Word: gm
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...Administration's assumptions about the rate of the recovery were probably finalized several weeks ago. It would have been impossible to balance the Budget without them. At the point when those forecasts were set, GDP contraction for the fourth quarter of last year had not been revised to 6.2%. GM (GM) had not posted its huge loss. GE (GE) had not cut its dividend. And, Citigroup (C) had not been partially taken over by the government. Some analysts might say that those were unrelated activities made by large companies in unrelated industries. However, these firms were, until recently, the largest...
...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...
...retirement health care. The Big Three gladly signed on because the trade-off held down cash wages - and because they were lushly profitable companies, controlling 90% of the U.S. car market. Executives never conceived of a day they might run out of money. One result, though, is that GM has paid out more than $100 billion in retiree and health-care costs over the past 15 years and is now facing $47 billion in future retiree health-care payments...
While the U.S. has been debating how to bail out GM and Chrysler during the worst auto industry slump in decades, China has been scrambling to come up with its own rescue plan for its ailing carmakers. But unlike Washington, which is providing billions of dollars to prop up the balance sheets of the Detroit giants, China is taking a different route: it's trying to get consumers to buy more cars through a sales tax break and targeted subsidies for rural buyers...