Former RSer Pat Cleary has been checking up on the United Auto Workers and has some thoughts on the need for shared sacrifice. He also observes that the UAW no longer seems so proud of the great deal it got for its members in 2007; in fact, they’ve sent their press release down the memory hole: So 6 months ago we moseyed on over to | Read More »
GM’s auditors are talking about bankruptcy for the automaker: General Motors Corp.’s auditors have raised “substantial doubt” about the troubled automaker’s ability to continue operations, and the company said it may have to seek bankruptcy protection if it can’t execute a huge restructuring plan.
Was it really just a few weeks ago that the United Auto Workers came to Washington with the Big 3, and promised to work together with management to ensure the companies’ viability — if only Washington would bail them out? Didn’t the UAW ultimately agree (if unhappily) to the requirement in the bailout that the companies reduce their labor costs to a level comparable to | Read More »
According to the Wall Street Journal, the United Auto Workers don’t want to get ahead of themselves and agree to too much in the way of concessions on compensation: Although the UAW has said it is ready to negotiate, UAW President Ron Gettelfinger said Monday it is unclear what kind of reductions it will have to agree to. The Treasury Department has said GM must | Read More »
Harry Reid said this morning that the Senate may vote as early as tonight on legislation to bail out the Big 3: Majority Leader Harry Reid (D-Nev.) expressed optimism Tuesday morning that votes on an automotive rescue plan could come as early as tonight or sometime Wednesday as Congressional Democrats and the White House try to work through the details of a deal. But that | Read More »
Regardless of who wins Tuesday’s election, the next great argument in Washington is whether there will be a second ‘stimulus bill’ (ie, bailout). Constituencies are already lining up. House leaders have heard from mayors, governors and state transportation officials, looking to Washington to save them from the balanced budget requirements imposed on them. Environmentalists are hoping to add billions to fight global warming, and other | Read More »
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