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Tag: UAW (page 2)
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.
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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.
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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.)
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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.
"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.
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.
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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.
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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.
Amazing what happens as soon as GM announces it has a billion bux to work with.
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The United Auto Workers (UAW) union tapped former Michigan Gov. James Blanchard (D) as their representative to the newly-constituted Chrysler.
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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.
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External FeedsMetro/State News RSS from The Detroit News
+ Craig: Cushingberry tried twice to elude police, was given preferential treatment
+ Detroit police arrest man suspected of burning women with blowtorch
+ Fouts rips video as 'scurrilous,' defends Chicago trip with secretary
+ Wind, winter weather hammer state from Mackinac Bridge to southeast Mich.
+ Detroit Cass Tech QB Campbell expected to be released from custody Friday
+ New water rates range from -16% to +14%; see change by community
+ Detroit's bankruptcy gets controversial turn in new Honda ad
+ Royal Oak Twp., Highland Park in financial emergency, review panels find
+ Grosse Ile Twp. leads list of Michigan's 10 safest cities
+ Wayne Co. sex crimes backlog grows after funding feud idles Internet Crime Unit
+ Judge upholds 41-60 year sentence of man guilty in Detroit firefighter's death
+ Detroit man robbed, shot in alley on west side
+ Fire at Detroit motel forces evacuation of guests
+ Survivors recount Syrian war toll at Bloomfield Hills event
+ Blacks slain in Michigan at 3rd-highest rate in US
Politics RSS from The Detroit News
+ Apologetic Agema admits errors but won't resign
+ Snyder: Reform 'dumb' rules to allow more immigrants to work in Detroit
+ GOP leaders shorten presidential nominating season
+ Dems: Another 12,600 Michiganians lose extended jobless benefits
+ Mike Huckabee's comments on birth control gift for Dems
+ Granholm to co-chair pro-Clinton PAC for president
+ Republican panel approves tougher penalties for unauthorized early primary states
+ Michigan seeks visas to lure immigrants to Detroit
+ Peters raises $1M-plus for third straight quarter in Senate bid
+ Bill would let lawyers opt out of Michigan state bar
+ Michigan lawmakers launch more bills against sex trade
+ Balanced budget amendment initiative gets a jumpstart
+ Feds subpoena Christie's campaign, GOP
+ Poll: At Obama's 5-year point, few see a turnaround
+ Obama to release 2015 budget March 4
Sunday January 19th
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Thursday January 16th