Tuesday, July 14, 2009

DO YOU THINK THE POOR GUY WILL GET ALONG OKAY?


x-GM boss Wagoner gets $10M in retirement

Automaker, fresh out of bankruptcy, took $50 billion in government aid

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updated 5:13 p.m. PT, Tues., July 14, 2009
DETROIT - Former General Motors Corp. Chairman and CEO Rick Wagoner will retire Aug. 1 with a pension and benefit package the automaker valued at more than $10 million.
Wagoner, 56, who was ousted by the Obama administration on March 30, will get $1.64 million in benefits annually for each of the next five years, plus an annual pension of $74,030 for the rest of his life, according to company documents filed Tuesday with the U.S. Securities and Exchange Commission.
Wagoner, who spent 32 years with the company, can also choose to cash out his company-provided life insurance policy at $2.6 million, according to the filing.




The benefits are worth about half the $22.1 million value that the company placed on Wagoner’s retirement package at the end of 2008.
The package is far smaller than those afforded to many other retiring large-company CEOs.
Stan O’Neal, ousted from Merrill Lynch in 2007 after the investment bank reported a huge quarterly loss, walked away with $161.5 million in stock, options and retirement benefits. Walt Disney Co. directors awarded a $140 million severance package to Michael Ovitz at the end of his brief stint as president of the entertainment company. And Hewlett-Packard Co. granted more than $42 million in cash, stock and other benefits to Carleton “Carly” Fiorina after she was ousted as CEO in 2005.
Wagoner has remained on the GM payroll since his ouster, but he had been working for $1 per year. Company spokeswoman Renee Rashid-Merem said GM disclosed last year that it had annual pensions for top executives by two-thirds.
GM has received $50 billion in U.S. government loans. On Friday, GM emerged from a 40-day stay in Chapter 11 bankruptcy protection with its best assets moving to a new company called General Motors Co. The U.S. government owns more than 60 percent of the new company, with hopes of selling stock to get some of its investment back, perhaps as soon as next year.
Wagoner’s ouster came at the hands of former Obama administration autos task force leader Steven Rattner, as the administration rejected a GM restructuring plan and ordered deeper cuts.
Wagoner earned $14.9 million last year at GM, although $11.9 million of that was in the form of stock and options which are now worthless.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Saturday, June 13, 2009

REMEMBER THIS CAR? 1971 SAAB SONNET


1971 Saab Sonnet, V-4, green, good cond, 4-speed needs trans work. $2995. 503-642-1849 westberg4342@verizon.net 

Tuesday, June 2, 2009

THE GOLDEN AGE OF TELEVISION ADVERTISING







I actually remember these extra verses back when the show aired in prime time.

The truck they pass is from Railway Express Agency, shut down years ago.

A CHINESE HUMMER? WHAT WOULD ARNOLD THINK OF THAT



NEW YORK (MarketWatch) -- Bankrupt automaker General Motors said Tuesday it reached a tentative deal to sell Hummer, its military-styled vehicle, reportedly to a machine maker based in western China.

The company said the deal is expected to close by the end of the third quarter, but declined to say who the buyer was or how much they would pay for the brand.

The New York Times, citing an anonymous source familiar with the Chinese government approval process, said the buyer was Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd., a privately-held company in Chengdu.

In a release, GM (GMGMQ 0.55, -0.20, -26.45%) said the pending deal would secure more than 3,000 manufacturing, engineering and dealership jobs in the U.S. Hummer will also continue to contract vehicle services from GM during a defined transitional time period.

The deal also includes plans by the investor to aggressively fund future Hummer product programs, the automaker said.

GM Chief Financial Officer Ray Young, speaking on a conference call with industry analysts earlier Tuesday, said the company had agreed not to say who planned to buy Hummer until the deal had been clinched. At this point, it's still a memorandum of understanding.

"I'm confident that Hummer will thrive globally under its new ownership," said Tony Clark, president of GM North America. "And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker."

Detroit-based GM filed for bankruptcy early Monday and has been delisted from the New York Stock Exchange. It was also replaced on the Dow Jones Industrial Average(INDU 8,764, +42.91, +0.49%) by Cisco Systems Inc. (CSCO 19.57, +0.07, +0.36%)

GM plans to reorganize itself as a leaner, more competitive automaker and emerge from bankruptcy within 90 days. As part of the plan, the company said it would shed its non-core brands Hummer, Saab, Saturn, and Pontiac.

