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...about one year. Surprised union members cited job security as the key issue as they walked out of GM assembly plants around Detroit. "They just told us we were going on strike and it was about job security," said one member of UAW Local 594 in Pontiac, Mich. only moments after the strike began. In fact, UAW officials acknowledged that they had made scant preparation for the walkout until Monday morning...
Alan Baum, an analyst with the Planning Edge in Birmingham, Mich., said, that a strike over job security is likely to be the UAW's attempt to win concessions from GM in exchange for the union's acquiescence to parts of the health care financing agreement, embodied in the so-called Voluntary Employment Benefit Association (VEBA). "If the UAW its going to take the VEBA to its members," says Baum, "it has to have something to show for it. The issue then becomes, 'We gave here but this is what we got.'" Baum said the strike could well serve...
...savings of about $2.5 billion a year--enough for GM to fund a new car program and a more efficient engine every year. "With the health-care burden gone, GM becomes a much more competitive company," says David Cole, chairman of the Center for Automotive Research in Ann Arbor, Mich...
Andrew Plague, Sterling Heights, Mich...
Although Harvard’s coffers seem to be overflowing this year, as the endowment approaches $35 billion, a new bill proposed by Rep. Sander Levin, D-Mich., may allow the cache to accumulate even faster. The bill would allow tax-exempt organizations—a category that includes university endowments—to invest directly in U.S. hedge funds while retaining their freedom from Internal Revenue Service dues on leveraged investments. “[Universities] are currently taxed as though they are leveraging, when it’s actually the hedge fund’s strategy...