Word: delphi
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...much of the company's recent history, workers at five different plants who transferred back to GM from its former subsidiary are frustrated by the company's demands for more concessions. Protests by union members are blocking the contract changes deemed necessary by the company. "In regard to the Delphi plants, discussions between GM and the UAW are still ongoing, so no further details are available at this time," says a GM spokesman. (See the 50 worst cars of all time...
...opposition is coming from workers from GM plants in Saginaw and Grand Rapids, Mich., and Lockport and Rochester, N.Y., where UAW members say they are being pushed to renegotiate a contract that included concessions they signed only last year, when the plants still belonged to the bankrupt Delphi Corp. "We haven't seen anything in writing yet, but we know they're coming for us again," says a GM worker from Grand Rapids. "We also know they want a 'no strike' clause...
...Merrill Lynch are likely to go to jail. That's because incompetence and arrogance aren't criminal offenses. If that seems a bit unfair, so does the government's rescue program that saved some and not others, depending on political and social criteria. The most recent example: Delphi Corp., GM's former parts division that was spun off a decade ago, which recently emerged from bankruptcy proceedings. White collar Delphi retirees are having their pensions whacked, but United Auto Workers pensioners are being made whole...
...were a white collar Delphi retiree, I'd be over the moon with rage. Ditto if I'd been a steelworker in Pennsylvania whose health care and pension were eviscerated when Bethlehem Steel failed. If I worked at one of the 106 nongiant banks that the government has allowed to fail this year, throwing thousands of people out of work, I'd be furious at the government for saving the big insolvent outfits but not mine...
Magna's two biggest competitors, U.S.-based Lear Corp. and Delphi, are teetering on the brink of collapse. Lear filed for Chapter 11 bankruptcy protection a month ago, citing the need to restructure $3.6 billion in debt. Meanwhile, Delphi, a former GM subsidiary based in Troy, Mich., and that automaker's biggest parts supplier, emerged from bankruptcy protection in June after unloading $6.2 billion in pension liabilities on the Pension Benefit Guaranty Corp. (PBGC), a U.S. government agency whose job is to protect private pension plans. (See the 50 worst cars of all time...