Word: gm
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...Washington over whether to bail out the ailing U.S. auto industry has shown, that distinction is as tired and broken as the Big Three's business models. In fact, the political game of chicken that ended Friday with President Bush announcing a temporary $17 billion aid package for GM and Chrysler to stave off the immediate threat of bankruptcy has shown the rest of the country what the South has known for years: led by foreign carmakers like Toyota and Mercedes-Benz, Dixie is now Detroit's rival in auto production...
...Friday morning, though, GM chairman Rick Wagoner, was already envisioning a brighter future. "In many ways our restructuring plan [with the government] accelerates and expands the transformation that we've been driving in North America for the past several years. It's really a blueprint for a new General Motors - one for our next 100 years," he said...
...problem the incoming Obama administration will face is an uptick in union militancy. Blue-collar workers went into December fearing GM and Chrysler might collapse but left angry that Republican demands for wage concessions came at a time when bankers were using federal bailout money for bonuses. "I don't make $74 per hour," says Bryan Larkin, who is employed at GM's truck plant in Pontiac, Mich...
...Gettelfinger, the UAW's president, has also suggested the union is particularly opposed to putting any more pressure on retirees. "The big sticking point for retirees is that we already paid for our health care. Why should we have to pay again?" says GM retiree Greg Shotwell...
...GM President Fritz Henderson acknowledged the "Term Sheet" on the rescue package does require the automaker to obtain concessions from the union. But privately, union officials are saying that they didn't sign the term sheet, so they don't feel bound...