Word: trustedly
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...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, who notes that the trust is effectively free to sell shares as soon as they are registered...
...Over the next month, the task force rammed through an odd-looking arrangement: The government would put up the money. The UAW's Voluntary Employee Beneficiary Association (VEBA) - a trust set up at Chrysler and other U.S. carmakers to shift retiree health-care obligations off company books - would own a majority of the shares. Fiat would run the place. And some sort of entity called Chrysler would survive. Despite the protests of some bondholders, the deal was sent to receive the blessing of a bankruptcy judge...
...paid in Toyota's U.S. factories. When those givebacks are added to an earlier surrender of the notorious "jobs bank" - which paid laid-off autoworkers for doing nothing - clearly the UAW's once heavenly bed has lost much of its fluff. What remains is the VEBA, the multibillion-dollar trust fund designed to protect a key element of the membership's fabled retirement benefits - which the union refers to as deferred wages. As in the Chrysler deal, the UAW agreed to trade a chunk of the cash GM owed the VEBA for 17.5% equity in the company and other considerations...
...candidate for President once yourself. What would you be doing differently now if you were in that position? I wouldn't want to be President now! No, I'll tell you, I would follow the same course that George Bush No. 1 did: I would set up a Resolution Trust Company like he did, and I literally would buy up all those bad loans. And the assets that were purchased, you put them up for auction. Just like the Resolution Trust. And the money that is raised from that goes back into the Treasury and hopefully pays down what...
...news for an already beleaguered Republican Party. Just five years ago, the GOP thought it had begun a conquest of the Hispanic vote, but it saw its share of that electorate plunge 13 points in last year's presidential election, when Obama persuaded Hispanics that they could trust a liberal black candidate to champion their interests after...