Word: uaw
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Dates: during 2000-2009
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...same time, an important feature of the latest Detroit dealings is the lopsided favoritism shown the United Auto Workers (UAW). Take the Chrysler plan: Taxpayers were to trade in a $4 billion IOU (i.e., the government loans) for about 5% of Chrysler's stock. The UAW, on the other hand, was trading in a $4.5 billion IOU (related to its VEBA health-care trust for retirees) in return for 55% of Chrysler stock. Does that seem fair? A third group, the secured debt holders, were to trade in a $6.9 billion IOU and get $2 billion in cash - an amount...
Chrysler, Fiat and the United Auto Workers reached a tentative labor agreement over the weekend that could provide the troubled American automaker with a better shot at longevity. Though complete details on the UAW accord have not yet been released, the terms are likely to closely resemble Chrysler's new agreement with the Canadian Auto Workers, ratified over the weekend. The Canadian agreement cuts labor costs to the level paid by non-union plants run by Asian companies such as Toyota, or by $19 Canadian dollars per hour...
...tentative Chrysler agreement with the UAW, announced on Sunday, is said to maintain the pension fund and retiree health care fund, though it may include some reduction in healthcare benefits, just as the Canadian agreement does. Guided by the February terms of the original Treasury loans, the deal between the UAW and Chrysler also reportedly includes partial funding of the retiree healthcare trust with equity instead of cash. "We recognize this has been a long ordeal for active and retired auto workers, and a time of great uncertainty," said UAW President Ron Gettelfinger. The deal was reached, Gettelfinger said...
With the negotiations in a crucial phase, UAW President Ron Gettelfinger declined to discuss Chrysler. "He's not talking to anyone," a UAW spokeswoman said...
...UAW knows where things are headed. "I don't think this is going to have a very happy ending," says one UAW official, who asked not to be identified. But he noted it was inevitable the union will have to accept additional cuts. One of the union's fears, though, is that the negotiations turn into a sort of arbitrage that sets active Chrysler workers against retirees - a split the UAW has always sought to avoid. "People are angry. Where do you draw the line and say to hell with it and just let them go into bankruptcy?" says...