Word: uaw
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...says it needs more money from the federal government or it will run out of cash next month. It has made some progress with its creditors and the UAW, but neither of those negotiations is final, so some of what GM can do to cut costs and improve its balance sheet will have to be taken on faith...
...management of the Big Three are probably not going to like what Ron Bloom has to say; the UAW is not going to like what Ron Bloom has to say; and certainly the stockholders and creditors will not like what he has to say." - Michael Psaros, a co-founder of KPS Capital Partners, a private equity group, on Bloom's tough negotiating skills, Wall Street Journal...
Real change won't come easy. Two major players in restructuring the industry - major bondholders and the United Auto Workers (UAW) - have thus far shown little interest in renegotiating their agreements. Union locals in Michigan and New York have rejected proposals for contract concessions, and UAW chief Ron Gettelfinger has sensed the mood of his membership. He's not buying the claim that union costs are sinking the industry. Other labor leaders are watching Obama's reaction to the UAW to see whether the new President will stick up for his union friends. Meanwhile, business continues to tumble. Forecasters predict...
...Chrysler are already running into trouble with the UAW, creditors,and suppliers as the two companies bargain to drop costs. The union says it gave plenty of concessions during the last set of contract negotiations. For cosmetic purposes, it may bend more but is probably willing to gamble that the government will not allow the two car companies to go into bankruptcy and force the loss of hundreds of thousand of jobs in an economy that is already battling rapidly rising unemployment...
...part, the UAW seems to be counting on a new friend in Washington. "During the eight years George W. Bush was in the White House, (AFL-CIO) President John Sweeney wasn't invited to the White House once," Gettelfinger notes. Now, he says, "You just can't believe the change in Washington...