Hummer sales have fallen sharply from their peak a few years ago, hurt by high fuel prices, a severe recession, and waning popularity for oversized sport utility vehicles.

During a press briefing, Chief Executive Fredrick Henderson said Swedish-built Saab already had three bidders, but declined to reveal their names.

Including its core brands Buick, Chevrolet, Cadillac, and GMC, the company said it has just over $82 billion in assets, but owes more than $172 billion to its creditors. See full story.

Christopher Hinton is a reporter for MarketWatch based in New York.

Saturday, May 30, 2009

PLEASE SAVE THIS CAR!!

1978 AMC Pacer - $500 (Mission, BC)


Reply to: sale-e7mce-1168190091@craigslist.org [Errors when replying to ads?]
Date: 2009-05-12, 9:15PM PDT


1978 AMC Pacer... buy it from me for $500 & you tow it away or I scrap it and get $500... be sure to own a classic from back in time... Look familiar? It is! It's the same kind of car that was in Wayne's World. She needs fixing up.. My dad parked it 16 years ago because he heard a ticking noise & it hasn't been fired up since... I'll post pictures & if you have any further questions, please e-mail me or call (seven seven eight) 840-7655. I am in Mission, BC. Let me know within next 2 weeks if interested or she will be heading off to be scraped!

  • Location: Mission, BC
  • it's NOT ok to contact this poster with services or other commercial interests
image 1168190091-0image 1168190091-1
image 1168190091-2image 1168190091-3
PostingID: 1168190091

IACOCCA LOSING PENSION, CAR IN CHRYLSER BANKRUPTCY

NEW YORK (Reuters) – Lee Iacocca, the car executive credited with saving Chrysler from bankruptcy in the 1980s, is to lose a big chunk of his pension and a guaranteed life-long company car due to the U.S. automaker's bankruptcy filing two decades later.

Chrysler CEO Robert Nardelli told a U.S. bankruptcy court on Thursday that Iacocca's pension would be among the obligations Chrysler will no longer have to pay if it gets bankruptcy court approvalto sell itself to a "New Chrysler" to be owned by its union, the U.S. and Canadian governments and Fiat SpA (FIA.MI).

Iacocca, the storied former chairman and CEO who revived Chrysler in the 1980s and appeared in car commercials, has participated in a supplemental executive retirement plan that was comprised of non-IRS qualified pension funds and is subject to bankruptcy.

The claim is unsecured, and typically would be paid after secured creditors in a bankruptcy, but even secured creditors are not expected to get full recovery in a Chrysler bankruptcy that will see hundreds of dealerships shuttered and plants closed.

Chrysler has also written to former executives saying that as a result of its April 30 bankruptcy filing it will stop a program that furnished company cars to former executives and directors.

Iacocca, famous for the phrase "If you can find a better car, buy it," and other senior executives who were part of the program are being asked to return their cars to a Chrysler marshalling center or arrange to pay for them, according to the document.

Chrysler said it regretted the action "in light of the many contributions these individuals have made to Chrysler over the years" and that the "New Chrysler" does not expect to reinstate the car program.

Sunday, April 12, 2009

THANKS CHINA.....MORE CRAPPY, TOXIC SHIT IMPORTED TO THE USA



PARKLAND, Fla. – At the height of the U.S. housing boom, when building materials were in short supply, American construction companies used millions of pounds of Chinese-made drywall because it was abundant and cheap.

Now that decision is haunting hundreds of homeowners and apartment dwellers who are concerned that the wallboard gives off fumes that can corrode copper pipes, blacken jewelry and silverware, and possibly sicken people.

Shipping records reviewed by The Associated Press indicate that imports of potentially tainted Chinese building materials exceeded 500 million pounds during a four-year period of soaring home prices. The drywall may have been used in more than 100,000 homes, according to some estimates, including houses rebuilt after Hurricane Katrina.

"This is a traumatic problem of extraordinary proportions," said U.S. Rep. Robert Wexler, a Florida Democrat who introduced a bill in the House calling for a temporary ban on the Chinese-made imports until more is known about their chemical makeup. Similar legislation has been proposed in the Senate.

The drywall apparently causes a chemical reaction that gives off a rotten-egg stench, which grows worse with heat and humidity.

