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    Tag: UAW (page 2)

    Geithner's Spin: Auto Bailout A Success

    By Warner Todd Huston, Section News
    Posted on Thu Apr 28, 2011 at 05:44:09 PM EST
    Tags: General Motors, GM, Chevy Volt, Timothy Geithner, subsidies, bailouts, UAW, United Auto Workers (all tags)

    At the Detroit Economic Club today, Treasury Secretary Timothy Geithner tried to claim the auto bailout is a success.

    It certainly doesn't seem like a success for the taxpayers.  GM stock is about $30 today, and unless it gets up to $54, the taxpayers lose money on the deal.  Why would it go up?  You want to fight high gas prices by buying a Volt?  How does $41 grand a pop sound? And still GM loses money on every one it sells even at that price.  Not only that but we are seeing that government subsidies for electric cars is good tax money wasted in any case.

    It doesn't get any better. Worldwide, U.S. cars aren't selling worth beans and domestically, GM is lagging because people who hate the bailouts won't support it with their car-buying dollars any more than they did with their votes last year when they kicked out every incumbent they could find who'd been for it.  And GM still has all its old problems, too, like those big fat union pension obligations. Sadly, nothing that caused GM's financial trouble has been fixed.

    (16 comments, 371 words in story) Full Story

    Pot meet Kettle

    By Corinthian Scales, Section News
    Posted on Thu Mar 24, 2011 at 05:00:04 PM EST
    Tags: UAW, Phantom employees, Unpaid Taxes, Taxpayer Bailouts, Chrysler Group LLC, Shutting Businesses Down (all tags)

    Now, from today's Ivory Tower, Kettle meet Pot. <-- Chetly still haunts them]

    UAW President Bob King and about 100 UAW members flooded the first floor of the Guardian Building in Detroit shortly after 2 p.m. today and forced Bank of America to temporarily close.

    King and the UAW protested the bank's receipt of taxpayer dollars and claimed that the bank paid no taxes in 2009.

    King then led a larger group of UAW members in a chant at the corner of Griswold and Congress in Detroit.

    "Banks get bailed out people get sold out," King chanted as the crowd joined in.

    UAW gets bailed out, gifted Chrysler, sues Government Motors and Taxpayers get to pay for it all...

    (7 comments) Comments >>

    A Message To Our Legislators - Beware False Choices

    What Have We Done For You Lately?

    By Rougman, Section News
    Posted on Mon Mar 21, 2011 at 02:51:29 PM EST
    Tags: Bailout, UAW, GM, Chrysler, Ford (all tags)

    Less than two years ago, the American taxpayers bailed out two of Michigan's largest employers. Years of poor management, a belligerent labor force, and aggressive foreign competitors who were willing to listen to the consumer drove once proud GM and Chrysler into a tailspin.

    Mark Steyn at the time correctly called GM a company that provided health care and retirement benefits to hundreds of thousands of policy holders while also happening to make cars on the side. They were doomed.

    But, guess who stepped up to the plate (though some of us quite reluctantly?)

    The taxpayers borrowed billions of dollars from the Chinese to bail out Chrysler, GM, and the UAW. While many private investors had their investments illegally wiped out in favor of propping up underfunded union pension plans, the UAW walked out of the ensuing mushroom cloud carrying a new and significant ownership stake in the salvaged companies--now viable in the marketplace with its more manageable salary and benefits packages. (An infusion of borrowed billions into corporate coffers didn't hurt either.)

    (6 comments, 541 words in story) Full Story

    When The UAW Owns Policy Making

    By Corinthian Scales, Section News
    Posted on Mon Jan 31, 2011 at 02:33:20 PM EST
    Tags: UAW, Taxpayer Bailouts, FIAT SpA, Chrysler Group LLC, $652 Loss, Performance Awards, MI 6% (all tags)

    Reading today's JOA News, is like reading a DC Comic.

