Word: laboration
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...already raising anxiety inside the union. Chrysler is expected to get $6 billion in new federal aid as it steps out of bankruptcy court, but Chrysler/Fiat is obligated to steer just $381 million into the VEBA next year. One possible save: in a little-noted facet of the new labor contract with Fiat, the VEBA can sell its shares to the Italian automaker via a private sale in the not-too-distant future. The price hasn't been negotiated yet, but the planning is already under way. "We'll have to sell the stock to fund the VEBA," says Gettelfinger...
...Meanwhile, many union members fear this is only the beginning of the cuts that will be imposed on retirees, who were once promised health-care benefits for life. "This is very, very painful for the union," says Harley Shaiken, a labor expert from the University of California, Berkeley. "It's a huge risk because the VEBA could run out of money if these companies don't do well," he said...
...wiped out, replaced as equity owners by the Treasury Department, with 70%, and the United Auto Workers (UAW), with 17.5%. GM's business in Europe, Opel, will be sold. As many as 14 U.S. factories are marked to close. The iconic Pontiac brand is probably finished. Under a new labor agreement with the UAW, GM's hourly domestic workforce, which numbered 600,000 at its peak, will drop to 40,000. In other words, 14 of every 15 GM jobs have vanished in roughly a generation. And the ripples: dealers losing franchises, thousands of suppliers doomed...
...three of four years and that 8% unemployment will become what they call "the new normal." Housing will not recover much if those assessments are true. Over the last decade the unemployment rate has been closer to 5% than to 8%. The three percentage point difference in a labor force which numbers more than 100 million people is a hole in the economy that cannot be filed. People without work are not going to be home buyers...
...even though the rule is a "hardship" on players who are not yet members of the players' union. Says Karcher: "Her ruling gave the union the authority to negotiate terms on behalf of amateur players, taking them out of the anti-trust arena and keeping them in the labor arena. Both decisions, at least in the sports area, tend to suggest she is pro-labor...