My $0.02 worth

If GM's accounting "irregularities" (polite speak for fraud?) prevent the
sale of GMAC then GM's hope of getting 10-12 Billion for that fails and
there is no money to backstop/subsidize Delphi for their wage cuts and
flowback to GM.  Also no money for Delphi pension liabilities.  I would
suppose the GM buyouts would come out of the pool of cash (about 20B or so
??) further reducing that pool.  Back to Delphi.  Miller, realizing GM is
unable to backstop him, decides to go for voiding the union contracts.
Weeks
pass and the judge agrees to void the contracts.  1-3 weeks for the shock to
set in for the Delphi folks on the floor.  Delphi people generally feel that
since they will no longer be able to purchase the cars that they make parts
for (I am *not* talking about decked out versions) they are going down (way,
way down) so there is nothing to loose-a kamikaze mind set takes hold.
Strike takes place.  Three days, or so, later GM shuts down.  Two months, or
less, later GM files for bankruptcy.  Ford follows shortly thereafter.

Catastrophic economic, social and political consequences follow.

All of this nasty scenario could start with the failure of the sale of GMAC
and run downhill from there.

Then there is the matter of the upcoming contract talks in '07.

This Spring and Summer is going to be a really wild ride-fasten your seat
and shoulder belts!

Does GM have cash to fund comeback? (03/30/06)
http://www.detnews.com/apps/pbcs.dll/article?AID=/20060330/AUTO01/603300398/1148

GM: More woes, more cuts ahead (03/29/06)
http://www.detnews.com/apps/pbcs.dll/article?AID=/20060329/AUTO01/603290388/1148

Just what exactly do you mean by that "sin"?

high salaries are not really the problem from the standpoint of
stockholders.

If an executive knows how to keep the stock up and the company
profitable, he should get anything that accomplishes this goal.

The sin is really the failure of GM to compete against the Japanese and
Europeans.

A company needs to pay execs well in order to survive.

If an exec feels she is underpaid relative to her peers she can go to a
competitor and reveal trade secrets, which will undermine a company
even more.

Execs are paid to be keepers of the secrets, and their payment is a
form of hush money.

This is what Ferdinand Lundberg says in "The Rich and the Super Rich."

s.

IMO one gets a good bang for their buck with GM products - I just bought
one.  <negotiating seriously with the unions> - I don't think that their
union mentality will provide for major concessions.  Unfortunately, IMO the
only long term solution will be chap. 11.  It'll be interesting to watch the
Delphi situation.