Researchers do not know yet what causes the reaction, but possible culprits include fumigants sprayed on the drywall and material inside it. The Chinese drywall is also made with a coal byproduct called fly ash that is less refined than the form used by U.S. drywall makers.

Dozens of homeowners in the Southeast have sued builders, suppliers and manufacturers, claiming the very walls around them are emitting smelly sulfur compounds that are poisoning their families and rendering their homes uninhabitable.

"It's like your hopes and dreams are just gone," said Mary Ann Schultheis, who has suffered burning eyes, sinus headaches, and a general heaviness in her chest since moving into her brand-new, 4,000-square foot house in this tidy South Florida suburb a few years ago.

She has few options. Her builder is in bankruptcy, the government is not helping and her lender will not give her a break.

"I'm just going to cry," she said. "We don't know what we're going to do."

Builders have filed their own lawsuits against suppliers and manufacturers, claiming they unknowingly used the bad building materials.

The Consumer Product Safety Commission is investigating, as are health departments in Virginia, Louisiana, North Carolina, Florida and Washington state.

Companies that produced some of the wallboard said they are looking into the complaints, but downplayed the possibility of health risks.

"What we're trying to do is get to the bottom of what is precisely going on," said Ken Haldin, a spokesman for Knauf Plasterboard Tianjin, a Chinese company named in many of the lawsuits.

The Chinese ministries of commerce, construction and industry and the Administration of Quality Supervision Inspection and Quarantine did not respond to repeated requests for comment. Chinese news reports have said AQSIQ, which enforces product quality standards, was investigating the complaints but people in the agency's press office said they could not confirm that.

Meanwhile, governors in Louisiana and Florida are asking for federal assistance, and experts say the problem is only now beginning to surface.

"Based on the amount of material that came in, it's possible that just in one year, 100,000 residences could be involved," said Michael Foreman, who owns a construction consulting firm. The company has performed tests on some 200 homes in the Sarasota area and has been tracking shipments of the drywall.

Federal authorities say they are investigating just how much of the wallboard was imported. Shipping records analyzed by the AP show that more than 540 million pounds of plasterboard — which includes both drywall and ceiling tile panels — was imported from China between 2004 and 2008, although it's unclear whether all of that material was problematic or only certain batches.

Most of it came into the country in 2006, following a series of Gulf Coast hurricanes and a domestic shortage brought on by the national housing boom.

The Chinese board was also cheaper. One homeowner told AP he saved $1,000 by building his house with it instead of a domestic product.

In 2006, enough wallboard was imported from China to build some 34,000 homes of roughly 2,000 square feet each, according to AP's analysis of the shipping records and estimates supplied by the nationwide drywall supplier United States Gypsum.

Experts and advocates say many homes may have been built with a mixture of Chinese and domestic drywall, potentially raising the number of affected homes much higher.

So far, the problem appears to be concentrated in the Southeast, which blossomed with new construction during the housing boom and where the damp climate appears to cause the gypsum in the building material to degrade more quickly. In Florida alone, more than 35,000 homes may contain the product, experts said.

In Louisiana, the state health department has received complaints from at least 350 people in just a few weeks. Many of the affected homeowners rebuilt after Hurricane Katrina only to face the prospect of tearing down their houses and rebuilding again.

In another cruel twist, some of the very communities that have been hit hardest by the collapse of the housing market and skyrocketing foreclosure rates are now at the epicenter of the drywall problem.

Foreman warns of a "sleeping beast" in the thousands of bank-owned condos and houses across the country, with no one in them to complain.

Outside the South, it's harder to pinpoint the number of affected homes. And in drier climates such as California and Nevada, it may be years before homeowners begin to see — and smell — what may be lurking inside their walls.

The drywall furor is the latest in a series of scares over potentially toxic imports from China. In 2007, Chinese authorities ratcheted up inspections and tightened restrictions on exports after manufacturers were found to have exported tainted cough syrup, toxic pet food and toys decorated with lead paint.

Scientists hope to understand the problem by studying the chemicals in the board. Drywall consists of wide, flat boards used to cover walls. It is often made from gypsum, a common mineral that can be mined or manufactured from the byproducts of coal-fired power plants.

Plaintiffs in the lawsuits, as well as U.S. wallboard manufacturers, say the tainted drywall was made with fly ash, a residue of coal combustion more commonly used in concrete mixtures.

