Word: gm
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Dates: during 2000-2009
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...agreement with Ford does not automatically resolve the ongoing negotiations that labor is having with the managements of GM and Chrysler, but it does establish a prototype that could be used, and it signals the UAW's new willingness to compromise on this issue. "The modifications will protect jobs for UAW members by ensuring the long-term viability of the company," said UAW President Ron Gettelfinger...
...part, the UAW has obliged in an effort to blunt demands for even greater concessions from General Motors Corp. and Chrysler LLC, which have accepted government loans. Traditionally, the UAW has had better relations with Ford than with GM or Chrysler...
Under term loan agreements that GM and Chrysler signed with the U.S. Treasury in December, the UAW is required to accept equity instead of cash as payments into the health-care trust. But only last month, Gettelfinger said he was reluctant to accept any equity because it could jeopardize the health-care benefits of retirees. Gettelfinger also noted at the time that the UAW had not signed any commitment to a new VEBA funding scheme as part of the government loan deal...
...divide the American consumer into thirds. There are a third of us who are in immediate danger of being downwardly mobile. And this stretches across all classes. It's the hedge fund manager who lost his job, and was making a healthy seven figures. It's the GM retiree whose middle class benefits are being cut. So it's a spectrum of people who have basically slammed their wallets shut. And that effect is not only on luxury, it's on basics, it's on everything...
...fate of Detroit will probably be determined next month. GM (GM) and Chrysler submit their restructuring plans to the Treasury and Congress. The UAW and creditors have not given enough in terms of concessions so far to make the government comfortable. If the GM plan is approved, 47,000 people lose jobs. If the plan is not, the number could be much larger. A bankruptcy of America's largest car company could not only lead to huge increases in the number of people out of work; it could leave a gaping hole in the confidence people have in the government...