to have a decent retirement although it may be someplace else.

Don't drink the Kool-Aid and your gonna be OK.

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Post ID: @1ptc+1sYxfJae

Reuss sold 209,300 shares of GM stock this year. 50,000 shares on Monday.
How confident is he in GM if he's dumping shares?
Then to direct the corporation to buy $6 billion of its own shares to increase the stock price... Its legal corruption. He knows very well that interest rates are high and that sales are softening. His job is to protect the financial health of the corporation, not weaken it for his own gain.
On Monday, GM stock was at $45/share.
50,000 x 45 = $2,250,000.
One team, or TEAM OF ONE? Want to lecture us on behaviors???
I'm writing this on the GM WiFi at work.
Come and get me.
PS 209,300 shares at today's price is over $10 million. They do this as they hand out PIPs at mid-year reviews.

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Post ID: @1jko+1sYxfJae

Not shocking. GM clearly has no vision to survive by investing in future innovations and technologies (think AI and EVS). Yes it’s already here and will have more presence each and every year. What does GM do? … invests money from greed into pumping up shareholder wealth, ie hers as well.

This is like putting a new coat of paint on a house that needs a new foundation and roof.

Too bad, competition is a good thing. The legacies are dying, their foundations are crumbling, roofs are leaking and their houses are ablaze. Mary is fiddling while GM burns. She and the leadership are wealthy narcissistic incompetents that could care less.

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Post ID: @1gvz+1sYxfJae

Same poster as last.

I remember back around 2008/2009 or so, Wagner came on screen and said GM wasn't going bankrupt. Standing on the 2nd floor of the podium like thousands of others, I said we'll be bankrupt in 6 months. I was wrong, it was 9 months later. Pretty proud of nailing that one, had a few others like that too. You can see it coming.

I remember shuttling between engineering and the tower, and this guy was on the phone to his broker, and said buy $1000 GM. I kept thinking to myself, your going to lose it. I was a younger buck, I had no sway or standing to tell this guy my educated opinions, we were just stranger co-workers shuttling between buildings. This was just before they restarted the new GM, and left all the bad assets behind.

You remember the really good ones, and the expensive lessons. Many people soon, are about to experience some extremely expensive lessons in the market, and I'm not restricting this to only GM. Happy days are here again, it's 1920 all over. The only obvious tell people can formulate, are interest rates. They don't see what's behind that. But, they're going to feel it.

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Post ID: @1zol+1sYxfJae

Corporate stock buybacks are the buyer of last resort. Just like the Fed. Get ready for what comes next. The inflationary cycle can't go on infinitely, and at some point they won't be able to fund buybacks any longer, before the financial algo no longer makes sense. The pendulum always swings back, and in this case, it will be very hard. It's also possible this is a last ditch effort to loot the company of it's valuables before the Titanic event.

Now, if you are among those that are thinking Weimer and Zimbabwe this time around, I don't think that experience going to be allowed to repeat here.

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Post ID: @1mwi+1sYxfJae

Sounds like we’re gearing up for a merger. So glad I gobbled up stock when it dropped below 20 during the plandemic.

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Post ID: @1nka+1sYxfJae

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