Word: banking
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...expected to give up the controversial jobs bank and approve a change in funding the VEBA trust that is supposed to take over paying for health-care of blue-collar retirees in January, 2010. The $7 billion contribution GM owes its VEBA could be postponed indefinitely, according to Sean McAlinden, vice president of the Center For Automotive Research in Ann Arbor...
...Washington will soon push through regulations that will increase costs. What's more, Simmons says, the credit crunch is having an effect. "Drillers have to rely on their own cash flow, and that means some projects don't work anymore," says Simmons. "No one wants to count on bank financing...
...United Auto Workers has scrapped the jobs bank and is looking to modify other aspects of its existing labor agreements with General Motor Corp, Ford Motor Co. and Chrysler as part of the effort to secure federal aid for the three automakers...
...concessions would permit the automakers to delay payments to the retiree healthcare trust [VEBA] due during 2009 and cancel the controversial jobs bank immediately. The union also plans to re-open contract discussions with all three automakers and will consider what Gettelfinger describes as "modifications" to the current contract...
Gettelfinger also said while he was concerned about the impact of the end of the jobs bank, where workers on long-term layoff basically collect almost all of their wages while not working. The jobs bank had become a hot-button issue that was impeding the domestic carmakers' efforts to obtain federal assistance before the end of the year. Fewer than 4,000 workers at the three companies now collect wages through the jobs bank, which applies only after the workers have been on indefinite layoff for more than 48 weeks...