    Although it didn't make a net profit last year, Chrysler Group LLC will give bonuses to its employees in the United States and Canada to recognize their efforts over the past year.

    Chief Executive Sergio Marchionne revealed the plan for "performance award payments" today in a conference call outlining fourth-quarter and full-year financial results. Employees were informed by e-mail.

    "It would have been inexcusable to not recognize what our people have done," Marchionne told analysts, explaining that the board agreed that rewarding Chrysler workers was more prudent than reducing the loss on the bottom line.

    The amount will be disclosed in about a week, he said. Hourly and salaried workers will get bonuses.

    It cannot be called profit sharing, as the automaker reported a loss of $652 million for the year. Marchionne said it is better classified as a performance award.

    Now, how cool is that?  In other words, next time your household runs in the red ink, go out and have a steak and lobster dinner and just tell yourself that you deserve a reward.  And, oh, by the way... the folks at the next table?  You pick up the tab.  Damn, if Marchionne doesn't illustrate to folks that the Italians have been socialists since the days of Moussolini, nothing will.

    I ask again, will Chrysler Group LLC be exempt from our Governerds' 6% Corporate Tax replacement scheme?

    (11 comments) Comments >>

    Never quite grasping the obvious..

    By JGillman, Section News
    Posted on Thu May 13, 2010 at 01:25:14 PM EST
    Tags: Unions, Teamsters, UAW, Michigan, Automakers, Ford (all tags)

    The UAW continues the progressive mindset in a way that will ultimately be the end of the businesses it "serves"  Paul Kersey of the Mackinac center pointed out a couple days ago:

    The actual competitiveness of the Big Three never rated highly as a value for the government's restructuring of the industry, and the union has shown it is prone to act cavalierly towards those same companies as they struggle back toward profitability. This is the natural consequence of a "bankruptcy" process that shielded the union from the consequences of its own avarice. Whether out of greed or ignorance, the UAW could still bring these companies down.

    I vote for ignorance.  Well..  At least on the side of the average UAW worker.

    (8 comments, 698 words in story) Full Story

    UAW Sues itself... and you.

    By JGillman, Section News
    Posted on Wed Apr 07, 2010 at 12:53:45 PM EST
    Tags: GM, Unions, UAW, Government, Theft (all tags)

    The UAW has filed a lawsuit seeking $450 million for pensions related to the sale of Delphi, and has named General Motors as a defendant.  Nothing abnormal about labor unions hitting up the deep pocketed car companies for promises presumably made while negotiating with executives long gone..

    GM breached a contract promising to fund a voluntary employee beneficiary association, or VEBA, for Delphi retirees, according to the lawsuit filed yesterday in Detroit federal court. General Motors, Delphi's former owner, made the promise in 2007. The court overseeing Delphi's bankruptcy approved the agreement in October 2009, the union said.

    In October, "the UAW made a written demand that the company honor its contractual obligation to make the foregoing payment to the DC VEBA," the union said in its complaint. In November, "that UAW demand was rejected and since that time the company has failed and refused to make the contractually required payment."

    Amazing what happens as soon as GM announces it has a billion bux to work with.

    (6 comments, 433 words in story) Full Story

    UAW taps former Mich. Gov. Blanchard as Chrysler

    By apackof2, Section News
    Posted on Fri Jun 12, 2009 at 08:36:46 AM EST
    Tags: obama motors, Chrysler, auto, blanchard, uaw (all tags)

    The United Auto Workers (UAW) union tapped former Michigan Gov. James Blanchard (D) as their representative to the newly-constituted Chrysler.

    (3 comments, 113 words in story) Full Story

    UAW my dad and GM

    By pageiv, Section News
    Posted on Wed Jun 10, 2009 at 12:06:13 AM EST
    Tags: GM, UAW, Flint (all tags)

    My dad loves to tell stories, but the saddest ones he tells take place in the GM plant in which he worked for 30 years.

    (5 comments, 982 words in story) Full Story

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