Fly ash can be gathered before it ever reaches the smokestack, where technology is used to remove sulfur dioxide from the emissions. The process of "scrubbing" the smokestack emissions creates calcium sulfate, or gypsum, which can then used to make wallboard, experts say.

Haldin, the Knaupf Tianjin spokesman, says some domestic drywall is also made from the less-refined fly ash.

But Michael Gardner, executive director of the U.S. Gypsum Association, said American manufacturers gather the gypsum from the smokestacks after the scrubbing, which produces a cleaner product.

The Consumer Product Safety Commission has dispatched teams of toxicologists, electrical engineers and other experts to Florida to study the phenomenon. The commission is also working with the Environmental Protection Agency and the Centers for Disease Control and Prevention to determine whether there is a health hazard.

A Florida Department of Health analysis found the Chinese drywall emits "volatile sulfur compounds," and contains traces of strontium sulfide, which can produce the rotten-egg odor and reacts with air to corrode metals and wires.

But the agency says on its Web site that it "has not identified data suggesting an imminent or chronic health hazard at this time."

"We're continuing to test," said Susan Smith, a spokeswoman for the department, which has logged 230 complaints from homeowners.

Dr. Patricia Williams, a University of New Orleans toxicologist hired by a Louisiana law firm that represents plaintiffs in some of the cases, said she has identified highly toxic compounds in the drywall, including hydrogen sulfide, sulfuric acid, sulfur dioxide and carbon disulfide.

Prolonged exposure to the compounds, especially high levels of carbon disulfide, can cause breathing problems, chest pains and even death; and can affect the nervous system, according to the CDC.

"It is absolutely shocking what is happening," Williams said.

Dr. Phillip Goad, a toxicologist hired by Knaupf Plasterboard Tianjin, sampled drywall from 25 homes, some that contained the company's wallboard and some that did not.

"The studies we have performed to date have identified very low levels of naturally occurring compounds," Goad said. "The levels we have detected do not present a public health concern. The chemicals are naturally occurring. They're produced in ocean water, in salt marsh air, in estuaries."

But those who are living with it are convinced that something is making them sick, including dozens of homeowners in a single subdivision in Parkland, about 50 miles north of Miami. They are now faced with a daunting choice: Tear down and rebuild, or move out and be stuck with a mortgage and a home they cannot sell.

"We are particularly concerned about the safety and well-being of our children," said Holly Krulik, who lives down the street from Mary Ann Schultheis.

She and her husband, Doug, are suffering sinus problems and respiratory ailments, and their young daughter has repeated nose bleeds.

"If a shiny copper coil can turn absolutely black within a matter of months, it certainly can't be good for human beings," Krulik said.

Neighbor John Willis is moving out, even though he can hardly afford to walk away from a house he's owned for just three years. He cries as he speaks of his 3-year-old son's respiratory infection, which eventually required surgery.

"They basically took out a substance that looked like rubber cement out of my 3-year-old son's sinuses," he said. "My wife and I are now faced with the choice between our children's health and our financial health. My children are always going to win on that."

The subdivision's builder, WCI Communities, is in Chapter 11 bankruptcy restructuring and can do little more than log complaints, said spokeswoman Connie Boyd.

The federal government does not regulate the chemical ingredients of imported drywall.

Plasterboard Tianjin said it has been making drywall for 10 years in accordance with U.S. and international standards.

Another Chinese company facing lawsuits, Taishan Gypsum Ltd., also insists that it meets all U.S. standards.

Determining what is causing the problems could take months. Researchers will try to recreate in a lab the conditions that caused the sulfur compounds normally found in drywall to give off noxious gases.

Meanwhile, people like Lisa Sich, 43, are left with more questions than answers. Sich has not felt well since moving into the Henderson, Nev., apartment she rents less than a year ago, and her silverware quickly tarnished.

"I can hear myself wheezing," said Sich, who is having environmental experts test the apartment, built in 2007. "My eyes are constantly itchy, extreme fatigue."

And while Sich is not even certain she's got the bad wallboard, she has not felt like herself in months. She's missed five weeks of work just since Thanksgiving.

"I'm just tired all the time," she said. "It doesn't make sense."

___

Associated Press Writer Joe McDonald in Beijing contributed to this report. Burdeau reported from New Orleans.