Word: gm
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Dates: during 2000-2009
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...particularly galling to the United Auto Workers (UAW) that, in addition to numerous rounds of layoffs and givebacks dating back two decades, the union is being cast as the enemy in the U.S. auto industry's fight to survive. "Our contracts with Chrysler, Ford and GM represent only 10% of the cost of assembling of a vehicle. But most days, it seems like we get 110% of the attention," said UAW president Ron Gettelfinger in a recent speech. In the wake of GM's most recent quarter, in which the company lost $9.6 billion - $30.9 billion on the year...
...endowment effect, says Lipsky: the UAW values what it fought for - even maligned work rules - much more so than workers who never had the benefits. So they are not going to give up anything without a fight. In mid-February, the union actually stormed out of negotiations with GM over reducing the company's retiree health-care costs, as GM seeks to restructure costs with bondholders, suppliers and, of course, labor...
...union has already made big concessions. The 2007 labor contract with GM transferred health-care costs from the company to a union-run plan and set up a lower wage structure for new hires. The company is asking for more because it has no other choice given the devastating drop in sales...
...that it may not have either the capital or intellectual capacity to go around. The Treasury has just appointed a prominent investment banker to help oversee the mess in Detroit, but it would take an army of financiers to first comprehend and then advise on what should happen to GM (GM) and Chrysler. The period for comprehension is already in the past. The trouble in the auto industry has to be addressed in the next few weeks or its capacity to operate will go up in flames...
...Unlike U.S. automakers GM and Chrysler, Tata Motors doesn't appear to be on the brink of bankruptcy. According to industry analysts, the company has strong management and the backing of the Tata Group, a venerable Indian conglomerate with $63 billion in annual revenues. "For Tata Motors to be in dire straits, things will have to worsen much more," says a Mumbai-based analyst with Credit Suisse who asked not to be named...